Release Of Property From Esi Pf And Other Govt Dues - CiteHR
Welcomeumesh
Human Resources Management
Legal-siddharthindustries
Admin & Legal Officer
+1 Other

Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
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 .
Community Prime Sponsors
FactoHR.com - Payroll Software with GPS Enabled Attendance, Travel, Performance Management, HRMS.
Talentedge.com "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA.
Dear Ash, Did you buy/acquire loss making company or bought just property which also includes an industrial use shed. Pls clarify.
Hello Umesh , We bought it only as a shed and a property , we have not taken over the company . We want to start a different company here by different name and registrations . Regards, Ashwin
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
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™