SHANTI VIJAY AND CO Vs. PRINCESS FATIMA FOUZIA

JUDGEMENT

(1.) In these appeals, one of which is by special leave and the other two on certificate, brought from a judgment of the Andhra Pradesh High Court dated June 12, 1978, the short question is whether that Court was justified in setting aside the alleged sale of 37 items of jewellery belonging to H. E. H. The Nizam's Jewellery Trust, effected by the Board of Trustees in exercise of their discretionary power of sale under Cl. 13 of the Trust deed in favour of the appellants and other successful tenderers for Rs. 14.43 crores, and accepting instead the offer of the eighth respondent, Peter Jansin Fernandez for Rs. 20.25 crores made during the pendency of the appeal before it.

(2.) The facts of the case, so far as they are material, are not now in dispute, and are as follows:

(3.) The late H. E. H. Nawab Mir Sir Osman Ali Khan Bahadur, the Nizam of Hyderabad, by an indenture dated March 29, 1951, created a trust called H. E. H. The Nizam's Jewellery Trust, in respect of 107 items of extremely valuable, rare and priceless jewellery of exquisite design and beauty studded with emeralds, diamonds, saphires, rubies, etc. of the highest quality and purity belonging to him, specified in the First Schedule, and Government securities of the aggregate face value of Rs.10 lakhs, specified in the Second Schedule, for the benefit of his two sons, Prince Azam Jah and Prince Muazzam Jah; two grandsons, Prince Mukarram Jah and Prince Muffakham Jah, two granddaughters, Princess Fatima Fouzia and princess Amina Mirzia; daughter Shahzadi Begum, and his step-brother Sahebzada Nawab Basalat Jah Bahadur.