Srikanth N R (Self) 30 July 2014
Dear All,
I own an apartment in Hyderabad. The association is talking about issuing share certificates like it is done in Mumbai. When I checked with other apartment owners in Hyderabad, they said there is no need for the same. My question is are share certificates issued by apartment owners societies in hyderabad to all owners? Is it required? Why are share certificates issued in mumbai? Can someone please guide me in this regard.
Thanks,
Srikanth
T. Kalaiselvan, Advocate (Advocate) 02 August 2014
You may refer to the bye laws, memorandum of association and other relevant rules that have been relied upon and incorporated by your flat owners association registered under the societies registration act. You will find the clause of shares and certificates thereon in the said provisions of law. Some associations do not follow it but some insist on it. It again depends on the state government laws in this regard. In Mumbai, it is essential , other states, it is to be seen about it. You may consult a local lawyer on these issues and decide about obtaining share certificates or not and its importance as per the prevailing local laws in this connection.
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