Benami definition
Examples of Benami in a sentence
The Purchaser/s understand(s) and agree(s) that in the event the apartment/unit/flat/premises is found to be a 'benami property' as defined under the said Benami Act and any proceedings are initiated under the Benami Act against the Developer or the apartment/unit/flat/premises, the Developer shall have the right to take appropriate legal action to protect its interests and the interests of bona fide purchasers.
Furthermore, the Allottee acknowledge(s) and confirm(s) that the apartment/unit/flat/premises is not and shall not be the subject matter of a benami transaction as defined under the Benami Property Transactions Act, 2016 (“Benami Act”).
The Purchaser/s understand(s) and agree(s) that in the event the apartment/unit/flat/premises is found to be a 'benami property' as defined under the said Benami Act and any proceedings are initiated under the Benami Act against the Developer/Lessee or the apartment/unit/flat/premises, the Developer/Lessee shall have the right to take appropriate legal action to protect its interests and the interests of bona fide purchasers.
It is also expressly agreed by the Allottee Lessee that in the event the apartment/unit/flat/premises is confiscated by the appropriate authorities under the provisions of the Benami Property Transactions Act, 2016, the Developer/Lessee shall not be liable to refund any amount paid by the Allottee under this Agreement, and the Allottee shall have no claim, whatsoever, against the Developer/Lessee in respect of such confiscated property.
The Allottee hereby acknowledges and agrees that the Company is obliged to adhere to the Anti-Money Laundering Regulations (AML Regulations) applicable in all relevant jurisdictions including but not limited to Prohibition of Benami Property Transactions Act, 1988, Prevention of ▇▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇, etc.
Furthermore, the Allottee/s acknowledge(s) and confirm(s) that the apartment/unit/flat/premises is not and shall not be the subject matter of a benami transaction as defined under the Benami Property Transactions Act, 2016 (“Benami Act”).
Source: IE ● Recently, the Supreme Court struck down one of the provisions of the Benami Transactions (Prohibition) Act of 1988 which provides for the punishment of a maximum jail term of three years or a fine or both for those indulging in benami transactions.
It is also expressly agreed by the Allotee/s that in the event the apartment/unit/flat/premises is confiscated by the appropriate authorities under the provisions of the Benami Property Transactions Act, 2016, the Developer shall not be liable to refund any amount paid by the Allottee/s under this Agreement, and the Allottee/s shall have no claim, whatsoever, against the Developer in respect of such confiscated property.
No loan account will be opened nor any loan will be disbursed in a name which is anonymous or fictitious or appears to be a name borrowed only for the purpose of opening the loan account i.e. Benami Account.
The document is a Release of Benami right falling under Article 46 (b) of Schedule l-A to Indian Stamp Act.