Share certificate
Priti Joshi
(Querist) 06 April 2013
This query is : Resolved
Dear Experts
Need your help, I have a Flat in Nalasopara (W). The society has issued share certificate which had following errors:
A brief of my flat: It was sold by builder to Mr X who took loan from Financial Institution, failing to pay premium the Financial institution auctioned it to Mr Y (With proper Agreement of sale, registration and stamp duty paid). I purchased the flat from MR Y .
When I asked for the share certificate society issued it in year 2009 in which previous owner Mr Y's name was not mentioned, they directly made it in my name from transfer from Mr X to Me,. Pl let me know which all names should appear on share certificate.
Should it be Mr X, Financial Institution, Mr Y and Me or Mr X, Mr Y and Me all the transfer fees as demanded by society is paid. But my society chairman is delaying in issuing me fresh certificate. Is there any legal action I take against Chairman/Society.?
Adv k . mahesh
(Expert) 06 April 2013
before making a certificate the financial institution has to show the draft to you for any corrections and also they should mention all particulars detail in the certificate give a letter what all errors are there to the society and say that you are taking a loan and the bank is insisting for all those particulars
ajay sethi
(Expert) 06 April 2013
share certifcate has to be in name of Y then trnasferred in your name . as Y was the original owner from whom you purchased the flat .when flat was sold by Mr Y to you Mr y should pay the transfer charges . if on other hand your agreement mention transfer charges should be paid equally by transferor and transferee both should pay transfer charges .
Devajyoti Barman
(Expert) 06 April 2013
You can lodge complaint to the Registrar of cooperative society against the willful delay of the chairman to give you the certificate.
Raj Kumar Makkad
(Expert) 07 April 2013
The society is at no fault if the chain of the title in between is not complete; It was your duty to check whether the names of the financial institution and then Y are duly incorporated in the record of the society or not prior to purchase of the property. Anyway, you need to contact Y to get the transfer done as you have already provided him the entire sale consideration and the stamp duty to the society.
prabhakar singh
(Expert) 07 April 2013
It appears you failed to perform due diligence.
