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        Corp. Laws / SEBI / IBC

        Maharashtra charity commissioner orders cancellation of deed to sell Jain trust property to builder

        October 30, 2025

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        Pune, Oct 30 (PTI) The Maharashtra charity commissioner on Thursday ordered the cancellation of sale of a prime property in Pune belonging to a Jain trust to a builder amid protests from the community over the past few days.

        The development came after construction firm Gokhale Landmarks LLP and the Seth Hirachand Nemchand Digambar Smarak Trust expressed their desire to the cancel the sale deed related to the 3.5 acre property in Model Colony that currently houses a boarding and a Jain Temple.

        The charity commissioner revoked its April 2025 order allowing Seth Hirachand Nemchand Digambar Smarak Trust (SHNST) to enter into an agreement with Gokhale Landmarks.

        "Gokhale Landmarks LLP and Trustees of SHNST shall take appropriate steps and measures for cancellations of sale deed and power of attorney dated October 10, 2025. These measures shall be taken at the earliest. Upon cancellation of the sale deed, the trustees should refund the entire amount of sale consideration to Gokhale Landmarks," the order said.

        The property was acquired by Pune-based Gokhale Landmarks LLP earlier this year for Rs 311 crore from Seth Hirachand Nemchand Memorial Trust, of which a sum of Rs 230 crore was paid while the remaining amount was for the redevelopment of the hostel.

        The charity commissioner had, last week, ordered status quo on the transaction.

        Members of the Jain community had held protests in Pune and other cities in Maharashtra accusing the trustees of favouring the developer and violating norms governing charitable land while going ahead with the deal.

        The controversy had taken a political turn with former MLA and Shiv Sena leader Ravindra Dhangekar alleging the involvement of Union Minister Murlidhar Mohol in the transaction, a charge denied by the latter. PTI SPK BNM

        Jain trust property sale cancelled; developer to be refunded after cancellation of sale deed and power of attorney. Charity regulator revoked prior permission for the 3.5-acre trust property sale, directed cancellation of the sale deed and associated power of attorney, and required trustees to refund the entire sale consideration to the developer; the developer had paid Rs 230 crore of the Rs 311 crore agreed price and an interim status quo order had been in place.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Jain trust property sale cancelled; developer to be refunded after cancellation of sale deed and power of attorney.

                                Charity regulator revoked prior permission for the 3.5-acre trust property sale, directed cancellation of the sale deed and associated power of attorney, and required trustees to refund the entire sale consideration to the developer; the developer had paid Rs 230 crore of the Rs 311 crore agreed price and an interim status quo order had been in place.





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                                ActsIncome Tax
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