Anonymous_user (Others) 10 July 2012

Share certificate lost by society

Hello all,

I have purchased a flat in Andheri, Mumbai and had submitted all necessary documents to the society including the original share certificate for transfer in my name. Now, the Society has informed me that they have lost the certificate and have also issued a letter to me indicating the same. They have agreed to issue me an duplicate certificate. For that purpose i have lodged a missing complaint at the local police station.

The Society is also asking me to submit an Indemnity bond whereby i Indemnify the society. But here the share certificate is not lost by me but the society. I want to know whether this is right and that i should submit an Indemnity bond to the society?

Kindly please advice me on this.

Thank You.

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1 Replies

Adv Rohit Dalmia 9324538481 (Lawyer) 10 July 2012

Dear Stanley,

Hi! This is Advocate Rohit Dalmia from Mumbai. There are certain procedures as per the Bye Laws which a member has to follow:

Incase the Original Share Certificate is Lost/Misplaced then it is required that a member has to inform the Secretary of the Society in writing and asking to issue the Duplicate Share Certificate.
The Member is then Required to submit notarized indemnity bond stating that the member shall be liable to indemnify the society against all losses, claims, actions and shall also undertake that the share Certificate is not mortgage or pledged for Home Loan or for any other Loan.
The Society shall publish in the Local News Paper inviting objections against issuing Duplicate share Certificate for the Member. The Costs for Publishing in the Newspaper shall be reimbursed by the Member to the society.

In your case since the Society has lost the Original Shre Cetificate you may ask them to do away this formality. But even if they persist then you may get the same done otherwise the Share Certificate shall not stand transfered in your name it would get delayed.

Incase you need any Legal Assistance You may contact on 9324538481.

Regards,