I purchased an apartment in 2009 directly from builder ( new construction ) . I had availed housing loan from bank. As the housing society was not formed at the time of my purchase, no Share Certificate was issued at that time. Now ( 2015 ) there is a fully functional housing society.
The society's managing committe have passed a resolution in AGM meeting stating that only those members who do not have any housing loan will be issued with Share Certificate. Those with bank loans will not be given Share Certificate ( citing some Fraud cases in past in other housing societies ).
My question is, is the Managing Committes decision regarding the Share Certificate legal & correct ? My banks auditors have raised gaps overs non-submission of Share Certificate with respect to my loan account. What legal ways and means are available for me to procure the Share Certificate from my housing society ??
Appreciate if someone can shed light on above topic. Thanks.
Regards,
K ( a distressed home buyer )
