LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

sagar (knowledge)     25 October 2012

Transfer of shares

1)   My mother and father jointly purchased a flat in 1998.The society had only encrypted my mothers name in the share certificate. I was nominated by my parents in 2003 to look after the society affairs.in 2004 my father died. 
 
2)   In 2011 my mother aged 75yrs had executed a gift deed in my favour .Hence i had applied in the society office for their NOC, acting upon which society invited claims/objections from other legal heirs by sending letters to them . Till date society has not received any objections from other legal heirs.Thereafter several letters were written by me to the society to know the status of the said transfer. The society did not reply to any of my letters. Hence I approached the Joint Registrar(CIDCO) in December 2011.
 
3)   The hon'ble authority called for a hearing on 15th December 2011 and asked the society committee to trasfer the shares in my favour. The committee asked the joint registrar to give this decision in writing. After paying several visits to the registrars office  the decision was given in  writing on 25th February 2012. The committee then asked me to fulfill some of the formalities which were:-1) Submit Indemnity bond.2)Submit CIDCOs letter.3)Give a public notice. I had complied with all the formalities except the public notice which was not required. Then after 3 months society said that the matter will be putted up in AGM for discussion and whatever decision taken in the meet will
            be applied. The AGM should have been conducted in august but till date it is not conducted.
 
5)   The society till date have not executed joint registrars order nor the registrar is taking any action on the committee.I have also given a legal notice to the registrar for execution of its order dated 25th FEBRUARY 2011. Several hearings have been
 conducted but no action is taken by the joint registrar . I am physically and mentally being harrassed by the society as well as the joint registrar. I cannot understand what is hampering the joint registrar from executing its powers and doing justice.
My queries are:-
incase of the death of my father does my mother become abosolute owner?
can my mother execute a 100% gift deed in my favour?
is consent of other legal heirs required?
               sir it would be very kind of you to suggest me on the above matter.
Thankyou.



Learning

 6 Replies

Advocate Vishnu (Advocate)     26 October 2012

Dear Sagar,

Q1: upon your father's demise, the share held by your father will be equally split between his legal heirs, and n your case --your mother,yourself and other siblings.

Q2: your mother can execute a 100% gift deed in your favour only to the extent of her shares.If she executes a gift deed that encompasses your father's share, the gift instrument will be considered void if taken before the court. Hence I would suggest you pay utmost attention to this instrument.

Q3: The consent of other legal heirs is a legal necessity here as they too have stakes in your father's shares.

My guess is that people in your society are not aware of this and hence they are reluctant to solve your problem.

sagar (knowledge)     26 October 2012

Thank you sir for ur reply.but the joint registrar has passed an order stating that there is no need of concent of other legal heirs.plz advice

Advocate Vishnu (Advocate)     28 October 2012

Dear Sagar,

The order passed by the joint registrar is legally invalid and will set aside if any legal heir challenges this order before a court of law.

kindly obtain the consent of other legal heirs to avoid any legal complications in future. A registered relinquishment deed is the only solution to your probe.

sagar (knowledge)     29 October 2012

But sir according to law of survivorship my mother is entitled to 100% shares after the death of my father..??plz suggest.Thank you.

sagar (knowledge)     29 October 2012

and sir society has already send letters to other legal heirs and they have not received any objections till date

Advocate Vishnu (Advocate)     30 October 2012

Dear Sagar,

The shares can be assigned to your mother if your father has made prior arangement during his lifetime either by way of a settlement document or a will. If either of this is not done , then you have no choice but to obtain the consent of the legal heirs ino order to transfer  the shares into  your name.

Your mother being named as a nominee does not make her the absolute owner of the said shares.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading