Commercial & Allied Laws Study Circle meeting on “Recent Judgement of Appellate Tribunal, Delhi bench under Benami Law and related aspects” (Virtual Mode)

Recently, the Appellate Tribunal, Delhi bench under the Prohibition of Benami Property Transaction Act, 1988 in the case of M/s. Prism Scan Express Pvt. Ltd. has held that Property acquired before 2016 amendment & held subsequently triggers Benami Act. It further lays down that “Benami Transaction not only refers to the transfer of property but also its holding and thereby, if somebody is holding the benami properties subsequent to the amendment, it would come in the sweep of benami transaction”. In light of this ruling, it becomes imperative to understand and analyse whether the transactions done prior to 2016 amendment under the Benami Law can still be made subject to the said law merely on account of continuous holding of the said property. In other words, whether the act of holding a benami property post 2016 triggers the rigours of Benami Law? How the word “held” in the definition of “Benami Tranaction” needs to be interpreted? In order to understand the various facets of this judgements and probable issues that can arise, a Study Circle Meeting has been planned on the above subject.