Benami Act, 1988, would not extend to properties purchased by the company

Kalyan Buildmart Pvt. Ltd. Vs Initiating Officer (Rajasthan High Court) Conclusion: In present facts of the case the Hon’ble High Court have allowed the writ petition filed by the Company, wherein it was held that so far as the ownership of land is concerned, each company has right to purchase property and the Benami Act, 1988, would not extend to properties purchased by the company. Facts: The petitioner Company was incorporated with two shareholders and Directors – Madan Mohan Gupta and Shashikala Gupta on 21.08.2006. The agricultural land was purchased by the company in its name by exec...