Co op Hsg Soc

Kantilal (Querist) 25 July 2010 This query is : Resolved
Dear Experts,
Here is the modified query of mine.
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I have purchased one flat in mumbai in the auction conducted by the bank under SARAFAESI Act 2002.
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Sale certificate issued by the bank to me which is now duly registered and paid stamp duty.
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The original agreement of the previous owner (defaulter to the bank) is given to me by the bank.
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The share certificate issued by the Society to the previous owner is not traceable, as the previous owner is absconder. (Bank is no having the share certificate with it as the owner had taken the loan before the soceity was formed)
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Now the society is asking for the following document from the bank:
1) Loan allotment letter from the bank to previous owner
2) Mortgage deed between bank and previous owner
3) Notices from bank to previous owner for non payment of loan installments
4) FIR copy of whereabout of the previous owner.
5) Court oder giving auction permission to the bank for the said flat
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but the bank has refused to give anything saying it is the third party documents, they can not give to me.
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Now society is refusing to give me membership for non-providing of the above mentioned documents.
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My query is:
1) Is society is having the right to ask all the the documents while I am having Sale Certificate under SARAFAESI Act, 2002?
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2) Is there any provision under CHS Act, where society can issue me a fresh share certificate, cancelling the previous share certificates issued to the absconder owner? As they are saying they need to have share certificate issued to absconder owner
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3) Society is asking indemnity bond from me, I am ready to give them. But is it correct to ask for it?
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Kindly help me, I am being harassed like anything.
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Thank you all in advance for your kind help

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s.subramanian (Expert) 25 July 2010
1. the documents sought by the society are absolutely unnecessary. the very fact that you have purchased the flat in auction by the bank shows the identity of the previous owner. no court permission is required for the bank for the auction. sale certificate will suffice for the society.
2.the society can issue new share certificates in the place of the old ones declaring that those old certificates are lost. you issue a paper publication calling for the owner to produce the original share serticates to you in view of the sale certificate in your favour. if he does not turn up approach the society with the paper publication and ask for new certificatres in your name. if they refuse,you can raise a dispute against the society before the competent forum under law.
3. society has no right to ask for any indemnity bond since you have become the lawful owner in view of the sale certificate.