Saif Ali Khan family may lose ancestral properties worth Rs 15,000 crore to govt

News Network
January 22, 2025

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Bollywood actor Saif Ali Khan and his family are facing the possibility of losing control over their ancestral properties in Bhopal, reportedly valued at Rs 15,000 crore. This development follows the Madhya Pradesh High Court’s recent decision to lift a stay imposed on these assets in 2015, potentially paving the way for their acquisition under the Enemy Property Act, 1968.

Properties Under Scrutiny

The properties in question include prominent landmarks such as:

Flag Staff House, where Saif Ali Khan spent much of his childhood

Noor-Us-Sabah Palace

Dar-Us-Salam

Bungalow of Habibi

Ahmedabad Palace

Kohefiza Property

Legal Background

Justice Vivek Agarwal’s ruling emphasized that the amended Enemy Property Act, 2017, provides a statutory mechanism for resolving disputes. The court noted, “If a representation is filed within 30 days from today, the appellate authority shall not advert to the aspect of limitation and shall deal with the appeal on its own merits.”

The Enemy Property Act enables the central government to claim properties belonging to individuals who migrated to Pakistan after Partition. In this case, the focus lies on the migration of Abida Sultan, the eldest daughter of Hamidullah Khan, the last ruling Nawab of the princely state of Bhopal, to Pakistan in 1950. While Sajida Sultan, Hamidullah Khan’s second daughter, stayed in India and became the legal heir, the government has argued that Abida Sultan’s migration classifies the properties as "enemy property."

Saif Ali Khan, Sajida Sultan’s grandson, inherited a portion of these assets. Although the court recognized Sajida Sultan as the legal heir in 2019, the latest ruling has reignited the family’s decades-long property dispute.

Government Action

Bhopal Collector Kaushalendra Vikram Singh has announced plans to review ownership records spanning the past 72 years. He also stated that individuals residing on the disputed properties may be classified as tenants under the state’s leasing laws. This decision has caused widespread anxiety among the estimated 1.5 lakh residents in the area, many of whom fear eviction.

Historical and Cultural Significance

These properties, deeply tied to the history of the princely state of Bhopal, have served as landmarks of cultural heritage. The potential government acquisition and the legal battles surrounding them highlight the complex interplay between history, law, and inheritance.

The next steps will depend on how the appellate authority addresses the family’s representation, as well as the government’s ongoing review of ownership records.

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News Network
January 28,2025

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Ahead of the Delhi Assembly elections, Aam Aadmi Party (AAP) national convenor and former Delhi Chief Minister Arvind Kejriwal has written to Prime Minister Narendra Modi, urging the Centre to prioritise waiving loans for farmers and the middle class instead of wealthy individuals. He also demanded a nationwide law to prohibit the waiver of loans given to billionaires.

Notably, Delhi Assembly elections are scheduled for February 5 and the result will be announced on February 8. Kejriwal is seeking a third consecutive term, following AAP's landslide victory in 2020 when it won 62 out of 70 seats.

Income tax, GST rates can be cut to half

Addressing a press conference on Tuesday, Kejriwal criticised the central government, alleging favouritism toward the wealthy by writing off corporate loans worth thousands of crores. He claimed such practices burden ordinary citizens with excessive taxes while benefitting the rich. "Common people are paying half their salaries in taxes, while the loans of the rich are being waived. Why doesn't the central government waive home loans, car loans, or other financial burdens of ordinary citizens?" Kejriwal asked.

He emphasised that discontinuing loan waivers for billionaires could enable the government to reduce income tax and GST rates by half, double the taxable income threshold, and remove GST on essential commodities. "This is a massive scandal, and it's time to put an end to it," he said.

Kejriwal writes to PM Modi 

In his letter, Kejriwal stated, "Prime Minister should declare that no rich person's loan will be waived off. If you want to waive off, then waive off farmers' loans, middle class's home loans. This money will benefit the middle class a lot."

Kejriwal further argued that by waiving loans for the wealthy, the government could reduce tax rates. "I have calculated that if loans are not waived off, then tax rates will be halved. A person earning 12 lakhs annually pays his entire salary in tax, this is the sorrow of the middle class," Kejriwal wrote.

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Agencies
February 3,2025

The Indian rupee plummeted to a historic low of 87.29 per dollar on Monday. This decline is attributed to escalating trade tariffs imposed by US President Donald Trump amid global market uncertainties.

Having already depreciated over 1.5% this year, the rupee's latest tumble is regarded as a repercussion of tariff measures enforced by the US government. The currency opened with a substantial gap-down of 43 paise, hitting a low of 87.29 before rebounding to 87.13 following a Reserve Bank of India (RBI) intervention. 

Currency expert KN Dey explained to ANI that the tariff war, ignited by the US against Canada, Mexico, and China, is responsible for the rupee's decline. KN Dey noted, "Rupee opened with a gap of 43 paisa which was one of the highest gap openings, touched a new low of 87.29, but is now trading at 87.13 due to RBI intervention."

The situation remains fluid as President Trump has also hinted at possible tariffs on BRICS nations, including India. KN Dey cautioned, "Though Trump has been threatening BRICS countries also, it remains as to when he would press the button. This could be a knee-jerk reaction on the Rupee, but it's better to wait and watch for a couple of days." 

On a broader scale, this pressure on the rupee is mirrored by a strengthening US dollar against global currencies. Monday saw the Canadian dollar and Mexican peso dip to multi-year lows and the Chinese yuan weaken to a historic low. The US government announced an imminent 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods.

Market analysts suggest this may be a short-term reaction, with investors advised to observe how circumstances develop. The unfolding situation is anticipated to shape market movements significantly.

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News Network
February 3,2025

Udupi: A 59-year-old man has allegedly lost ₹20.17 lakh in a stock market scam after being lured by promises of high returns.

Vinod, the complainant, stated that he discovered an online stock market-related company, PML Securities, on November 2 last year. Encouraged by its offerings, he began investing through the company’s mobile applications, PML Max and PML PRO, starting from November 27.

Initially, his investments were returned in line with the IPO (Initial Public Offering) process, reinforcing his trust in the platform. However, trouble arose when he attempted to withdraw his funds, only to find himself unable to do so. Upon contacting the company, he was allegedly persuaded that additional payments were required to unlock his money.

Trusting the assurances given, Vinod continued making payments, transferring a total of ₹20.17 lakh to various bank accounts linked to the company until December 24. The complaint alleges that the operators of PML Max and PML PRO deceived him by falsely promising substantial returns on stock market investments.

A case has been registered at the Manipal Police Station, and an investigation is underway.

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