PUNDI PATTAMAL SRINIVASA IYENGAR TRUST Vs. STATE

JUDGEMENT

(1.) This Original Petition has been filed to grant permission to sell the Schedule mentioned property, which is one of the property of the Trust set out in the schedule by the Petitioners/Trustees and to utilize the Sale proceedings for the welfare and betterment of the trust objects.

(2.) A trust by name 'Pundi Pattammal Srinivasa Iyengar Trust' was created by the trustees, who are the Petitioners herein to manage the properties of one Sri P.V. Srinivasa Iyengar and to comply his intentions as per the Will, dtd. 30/3/1967. The main object of the Trust is to donate the proceeds to various religious functions that will be carried out in the Sri Viashnava Temples situated anywhere in India or abroad and to maintain the immovable properties left by Sri P.V. Srinivasa Iyengar. 2.1. As per Clause 4(g) of the Trust Deed, the trustees have got power to invest the Trust funds to acquire the movable and immovable properties, stocks, debentures or other such investments in the name of the Trust and sell the same as per the discretion of the majority of the trustees. The property detailed in the schedule is the property bequeathed by one late Sri P.V. Srinivasa Iyengar by virtue of his Will, dtd. 30/3/1967. The said Sri P.V. Srinivasa Iyengar died on 18/5/1968. This Court by its Order, dtd. 23/1/1970 made in O.P. No.19 of 1970 was pleased to grant a probate of the above said Will in favour of one M.K. Gopala Iyengar, who is the father of the 1st Petitioner herein. The building in the schedule mentioned properties is in old dilapidated condition and it does not derive any income. The trustees are in Bangalore and the Petition mentioned property is situated in Chennai. The Petitioners themselves as Trustees are not in the position to maintain the schedule mentioned properties. Hence, the trustees thought it fit and desirable to alienate the schedule mentioned property and invest the sale proceeds to fulfil the object of the trustees. The value of the schedule mentioned property is Rs.95,91,720.00 as per the Tamil Nadu Government Guideline Value. As of now there is no definite purchaser fixed for purchasing the property. However the Petitioner will fix a prospective buyer, to buy the property. Hence, this Petition has been filed to grant permission to the trustees to sell the schedule mentioned properties for a sum of Rs.95,91,720..00Discussion:

(3.) The 1st Petitioner has been examined as PW1 and Ex.P1 to Ex.P15 were marked.