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Deepak   08 August 2020

Society not issuing share certificate

I have purchased industrial unit in industrial society when I purchased it was under construction. Society consist 49 industrial units. Afterwards in July 2018 I took the possession. After the formation of society ( I have signed bye laws) builder developer handed over the society to then mangeing committee in September 2018. ( I was out of station and unable to attend that meeting.) Which were of 5 members only. When I objected for the number of committee members they added me and other one's name to make it 7. They have collected monthly outgoing charges and have issued receipt for the same. Now after first annual general meeting it consists 11 members including myself. Now, when the question of issuing share certificate has came. Other committee members say that without obtaining Xerox copy of agreement between builder/developer society will not issue the certificates to respective unit holders. My question is can committee deny issuing of share certificate on this ground? (First purchaser --& in my case since I have signed bye laws, annexure A and other documents of formation of society) Do society have a right to ask & keep all agreements Xerox copies in their custody? What is the purpose behind this? Nextly, In our case first committee of 5 members have appointed a lady as a Manger without the sanction of A.G.M. Can I object for her appointment in this second A.G.M. or before that? & check her all'appointment details? Her salary comes to 1,80,000/- P.A. approximately. What are the remidies available to me to obtain share certificate? Please reply.


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 2 Replies

P. Venu (Advocate)     09 August 2020

The facts, as posted, lacks clarity.

Deepak   09 August 2020

Please let me What information you require? 

1) I seek advice for whether society is authorised demand it's first members a copy of puchase agreement? 

2) if not submitted can society refuse to issue share certificate?

3) can first' committee of 5 members appoint a person to do the day today work with remuneration or salary of 180000PA.? Without sanction of AGM

4) as committee member I would like to know the validity of decisions taken.


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