H 16 November 2017

Property transfer

Dear all, My father was a founder of a company where he assigned 13 other directors being different in different states and he purchased a property in the name of the company and paid 10% of the property as token amount and now as my father is no more all directors are not willing to taken the burden as they think of it as an liability and so we asked the builder to change the ownership from companies name to our name but he is saying to get a resolution from all directors as we sent to all they aren't even signing the deed . so how can we transfer the property although at time of purchase only my father signed and the builder put it on behalf of the company. Can we do the same or does it need approval from all the directors of the firm?

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4 Replies

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 18 November 2017

What was the source of funds for the purchase? Are there other immovable properties owned by the same company? If other directors are not interested, what is your interest?

H 11 December 2017

Source of the firm from the company... As the branch handled by us... Immovable asset of the company isn't any... My interest is that is there any law affirming that while purchasing my father alone signed as he was Chairman about now when we want to transfer it on our name is it necessary that all directors should sign or majority can do so...

H 11 December 2017

As that time my father use to take money from any branches he was to get shares from and also I don't have any written deed of the shares it's only oral... And now for that also there is some problem...