ajay 23 June 2016
Hello i have an affidavite from my brother to transfer his shares on my name in the flat which is of our parents in the co- operative socity in Mumbai.
But Society is not trasfering the shares and demanding me to get the affidavit registered Or advicing me to get registered release deed from my brother.
Is socity doing something wrong? Why they need me to get it registered Any advice?
Kumar Doab (FIN) 23 June 2016
If the document is registered it is for your benefit and to avoid litigation in future.
The society has to act as per Bye Laws framed in accordance with State Co-Op Society Bye Laws.
Go thru Clause on Transfer of shares.
ajay 23 June 2016
Hello kuman Daob, What kind of litigation? Please sir can you explain?
Can socity even transfer shares on the basis of non registered document?
Kumar Doab (FIN) 23 June 2016
By Registered release/gift/relinquishment deed etc the brother shall be left with no share.
Your counsel may suggest to get signatures of his CalssI legal heirs as well.
You may go thru Bye Laws as suggested.
Your able counsel, can advise you further.
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Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 14 September 2016
Your query is not clear. Shares in a co-operative housing society in Maharashtra are linked to tenency rights on the respective flat. Shares cannot be independently transferred. Is it that your brother and your parents are jointly owning the flat. And is it that your brother wants to renounce (without compensation) his part of the rights in your favour? Is there a registered deed with stamp duty paid in favour of the present owners of the flat, whether they are your parents and/or your brother? Be clear and complete?
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