In biggest Benami Act attachment in T, edu firm’s 162 cr in shares under I-T lens | Hyderabad News
Hyderabad: The benami prohibition unit (BPU) of the income tax (I-T) investigation department in Hyderabad has provisionally attached shares worth Rs 162 crore, belonging to a company running an educational institution. This is the largest attachment made under the Benami Transactions (Prohibition) Act in the Telugu states since the Act came into force in 2016.
On March 20, the BPU issued a public notice regarding the provisional attachment of 16.2 crore shares (each valued at Rs 10) of Marredpally-based Calken Educational Services Private Limited. These shares are held by Botswana-based NRIs – Manhar Mooney, Gaurang Manhar Mooney and Dina Gaurang Mooney. According to the BPU, these shares are considered benami properties.
The BPU has formally communicated with the Registrar of Companies, instructing them not to allow any transfer of the said shares until further notice. The beneficial owners of these shares are identified as AM Emanuel, Ashish LW Emanuel, and Niharika Philomena Emanuel Lawrence. It is alleged that the Botswana-based NRIs hold the shares for the direct or indirect benefit of the Emanuel family.
The case involves the sale, transfer, and restructuring of immovable properties located in Bowenpally and Keesara, along with the infusion of share capital into Calken Ltd and the movement of substantial funds across multiple entities, which points to a benami arrangement.
Two key immovable properties – approximately 5.6 acres in Bowenpally and 3.7 acres in Keesara – have been owned by the Emanuel family for over three decades. They were leased to St Louis Educational Society, run by AM Emanuel and his family, which operates the St Andrew’s group of schools using these properties for educational purposes.
The investigation revealed that although Manhar, Gaurang Manhar, and Dina Gaurang appeared as legal owners of shares in Oaktree Infra Developers Private Ltd and Calken Ltd, they had no actual authority or financial control. Through a series of structured transactions – including the sale of immovable property, share value appreciation, and reinvestment into linked entities – the beneficial ownership remained with the Emanuel family, BPU alleged.
The BPU stated that this complex structuring appeared deliberate and designed to conceal the true nature of ownership in order to avoid capital gains tax liability. Under Section 2(9) of the Prohibition of Benami Property Transactions Act, a benami transaction occurs when a property is held by one person, but the consideration is paid by another for the latter’s direct or indirect benefit.
The group’s website clearly identifies Calken as a group company. Oaktree Infra authorised P Janakinath Sharma to execute the transactions and appointed him as a director. However, Janakinath received his salary from various entities linked to the beneficial owners. In his social media profile, Janakinath declares himself as manager of accounts at St Andrew’s Educational Services Private Ltd.
A spokesperson for Calken Educational Services said, “The income tax department had earlier issued notices seeking information on our business activities over the past seven years, to which we duly responded. Subsequently, a show cause notice was issued on Feb 4, 2025, and we submitted a detailed response addressing all allegations. However, without giving due consideration to our submissions, an order has now been issued, communicating the provisional attachment of the shares. This attachment has not been approved by the adjudicating authority in Chennai, whose approval is mandatory. Until such approval is granted, the attachment is neither binding nor effective. We are reviewing the order and will follow due legal process to present our case before the authority.”
On March 20, the BPU issued a public notice regarding the provisional attachment of 16.2 crore shares (each valued at Rs 10) of Marredpally-based Calken Educational Services Private Limited. These shares are held by Botswana-based NRIs – Manhar Mooney, Gaurang Manhar Mooney and Dina Gaurang Mooney. According to the BPU, these shares are considered benami properties.
The BPU has formally communicated with the Registrar of Companies, instructing them not to allow any transfer of the said shares until further notice. The beneficial owners of these shares are identified as AM Emanuel, Ashish LW Emanuel, and Niharika Philomena Emanuel Lawrence. It is alleged that the Botswana-based NRIs hold the shares for the direct or indirect benefit of the Emanuel family.
The case involves the sale, transfer, and restructuring of immovable properties located in Bowenpally and Keesara, along with the infusion of share capital into Calken Ltd and the movement of substantial funds across multiple entities, which points to a benami arrangement.
Two key immovable properties – approximately 5.6 acres in Bowenpally and 3.7 acres in Keesara – have been owned by the Emanuel family for over three decades. They were leased to St Louis Educational Society, run by AM Emanuel and his family, which operates the St Andrew’s group of schools using these properties for educational purposes.
The investigation revealed that although Manhar, Gaurang Manhar, and Dina Gaurang appeared as legal owners of shares in Oaktree Infra Developers Private Ltd and Calken Ltd, they had no actual authority or financial control. Through a series of structured transactions – including the sale of immovable property, share value appreciation, and reinvestment into linked entities – the beneficial ownership remained with the Emanuel family, BPU alleged.
The BPU stated that this complex structuring appeared deliberate and designed to conceal the true nature of ownership in order to avoid capital gains tax liability. Under Section 2(9) of the Prohibition of Benami Property Transactions Act, a benami transaction occurs when a property is held by one person, but the consideration is paid by another for the latter’s direct or indirect benefit.
The group’s website clearly identifies Calken as a group company. Oaktree Infra authorised P Janakinath Sharma to execute the transactions and appointed him as a director. However, Janakinath received his salary from various entities linked to the beneficial owners. In his social media profile, Janakinath declares himself as manager of accounts at St Andrew’s Educational Services Private Ltd.
A spokesperson for Calken Educational Services said, “The income tax department had earlier issued notices seeking information on our business activities over the past seven years, to which we duly responded. Subsequently, a show cause notice was issued on Feb 4, 2025, and we submitted a detailed response addressing all allegations. However, without giving due consideration to our submissions, an order has now been issued, communicating the provisional attachment of the shares. This attachment has not been approved by the adjudicating authority in Chennai, whose approval is mandatory. Until such approval is granted, the attachment is neither binding nor effective. We are reviewing the order and will follow due legal process to present our case before the authority.”
