How to correct share certificate

Darshan (Querist) 14 October 2017 This query is : Resolved
First of all thanks everybody for giving me help on name on share certificate subject. I also take legal advise and they told the same thing that at the time of society formation if 2nd owner is present owner then his name should appear on front page. Now I purchased a flat in old panvel and Home loan procedure is going on from HDFC. I have one more query

HDFC pointed out a mistake in share certificate that is scratch on backside of share certificate. Old society has mistakenly write first owner name on backside of share certificate and scratch it. HDFC want me to rectify this. Now new society is formed. How to correct this. Please guide me.

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Guest (Expert) 14 October 2017
There are two methods of rectification:

1) Scoring the existing scratched entry with a prominent single red ink line, inserting a fresh entry of name in blue or black ink and attestation of the correction by the issuing authority under its seal; or

2) Mutilated share certificate can be replaced by issue of a fresh share certificate by cancelling the existing mutilated share certificate.

Guest (Expert) 14 October 2017
Objection of HDFC Bank seems to be irrelevant. Question arises, why the bank needs share certificate and correction on that? The bank's purpose for loan is served by the clear title on a registered sale deed.

Rajendra K Goyal (Expert) 14 October 2017
Get new certificate issued as per procedure by surrendering old certificate.

For getting a loan, the documents has to be provided to the satisfaction of the lender. It seems scratching on document gives impression that the document is fabricated / amended.

Darshan (Querist) 15 October 2017
Thanks all.... But previously it was signed by old society members. New share certificate will be signed by new society members. Will it be ok?

Darshan (Querist) 16 October 2017
Hello all, please help me to sort out this share certificate matter.

Guest (Expert) 16 October 2017
Mr. Darshan,

Experts can only advice about the manner by which to sort out the problem. It is you only, who has to sort out your problem as per the guidance provided to you.

It is not the person in particular, it is the Secretary, who has to sign the certificate, may be the old or new.

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