Hi,
A property in Mumbai was bought in a Commercial building with NOC from Society in 2018. Society charged Transfer charges & a Legal Fees, towards which an ex amount was paid to an Advocate appointed by the Society. Society cleared the transfer of the membership and published in the AGM document in 2018. The share certificate was submitted for the endorsement of the new name on the Share certificate in 2019. On approaching to the society for the share certificate, there has been no definite answer. After pursuing it hard, it has been told by the society that :
1) The share certificate which was issued by the society before the unit was bought, is a "DUPLICATE" one. Society office is questioning the compliance followed to obtain the Duplicate share certificate. Asking for the FIR & Two Advertisements. Although the buyer has never been part of the Duplicate process.
2) The SGBM where the transfer of membership was passed, the unit no. was not in the list of agenda but it appeared in the final approval/clearance of the list of members/units transferred. NOW Since that Managing committee which cleared the transfer in 2019 changed, the new office bearers are not Signing on the share certificate on which the New names have already been Endorsed but only Signature of officials left.
My question is :
1) Can society deny the Share Certificate? Although the new name has been printed but just not signed.
2) Can the Process of Duplicate Share Certificate be questioned and the new buyer be penalized for it? Since Society (irrespective of the office bearers) had issued it before the property was purchased.
Please help in finding the solution.
Regards,
