Share certificate

Ganesh Patil (Querist) 14 September 2017 This query is : Resolved
Sir,
We were residing in a BMC chawl. Room was in the name of my father. We went for redevelopment and formed a co-operative society. Our room in old chawl was big(323 sq. ft.) as compared to others(120 sq. ft).There were total 4 rooms with 323 sq, ft area. Builder agreed to give us 2 flats in new building. As per tri party agreement between society, builder and BMC, they stated that people with smaller space would get 220 sq. ft. and people with bigger space would get 440 sq. ft in new constructed building. BMC approved the paln and we got 2 flats of 220 sq. ft.
Though we got separate flats, society issued only one share certificate in my father's name. We asked our secretary to issue 2 share certificates;
but he told us that you have only one room in old chawl, so will get only 1 share certificate per member.
What is the law ? What can be done to get 2 share certificates?
Thanks.

Follow Query

Report Abuse

Isaac Gabriel (Expert) 16 September 2017
What the society says is right.Each member is required to share capital for which certificate would be issued,though are allotted two flats.

Kumar Doab (Expert) 26 September 2017
You can benefit from the advise of Mr. Issac Gabriel.

Kumar Doab (Expert) 26 September 2017
Thanks for sharing in forum.

Kumar Doab (Expert) 26 September 2017
If your PSU is covered by the notification make proper use of it.

Rajendra K Goyal (Expert) 27 September 2017
Discuss in detail with local lawyer expert in such matter, give the fact in writing to the society, proceed accordingly on receipt / non receipt of the reply.