Duplicate share certificate (co-operative society)
HEMANT TEWANI
(Querist) 10 August 2015
This query is : Resolved
My father is the owner of a flat in CGHS society.
While taking loan from the employer he has submitted Share Certificate with the employer.
Now since the loan is complete we approached the employer (Government Body) to return original certificate, they are saying that it is not lying with them (they have lost somewhere I suppose).
I have the evidence which says that the employer will keep original documents with until loan repaid completely.
Kindly advise how to get the duplicate share certificate from society and action against the employer.
Thanks
Hemant Tewani
Isaac Gabriel
(Expert) 10 August 2015
You can ask duplicate certificate.
Chanchal Nag Chowdhury
(Expert) 10 August 2015
If they issue duplicate certificate, it is fine. If not, U will have to approach a court of law as your employer is denying receipt of the original certificate.Else, there will be a cloud on the title as yours is a CGHS.
M V Gupta
(Expert) 10 August 2015
Check with the Society whether any charge on the flat in favor of the Employer has been recorded. If so ur father has to get a certificate of discharge of the charge and full repayment of the loan amount. The employer should also certify that they have no objection if a duplicate share certificate is issued to ur father.
Dr J C Vashista
(Expert) 11 August 2015
Has your father acknowledgement for the share certificate deposit with his employer?
If so, they are bound to return, issue legal notice and file a suit for mandatory injunction.
How and why the Society shall issue a duplicate share certificate?
ADV-JEEVAN PATIL, MUMBAI
(Expert) 11 August 2015
First find out
1) Whether Your father on Superannuation or pror thereto collected cert. n kept somewhere
2) write foemally to employer that certficate is still lying with co. Lodged against mortgage.
3) theybwill reply either not traceable or lost
4) take this letter to Society to issue duplicate copy
5)If required give bond n undertaking to society.
Hope it is amply clear
6)If not solved contact me on 9869400938
T. Kalaiselvan, Advocate
(Expert) 16 August 2015
The Legal option is to issue a legal notice demanding the return of the original share held by the employer against the loan granted for, if this fails to invoke any response, you may approach even the consumer forum for deficiency of service and compensation towards damages as well as return of original document.
There is no fault of yours that you have to indemnify the society for the loss taken place with the employer, you should not undertake any responsibility for the loss as it may create suspicions on your side when your father intends to sell the property at a later date.
