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Membership fees soared from around £600 a decade ago to more than £50,000 today.
Alon Mooleman, a Dutch trust member who has lived in Mumbai for 11 years and is married to an Indian, said a clique had tried to change the club from a relaxed place for Europeans to enjoy their weekends into a badge of status for wealthy Indians.
One of India's oldest colonial clubs has been embroiled in a race row after its 'European-only' trustees sacked its Indian-led management committee amid suspicions of fraud and secret property deals.
The elite Breach Candy Club was established on one of Mumbai's most coveted sites overlooking the Arabian Sea in the late 19th century as a place for Europeans to escape the bustle of Bombay and swim in relaxed privacy.
He said he and his supporters discovered that the chairman and others had secretly withdrawn the club's 'custodianship documents' from a local bank and had given an honorary club membership to a bank official who helped them do it.
"Once they had the custodianship papers and control of the management committee, they could do anything they want," he said.
The membership is now seven hundred strong, comprising of many junior members, especially college students.
The Club holds sailing camps over weekends where novices are taught the basics of sailing.
Flotillas of four to five Sharpies regularly went on cruises up and down the Amba River, Dharamtar Creek and Narwal.Some of our members have even represented India in various International events.And now, 79 years since its birth, almost all the accomplished sailors in the Mumbai sailing circuit hold a special place for the Colaba Sailing Club in their hearts. And it was the CSC which taught them not just how to sail, but also showed them a new and exciting way of life.Sailing is conducted in the Bombay (Mumbai) Harbour during the months of October to May.The Club holds regular sailing regattas and training camps along with casual sails and sailing trips for its members during this time.
With a fleet of 7 “Lightning” class and 2 “Sea Bird” class boats, it has the largest fleet amongst all the sailing clubs in Mumbai.