Issue of share certificate
prasanna rao
(Querist) 29 September 2018
This query is : Resolved
my parents purchased flat in joint name but before getting possession of said flat my father the first owner died and the builder transferred the said flat in name of my mother 75%(50 original+25 father's share) and in my name (only child) as co applicant 25% father's share. me and my mother are the only legal heir for my father. we don't want change the equation hence we did not approach court for transfer of share in my name. but society is not issuing the share certificate saying that it will issue certificate in first owners name. we have provided nomination form by my mother as first owner (as when my father died the society was not formed) the society has registered the nomination form. we don't have any mortgage, and we have cleared all society dues still society is holding our share certificate. kindly provide solution to this matter and what is procedure to get share certificate in my mother's name?
Isaac Gabriel
(Expert) 29 September 2018
The society is bound to transfer the share to the legal heir and also the title deed as per the bylaws of the society.If not obliged, represent to the Deputy Registrar if it is a cooperative society.
Dr J C Vashista
(Expert) 30 September 2018
Vague facts.
Whether you are seeking transfer of share certificate in the name of your mother from Society or builder?
Guest
(Expert) 30 September 2018
Your query is not clear as to what exactly you want from the society.
Transfer of shares as a member of the society and transfer of shares of property are two distinct issues. Shares of a society are of nominal value, while shares in property are of a substantial value. So, please be clear first, what is your requirement.
Secondly, nothing is automatic in a legal entity. No society is bound to transfer any share of the society or the share of a property of the deceased in the name of legal heirs. Prescribed documentary proof about genuineness of the claim is necessary to be attached along with a formal application to be made by the eligible legal heirs.
So, you are required to get proper guidance from the secretary of the society, as to what is the requirement in the case for transfer of shares or the property, as per the bylaws of the society. Act accordingly.
prasanna rao
(Querist) 30 September 2018
thanks for your reply but let me explain- my father was first owner and mother was second owner and when father died builder gave possession to my mother as first owner and added me only child as co applicant after taking necessary documents. all the dealings with the builder is over for now. society is claiming that it will issue share certificate as per first owner mentioned in index 2 and as we have not approached court to rectify agreement it states my fathers name as first owner. now we have issued death certificate of my father to society and there was no nomination made by my father because society was not formed at time of death of my father. as per my opinion when there is no nomination made the share certificate will be issued to first legal heir which is my mother. i want to know what is procedure for TRANSFER OF SHARE CERTIFICATE OF SOCIETY AND ADMISSION OF MY MOTHER AS MEMBER OF SOCIETY and what documents do we need to submit to society.
prasanna rao
(Querist) 30 September 2018
the society is asking us to rectify the index two then only they can issue share certificate
Guest
(Expert) 30 September 2018
Get hold of some local lawyer to help you complete the legal formalities of transfer of shares as well as the property of your deceased father.
Hemant Agarwal
(Expert) 08 November 2018
1. Ask the Builder to execute a "Rectification Deed", of the property with strategic clauses, now only in favor of Mother & yourself.
2. Society was formed later on. Hence the Society is bound to accept the declaration documents given by the Builder.
3. Appropriate relief and directions, to the Society, can be obtained from the local Consumer Court.
Keep Smiling .... Hemant Agarwal
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