Transfer of maintenance billing name
2 years ago
Hello - We have purchased a flat in a society which was redeveloped and currently under Society of registrar ( since the committee resigned and elections are yet to be held). Society was in existence before it went for redevelopment. Hence we submitted out transfer request to the registrar. There are three buyers but by mutual agreement we got the transfer order and share certificate endorsed only in the name of two buyers who are the financial contributors. But now when we submitted all these docs to the redeveloper who is currently managing the maintenance for transfer of billing in our name he refused on the ground that the transfer order is wrong as all 3 names have to appear. Also he is asking for our sale agreement copy. My question is 1) is it a rule and compulsory that all joint owners have to be on share certificate. I understand that it is a wide practice and highly recommended to do so to avoid legal issues in future but is it a law requirement. Does it make our share certificate invalid and defective? and 2) does the redeveloper has any legal right to ask for our sale deed.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A share certificate is a document issued by a company that verifies that the person named on the certificate is the rightful owner of the shares mentioned on the certificate. The Indian Companies Act requires firms to issue share certificates when they are established. Because all Joint Shareholders are members of the community in general,The issuance of separate Share Certificates to all Joint Shareholders is not needed. However, you must have sufficient documents proving that you are the legal owner of the property.
Thank you very much.
A share certificate is a document provided by a corporation that certifies that the individual listed on the certificate is the owner of the shares as indicated on the certificate. Following their establishment, businesses are required by the Indian Companies Act to issue share certificates. In general, because all Joint Shareholders are members of the society, it is not required to issue separate Share Certificates to all Joint Shareholders. However, it is important to have proper documentation of the fact that you are a legitimate owner of the property.
Thank you.
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