Cancellation of shares of a co-op housing society.
Situation : A co-op Hsg. Soc. named "ABC" is having couple of bldg. All flats therein are allotted on rental basis along with shares of the society. One of the bldg. is redeveloped through developer & the occupants of that same bldg. were allotted flats on ownership basis. One of the clause from registered redevelopment agreement is occupant can continue & hold shares of both the co-op hsg. soc. even after formation of separate co-op hsg. soc of the redeveloped bldg. Subsequently occupants of the redeveloped bldg. have formed & registered new co-op hsg. soc. naming " XYZ ". Now the occupants are holding shares of both the co-op hsg.soc.( ABC and XYZ ). However the managing committee of the ABC co-op hsg. soc. after passing a resolution in annual general body meeting IS INSISTING TO SURRENDER THE SHARES OF THE ABC CO-OP HSG. SOC. I need you advice on the below mentioned points: Is this action demanded by the managing committee of ABC co-op hsg. soc illegal? If not can registrar of co-operative society is authorized to resolve this issue? Or legal battle is the only solution?
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