Legal Question in Intellectual Property in India

shop sale

my grand fathers shop which is on rent to party AAA for last 40yrs.this shop has 6 shares holders including my father.party AAAis asking us to sell the shop to party BBB.in the deal he is asking for RSXXX to vacate the shop.can my fathersell my share to party BBB and thus party AAA and my father get there share of money as other partners are not willing to sell.can the party BBB sit in that shop after the deal,.


Asked on 10/17/08, 11:04 am

3 Answers from Attorneys
Satyajit Patra Satyajit Patra

Re: shop sale

It is necessary to look into the following:

1. any written contract between the shareholders

2. whether the property is an ancestral property or self acquired property.

to deal with the matter

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Answered on 10/20/08, 10:58 am
Nandita Haldipur Haldipur Associates

Re: shop sale

you may sell ur share but the purchser shall not become the owner unless all teh other share holders transfer their share

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Answered on 11/22/08, 2:09 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: shop sale

There are two ways : either each may decide to sell his share; or all may collectively sell the entire property;

Since the owners are not in possession, if one sells his share, the buyer will become owner to that extent.

Unless all the shares are sold to BBB, its possession over the property will not be legal.

AAA, being the tenant, may not be entitled to transfer possession without consent of all owners.

The transfer so made, without consent of all share holders, may not be legal.

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Answered on 10/17/08, 4:06 pm


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