Hello Sir,
Recently, we have bought a NA land on which there is an industrial shed and a company (A) in running condition. We have purchased half of the entire property along with half of the factory shed, but we have not taken over the existing company. It is just a land and factory shed sale.
Beside this factory, there is a sister concern (B) of the existing running company. Both factories have the same survey numbers. Recently, we have found that the sister concern company has a huge amount of PF, ESI, and other government statutory dues. If these are not paid by that company or recovered by them, the same could be recovered by us as we have bought a part of the land of company (A).
We are unable to decide what to do and how to go about this. Can you please help us in finding a way to clear this land?
Thank you.
From India, Bijapur
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Recently, we have bought a NA land on which there is an industrial shed and a company (A) in running condition. We have purchased half of the entire property along with half of the factory shed, but we have not taken over the existing company. It is just a land and factory shed sale.
Beside this factory, there is a sister concern (B) of the existing running company. Both factories have the same survey numbers. Recently, we have found that the sister concern company has a huge amount of PF, ESI, and other government statutory dues. If these are not paid by that company or recovered by them, the same could be recovered by us as we have bought a part of the land of company (A).
We are unable to decide what to do and how to go about this. Can you please help us in finding a way to clear this land?
Thank you.
From India, Bijapur
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Dear,
You have purchased an industrial shed and therefore it must be in notified industrial zone. Please note that generally industrial land is always leasehold land. You can purchase only construction portion of that particular industrial land. You are correct that you have not purchased Company but only it’s one of the asset-land.
You shall have to engage lawyer to have a title clearance. Lawyer at your request, shall take a search report from RoR and after obtaining search report, he shall publish public notice in local news paper in two languages i.e. one in vernacular & one in international language English for public in large to lodge any claim/rights/lies/mortgage/gift etc. with say 7 to 15 days. After collecting all the relevant information, he shall issue to title clearance certificate.
Therefore it is advisable for you to engage/appoint proper lawyer for the same.
A. Prakash
From India, Halol
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37You have purchased an industrial shed and therefore it must be in notified industrial zone. Please note that generally industrial land is always leasehold land. You can purchase only construction portion of that particular industrial land. You are correct that you have not purchased Company but only it’s one of the asset-land.
You shall have to engage lawyer to have a title clearance. Lawyer at your request, shall take a search report from RoR and after obtaining search report, he shall publish public notice in local news paper in two languages i.e. one in vernacular & one in international language English for public in large to lodge any claim/rights/lies/mortgage/gift etc. with say 7 to 15 days. After collecting all the relevant information, he shall issue to title clearance certificate.
Therefore it is advisable for you to engage/appoint proper lawyer for the same.
A. Prakash
From India, Halol
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