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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 .
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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 itís 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
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