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Vikram Churiwal   22 November 2022

Comapny transfered from mother to son

Hi

A Mother transferred company to son in 1957 for Rs. 3 lacs in that company had only 1 land but the deed was not registered  & the mother is dead now so how can that transfer get registered now.



Learning

 4 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     22 November 2022

The query requires more clarity.  Which company? On whose name the property is registered?

Vikram Churiwal   24 November 2022

Sitaram Agarwal Purchased a land in West bengal in 1913 registered deed of this purchase is available which he transferred to his grand son Rajesh Agarwal in family arrangement & Rajesh Agarwal transferred it to his wife Usha Agarwal in family arrangement then in 1957 Usha Agarwal transferred this land for Rs 300000 to Krishna Properties Pvt. Ltd. a company which was owned by her son Vicky agarwal & his family but this transfer was not registered but in 1963 a registered Deed of declaration was made by Rajesh Agarwal & Usha Agarwal that this Land now belongs to Krishna Properties Pvt. Ltd. then in 2007 Krishna Properties sold this property to Radha developers (this is also family company this sale was done at 2500000 by Vicky Agarwal to get his brother 50% ownership in land) now when a project is under development on this land for finance Banks are asking for Mother Deed as this transfer of 1957 was not registered now Rajesh Agarwal & Usha Agarwal are deed whats the process to be followed now.

P. Venu (Advocate)     24 November 2022

No definite suggestion is possible unless the documents are perused. Only a local lawyer would be in a position to assist you.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     28 November 2022

'Usha Agarwal transferred this land for Rs 300000 to Krishna Properties Pvt. Ltd. a company which was owned by her son Vicky agarwal & his family but this transfer was not registered but in 1963 a registered Deed of declaration was made by Rajesh Agarwal & Usha Agarwal that this Land now belongs to Krishna Properties Pvt. Ltd.'
Because of the above developments, question arises whether Krishna Properties Pvt. Ltd was owner of the land under law and whether the registered Deed of declaration  made by late Rajesh Agarwal & late Usha Agarwal was sufficient.. The problem here is to satisfy the Bank. Ask the Bank what more and what exactly are required under the circumstances. There must be a practicable solution. If one bank could not be satisfied, try with another bank.


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