Gurmit Chadda (DCL) 30 January 2012

How to retrieve share certificate from bank

Hi,

I have taken loan from LICHFL and have submitted my documents as security with bank. Now I want to retrieve share certificate from bank to transfer society on my name for this flat. I tried contacting AM of LICHFL and he is asking me to get letter on societies letterhead from society that they require this certificate to transfer names.

My society says that they have no interest in transfering share on your name as this is your and Banks responsibility to get it done until then the said flat will remain in previous owners name in societies register.

Now I am clueless as what to do. I have purchased this flat and have made all the payments to owner and now Bank and Society are not ready to come to common ground.

Can anyone suggest me what should I do in this case?

Thanks and Regards,

Gurmit Chadda

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5 Replies

Kumar Doab (FIN) 30 January 2012

You have paid to the owner but it seems you have not cleared the outstanding with the bank.

Bank shall defend its good money and pledged securities till the out standings are cleared.

However if you have cleared all out standings with the bank, bank can not keep the pledged securities for even a day. Therefore if you have cleared all outstanding you may start the representation with the bank in writing under acknowledgment and cover all representations in person, on phoned etc to prove the unfair, deficient services of the bank.

Amit 11 July 2017

Dear Mr. Kumar, I am having the same issue with society & bank, I have just taken a loan from icici bank and I want transfer the share into my name. However I have contacted the icici bank for the same but they have asked me get letter from society as per their format on society letter head, but society is refusing the same, saying that we will not give any letter unless and until bank will give letter to society. Please advis how to resolve this issue & transfer the share into my name. Thanks/Regards Amit Pulekar