GPA given to a construction firm - Directors executing the Sale
I have a situation where i am planning to buy a plot . The absolute owner of the plot has enterted into a JDA (Joint Development Agreement) and also signed a GPA with "Development firm ABC" managed by its MD - XYZ . o sel
But during the registration of the property in sub-registar office the Director of the "Development Firm ABC" is coming to sign the papers - When i questioned what is the authority of the Director to sell this plot to me the answer was -
"GPA was given to "Development firm ABC" represented by MD of the firm " ABC" , There is an internal notification by the board of the company that MD has given rights to execute the sale deeds on this property to the directors(TBX) of the company . The company is a registered builder and i have these sanction letters in their company letter head .
Question : The director of the company - does he have the rights to sell this property on behalf of the " Development firm ABC" ? - The GPA was executed between absloute owner & "Development firm ABC " represented by its MD ABC