Invalid share certificate of co-operative housing society
Mohammed Rizwan Shaikh
(Querist) 17 December 2014
This query is : Resolved
Dear Sir,
A flat has been transferred in the name of unmarried daughter of the deceased mother in pursuant to the Will submitted by the unmarried daughter without probation in the society. The deceased mother had 2 sons and 5 daughters, out of which one 4 were married and one was unmarried as legal heirs. The Secretary without the knowledge of the Chairman and MC, signed on the Share Certificate and handed over to the applicant. The
Can the said transfer of the flat be considered legal and valid?
Does Secretary has power to sign the share certificate in his individual capacity, as he failed to bring this issue in the MC or SGBM?
What actions can be taken against the Secretary?
Remedy to amend the Share Certificate legal way, as the legal heirs are objecting on the said transfer?
Regards,
Rizwan Shaikh
ajay sethi
(Expert) 17 December 2014
besides secretary it has to be signed by chairman or treasurer.
resolution has to be passed by MC . it has to be recorded in minute book then only can endorsement be made on share certificate
Mohammed Rizwan Shaikh
(Querist) 18 December 2014
Namaste Sethi Sir,
Many thanks for your reply. I am really thankful. Can we initiate any action against the Secretary and Chairman. As Chairman has superintendence power to look into the affairs of the society. Secretary did this on 25.10.2014 and he resigned from the post 26.10.2014 without informing the chairman or placing the matter in MC.
How to amend the Share Certificate?
What all sections can be invoked?
Rizwan Shaikh
Isaac Gabriel
(Expert) 18 December 2014
Coop.socities are having a mechanism for the dispute resolution having the Deputy Registrar as the Arbitrator.File a case under the Coop.Socities Act with the Deputy Registrar where you can get remedy.
Guest
(Expert) 18 December 2014
If you are sure that all the required formalities have not been completed by the former secretary, you may approach the new secretary with complaint. If matter is not solved, approach to the Registrar of Socities for remedial action.
T. Kalaiselvan, Advocate
(Expert) 24 December 2014
You may follow the advise by expert Mr. Dhingra which seems to be easy to follow.
Hemant Agarwal
(Expert) 15 April 2015
1. The legal heir can file a private Criminal complaint against the Secretary in the local Criminal Magistrate' Court, for fraud and cheating.
2. Legally or Illegally, Once a membership is recorded on the Share Certificate and the Society's Registers and Records, THEN Reversing /amending any entry on the Share Certificate CANNOT be done by the Society Managing committee .OR. the Cooperative registrar. The jurisdiction to make an changes on the Share certificate /Society registers and records, is possible ONLY after order of the Cooperative Court.
Keep Smiling .... Hemant Agarwal
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