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        Corp. Laws / SEBI / IBC

        Jain property row: Neither trust nor builder approached for sale deed cancellation despite order

        November 11, 2025

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        Pune, Nov 11 (PTI) Despite the Maharashtra charity commissioner ordering the cancellation of sale of a prime property in Pune belonging to a Jain trust to a builder, neither the trust nor the builder has approached the Registration and Stamp Department to process the cancellation deed.

        The land, which houses a boarding facility for Jain students and a Bhagwan Mahavir temple, is located in upmarket Model Colony and was acquired by Pune-based Gokhale Landmarks LLP earlier this year for Rs 311 crore from Seth Hirachand Nemchand Memorial Trust.

        Of the total sum, Rs 230 crore were paid, while the remaining amount was for the redevelopment of the hostel.

        However, the deal faced stiff opposition from the students, alumni, sages from the Jain community, general Jain community, prompting both the parties to call-off the deal.

        After the opposition from the community, the Gokhale Landmarks LLP and the Seth Hirachand Nemchand Digambar Smarak Trust expressed their desire to cancel the sale deed.

        An official from the Inspector General Registration (IGR) office confirmed that both the parties have not yet approached the Registration and Stamps Department with the cancellation deed.

        On Tuesday, Jain spiritual leader Acharya Guptinandi Maharaj, who led the protest against the Seth Hirchand Nemchand Jain hostel property deal between the Model Colony trustees and Gokhale Landmarks LLP, warned that the agitation would resume if the deal is not cancelled in the next few days.

        He said that a senior sage from the community would sit on an indefinite hunger strike outside the chief minister's residence if the deal is not scrapped.

        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 NP

        Jain property sale cancellation stalled as trust and buyer have not filed a cancellation deed with registrars. The charity commissioner ordered cancellation of a trust's sale of prime property to a developer, but neither the trust nor the purchaser has submitted a cancellation deed to the Registration and Stamp Department for formal processing, leaving the sale unrescinded despite both parties' stated desire to cancel following community opposition.
                          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 property sale cancellation stalled as trust and buyer have not filed a cancellation deed with registrars.

                                The charity commissioner ordered cancellation of a trust's sale of prime property to a developer, but neither the trust nor the purchaser has submitted a cancellation deed to the Registration and Stamp Department for formal processing, leaving the sale unrescinded despite both parties' stated desire to cancel following community opposition.





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                                ActsIncome Tax
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