Bonafide purchaser

Ashish (Querist) 06 February 2014 This query is : Resolved
Rajasthan State Industrial Development & Investment Corporation Ltd. (RIICO) has allotted an industrial land to ABC Ltd. in 1992 and a registered lease deed was executed. In 1994 ABC Ltd. transferred the land to his sister concern XYZ Ltd, but to avoid stamp duty & transfer charges no sale deed was executed. On application by ABC Ltd., in which some wrong declaration was made by ABC Ltd, RIICO transfer the land to XYZ Ltd. without demanding sale deed.
A fresh lease deed was issued by RIICO in favor of XYZ Ltd. in 1994. Since 1994 XYZ Ltd. enjoying the property with possession.
My question is -

1. Whether RIICO (Lessor)can cancel the allotment? In case RIICO cancel the allotment, whether we can claim adverse possession?
2. If another party purchase the property with consent of RIICO, whether new purchaser can claim the benefit of bonafide purchase?

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