Can complex of apartments registered under company act in order to run the association/society?

Differences

Although the similarities are eye-catching between both foundations, check out these 3 differences that set a company apart from an apartment association below –

1. A Company is typically aimed at For-Profit, and its services are aimed at entities different from its Shareholders – i.e., Customers. This is true for Non-Profit companies as well where the services are provided to Entities different from the Shareholders. On the other hand, a Homeowners Association is almost always Not-For-Profit, as its services are aimed mainly at its own members who are the owners of the property, i.e., residents.
    
2. The major income of any Company is from the revenue it generates due to the sale of services or products to its customers. But the society/apartment association generates its major portion of income and revenue from the regular contribution of funds from its members, in return for the Association’s service of immediate conveniences such as security and cleaning of common area, long-term services for infrastructural upkeep, common amenities, and betterment initiatives, etc.
    
3. A Company is a growth-driven profit center where the operational focus is greater on revenue and relatively lesser on cost management. On the flip side, a full-fledged society/apartment Association is a sustainability-driven cost center with greater accounting focus on budgeting, timely collection of member contributions, and transparent expense management. This is due to the fact that the apartment/society association has predictable though limited fund inflow. 

Thanks for your reply. This is happening in Kolkata, West Bengal. 

Is it legal? 

Indrajit