Partha@1234 08 August 2024

Necessity of amalgamation deed

A real estate project developed by a renowned developer by acquiring of piece of land and an adjacent property( through registered deed of development) the owner of the adjacent land also give registered power of attorney to the developer. the two parties acquired a single holding in municipallity through proper assessment certificate without any deed of amalgamation. now one customer is willing to purchase a flat in that project, all the chain deed of property verified and tsir is raised but bank is insisting for a registered amalgamation certificate. as per government of west bengal registered deed of amalgamation is not required for assessment and evaluating land. what is the correct clarification of this case?

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4 Replies

T. Kalaiselvan, Advocate (Advocate) 08 August 2024

If this bank is refusing to grant loan for such petty issues especially which is not essential element of law in this regard, you may better change the bank instead of hanging around with this particular bank alone.

Every bank will be having their own set of procedures and the requirements to be satisfied as per thier own regulations.

Dr. J C Vashista (Advocate ) 09 August 2024

No bank shall finance / advance loan till satisfied, better to contact branch manager and fulfill requirement(s) or change the banker, as convinient to you

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 09 August 2024

A registered amalgamation certificate is needed for the following reasons: 1. *Legal Recognition*: It provides legal recognition of the amalgamation (merger) of two or more cooperative societies. 2. *Validation*: Validates the process of amalgamation, ensuring it complies with relevant laws and regulations. 3. *Transfer of Assets*: Enables the transfer of assets, liabilities, and responsibilities from the amalgamating societies to the newly formed society. 4. *New Entity*: Establishes the newly formed society as a separate legal entity. 5. *Membership*: Clarifies membership rights and obligations in the new society. 6. *Governance*: Defines governance structure and rules for the new society. 7. *Financial*: Facilitates the consolidation of financial assets and liabilities. 8. *Taxation*: Necessary for tax purposes, as it impacts tax liabilities and benefits. 9. *Compliance*: Ensures compliance with relevant laws, regulations, and standards. 10. *Certainty*: Provides certainty and finality to the amalgamation process.