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Dr Sagar Gudhka (Medical Doctor)     31 March 2010

Share Certificate's custody

Dear Sir,


I have purchased the flat in Thane Brahmand society on Loan and all important documents are with the bank. All the procedures are completed except the transfer of my name on share certificate. Now I get to learn the new thing from the chairman that I will be issued the duplicate certificate on my name and I have to complete few formalities of Indemnity form and franking and hand over the original Share certificate to the custody of society. This is not  digestible for me. Please throw some light on the issue and help me with perfect guidance. Is this the new rule which has come up or something formulated by him.

Regards,

Dr. Sagar Gudhka



Learning

 4 Replies

V. VASUDEVAN (LEGAL COUNSEL)     31 March 2010

This is absolutely irregular and un-acceptable!. Please clarify who is having the original share certificate. The original share certificate is the key document for you as the owner-member and this should be in your possession at all times.  Please make a written demand for the original certificate and ask the Chairman

on what basis i.e. under what provision of the societies act/bye-law he is demanding possession of the original share certificate!

bhagwat patil (Property due diligence 9422773303)     01 April 2010

Insead of handing over the original cretificate hand over the certified copy of share certificate to the chairman. 

Anil Agrawal (Retired)     01 April 2010

Dear Dr.

Why should you believe that there are no dumb fools managing the society?

Anil Agrawal (Retired)     01 April 2010

Even without nomination, succession certificate, letter of administrtion, and probate of will, the society has transferred the flat. Do you want another example of dumbness?


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