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Last Updated On 12-Mar-2021
Property

Share certificate

The flat I am planning to buy for that society did not issue the Share certificate saying the flat is on loan. Society says they will hand it over to the bank only ,but my question is: How can a society decide whom to handover the share certificate to,it will always be the owner who will get it issued in their name and the owner will subsequently hand it over to the bank because of bank loan. Can you quote what the law says? and what is the way out to take the Share certificate from the society?

( Thane, Maharashtra )

11-Mar-2021

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Hi,
You have a right to receive the share certificate as an apartment owner. You can get it from the society by serving them with legal notice of the same.
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Posted On 12-Mar-2021
Vidhikarya
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Hi,
As an owner of the flat, you are entitled to receive a copy of the share certificate. Serve the society with legal notice of the same. If they fail to comply, you can approach the Court and file a suit for specific performance.
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Posted On 12-Mar-2021
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