I have purchased 2 flats in a CHS in South Goa. Now the MC of the Society Refuses to Transfer the Share of the 2nd Flat Purchased Stating one member cannot have two Share Certificates.
I need to resolve this could you help me with your suggestion.
Also I read this article online. I think it is valid to demand share certificate:
A member may have multiple flats or a flat and a shop. For each flat, member will get separate share certificate. SUPREME COURT opines in the case of Veena Kumari Tandon vs Neelam Bhalla and Others. Civil Appeal No. 5130 OF 2007 (Arising out of SLP (C) No. 525 of 2005). ONE FLAT ONE VOTE AND NOT ONE MEMBER ONE VOTE.
I C Naik
A member can buy another flat without buying more shares. At the same time a member can buy more shares without buying another flat. Flat and shares are not directly linked but through a person buying a minimum number of shares as prescribed in the bye laws.
Section 28 of Goa CS Act 2001
28A. Restrictions on holding of shares.— In any society, no member other than the Government or any other society shall hold more than such portion of the total share capital of the society (in no case exceeding one-fifth thereof) as may be prescribed.
Look in bye laws of your CHS you will find a similar rule.
