Sharat Sindhwani (None) 11 April 2012
Can a shareholder of an undivided property in occupation of his rightfully 'due share' without metes and bounds (i) let out or lease a part or whole of his undivided share?(ii) conduct business in it? (iii) repair his residential part of the property ? (iv) make temporary constructions with tin sheds on his share?
Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 11 April 2012
You can sell/lease away your portion of the undivided property - however the purchaser/lessee would have a tough time getting joint possession with your co-owners/joint tenants - and may have to end up selling his share to them as they have a pre-emptive right. (See S.44 TPA/S.4 of Partition Act)
Sharat Sindhwani (None) 11 April 2012
Thank you. If the lawful shareholder of this undivided share forms a society or a Pvt Ltd Co. in which he has majority share(99%) and his wife has just one share and "he is already in possession of his share" WITHOUT a metes and bounds division order from the court, for many decades and then takes a perpetual lease of his own share in the name of his own company & runs his own business, is this possible?
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