Hi Please give some knowledge abiout the following issue
A realestate pvt ltd compny in need of money and they are asking custoimers to pay 8 laks rupees and they will give one flat after 3 years ( flat worth 20 lakhs)
as security for money , they are giving one MOU CUM SALE OF AGREMENT and a share certificate for 80000 shares with face value 10 rs. at the time of regisytering the flat they will take back the shares.
1 weather issuing shres is legal ?
2 are this shares have any worth?
3 if they issue share certificvates , company secretary need to sign the certificates or not?
4 are shares can return our principle or not?
if they do not give flat after 3 years ,, how we are secured for our money