SC: No Retrospective Action under Amended Benami Law
The Supreme Court on Tuesday ruled that the 2016 amendment to the benami property law cannot be applied retrospectively, quashing all such cases where transactions prior to October 25, 2016, were being looked into.The top court also struck down a provision of the Benami Transactions (Prohibition) Act of 1988 that provides for a jail term of up to three years or a fine or both for violations, holding it “unconstitutional” and “manifestly arbitrary”.
Payment Aggregators to Approach RBI Seeking Relief
Payment aggregators are set to lobby the Reserve Bank of India (RBI) on the new digital lending guidelines that have eliminated the need for intermediaries, said two people familiar with the development. The regulator has mandated that all loans go directly from regulated entities to customer accounts, eliminating the role of payment aggregators in these transactions.
Adani Group Co Acquires 29% in NDTV
An Adani Group company has acquired 29.18% in Radhika and Prannoy Roy-promoted New Delhi Television (NDTV) after converting warrants in a promoter group firm.On Tuesday, the company also announced an open offer to buy an additional 26% in NDTV in accordance with Sebi’s takeover rules.
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