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Tanuja Rathod   15 December 2017

Society not issuing share certificate

Hi All, I had purchased a flat in 2009 from the 1'st party. I have all the documents related to the flat except the share certificate. Now I need to sell the flat, and I have provided all the legal documents to the society for them to issue the share certificate(newspaper article related to the share certificate, affidavit and an indemnity bond). But even after a month of submitting all the documents the society is not taking the matter forward and is not issuing the share certificate. What could I possibly do?


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 2 Replies

Kishor Mehta (CEO)     16 December 2017

You have to collect the share certificate from the seller and then submit it to the Society for endorsement to your name.

fayyazz (officer)     17 December 2017

Mostly the Share Certificate in a CHS is issued by the CA who audits your CHS's income and expenditures, when the Soceity is initially registered. The Secretary of the Society should collect it from the CA and handover it to the Flat Buyer/member. If the First buyer was not issued Share Certificate, then the Secretay through the CA will get it issued and will hand it over to you,  However, to sell the Flat, in Maharashtra, you will not need the share certificate neigther you need NOC of the Society's secretary. You can proceed with the buyer with the drafted sale deed with your and buyer's IDs and follow the stamp duty, registration, etc etc at your local sub-Registrar's office and complete the sale deed. After completion of sales, the new buyer can request the Society to issue him share certificate, if the same was not issued to the first buyer earlier.

If you are based in Maharashtra, you may get in touch for further guidance.

Ibrahim Deshmukh
Legal Consultant
Email: ibdesh@Gmail.com

www.Law-India.com

 

 

 


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