Hello Sir,
Recently we have bought a NA land , On which there is a industrial shed and a company(A) in running condition .
We have bought half of the entire property along with half of the factory shed . but we have not taken over the exiting company , it is just land and factory shed sale .
Now beside this factory there is a sister concern(B) of the existing running company . these both factory have same Survey numbers.
Recently we have found that the sister concern company has huge amount of PF , ESI , and other Govt.statutory dues , and if not paid by that company or recover by that company , the same can be recovered by us too as we have bought part of 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 make this land clear ?
thank you .
From India, Bijapur
Recently we have bought a NA land , On which there is a industrial shed and a company(A) in running condition .
We have bought half of the entire property along with half of the factory shed . but we have not taken over the exiting company , it is just land and factory shed sale .
Now beside this factory there is a sister concern(B) of the existing running company . these both factory have same Survey numbers.
Recently we have found that the sister concern company has huge amount of PF , ESI , and other Govt.statutory dues , and if not paid by that company or recover by that company , the same can be recovered by us too as we have bought part of 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 make this land clear ?
thank you .
From India, Bijapur
Dear Ash, Did you buy/acquire loss making company or bought just property which also includes an industrial use shed. Pls clarify.
From India, Delhi
141From India, Delhi
Generally industrial shed's land is of Leasehold Land say for example G.I.D.C.(in Guajarat, M.I.D.C. (in Maharashtra) etc. In any industrial area one can buy and sale only construction portion of said unit and not land.
In your case you are correct that you are not taking over X company but only purchasing part of its' asset say construction part of shed.
Before buying any type of property, you shall have to obtain title clearance certificate from competent lawyer with search of last 25 years. The lawyer after taking in to consideration property papers as well as search of said property from office of RoR, shall publish a public notice in two news papers one in vernacular language and one in international language i.e. in English for public in large and thereby invites/requests to lodge any interest, lien, mortgage etc. if any exists within 10 to 15 days in writing.
In my opinion you shall have to take help of lawyer.
A. Prakash
From India, Halol
In your case you are correct that you are not taking over X company but only purchasing part of its' asset say construction part of shed.
Before buying any type of property, you shall have to obtain title clearance certificate from competent lawyer with search of last 25 years. The lawyer after taking in to consideration property papers as well as search of said property from office of RoR, shall publish a public notice in two news papers one in vernacular language and one in international language i.e. in English for public in large and thereby invites/requests to lodge any interest, lien, mortgage etc. if any exists within 10 to 15 days in writing.
In my opinion you shall have to take help of lawyer.
A. Prakash
From India, Halol
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Manager - Property Development - 20th April 2008- for comments.doc