A group cooperative housing society to get housing land for members was formed about 20 yrs back. now all members have been alloted land ( plots) 5 years back . society objectives are met. society has got ownership of one big piece of land approx value 50 crores for purpose of commercial centre and financial assets to tune of 5 crores in cash.
managing commitee wants to sell off this land at throwaway prices for their own interests.
my question is
1. any law / citation to force the society to handover assets to RWA 9residents welfare association) since society objectives have been met .occupancy of plots is only 20% as only 20% plots have been constructed.
2. can managing committee dispose off assets of society without approval of GBM of members?
3. can society be forcefully closed as objective has been met.
4. if ans to q no. 3 is yes wat will be fate of assets of society, can RWA claim it?
5. can society pay back share from sales of this land to its members and its cash assets before being dissolved.
