Seeking legal advice on clear title
Firdaus
(Querist) 03 June 2011
This query is : Resolved
Hi!
The 'C' company have acquired an Indian company through purchase of shares (99%) in 2011. By virtue it becomes a 100% subsidiary. Now this subsidiary was acquired from 'A' in 2005 by 'B'. In between the period 2000 -2005, the name of Indian company changed many times. The land documents i.e. registry is still in the name of 'A'. No one changed it since its inception in the year 2000.
Now 'C' needs to prove the clear title for company land ownership. C have all previous land documents, Scheme of arrangement issued by state court, property tax payment receipts everything.
1- Will this be enough to prove clear title?
2- I understand that clear title means that property can be mortgaged. Am I correct? If banks accept these document & ready to mortgage the property then we can say it proves clear title?
3- Any other options you can advice me, please. It is urgent.
Thanks
prabhakar singh
(Expert) 03 June 2011
NEITHER CHANGE IN REGISTRY IT SELF IS POSSIBLE NOR THE SAME IS LEGAL REQUIREMENT BUT LAND RECORDS SHOULD GO CHANGED BY LINKING SEVERAL CONSTITUTIONS MADE WITH REGARD TO NAME OF CO.
ANS.1)THAT MAY BE ENOUGH TO PROVE CLEAR TITLE.
2)BY TERM "CLEAR TITLE"WE SHOULD UNDERSTAND THAT PERSON CLAIMING THE TITLE HAS ALL KIND OF TRANSFERABLE RIGHT FREE FROM ANY KIND OF OVERHEAD CHARGES THAT MAY CREATE A BURDEN UPON ONE WHO IS ACCEPTING THAT TITLE ANY WAY BY PAYING SOME KIND OF CONSIDERATION TO TITLE HOLDER.
3)GET THE RECORD OF RIGHTS CHANGED IN NAME OF PRESENT CO.
Firdaus
(Querist) 03 June 2011
"GET THE RECORD OF RIGHTS CHANGED IN NAME OF PRESENT CO."
Thank you so much for the reply sir.
Can you please guide me how to get rights changed as you said.
Share purchase certificate is not enough?
Change of company name certificate.
Bovan Cherian Varkey
(Expert) 03 June 2011
Dear Firdaus,
Please send the details to bovanvarkey@marksandrights.in Also keep in mind that this is our professional service.
Thank you.
Bovan
Firdaus
(Querist) 06 July 2011
Dear Mr. Bovan,
Thanks for the services. But this I asked for my personal understanding, not for any company's business. I thought this forum is for learning through sharing of knowledge.
@Mr. Parbhakar: Sir you said "NEITHER CHANGE IN REGISTRY IT SELF IS POSSIBLE", why it is not possible?
Thanks for the knowledge.
