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2019 (2) TMI 1334 - HC - Benami PropertyOffence under Prohibition of Benami Property Transactions Act, 1988 - Concerned authority jurisdiction or power to issue a show cause notice under amended Act in relation to the 2011 transaction? - whether a shareholder and a company are separate legal entities and that a shareholder cannot be treated as a beneficial owner within the meaning of the amendment Act of 1988 in respect of a property owned by a company incorporated under the provisions of the Companies Act, 1956 needs to be gone into - HELD THAT:- The authority in our opinion cannot decide its own jurisdiction in such a case. It has to be decided by us. Only after such a decision only those matters which can be decided by the said authority may be remanded to them. In view of the above reasons, we stay the operation of the impugned judgment and order. The appeal is formally admitted. We feel that it should be heard out on an expeditious manner. As the respondents are represented formal issue and service of the notice of appeal are dispensed with. Learned Advocate-on-Record for the appellant is directed to file informal paper books by 8th February, 2019, serving two copies thereof upon the advocate-on-record for the respondent not later than seven days before the date of hearing of the appeal. List this appeal for hearing on 27th February, 2019 at the top. The reference referred to in Section 24(5) shall not be treated as final and shall only be treated as provisional during the whole period the writ application and the appeal are pending before this Court. Subject to its result, the reference will be treated as final. Thereafter, time to pass the adjudication order under Section 26(7) of the said Act will start to run. Hence, it follows that the respondent authorities will not take any further steps in the matter till the disposal of the appeal.
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