S SUNDARA RAMAN Vs. P SINGH

JUDGEMENT

(1.) THE present originating summons raises certain questions of interpretation scheme as provided under Rule 238 of the Bombay High Court (Original Side) Rules. Some of the brief facts of the present case are as under:

(2.) THE company known as IBM World Trade Corporation (hereinafter referred to as "the Company") constituted a trust known as IBM World Trade Corporation India Superannuation Scheme Trust. The scheme was constituted for welfare and benefit of the employees of the Company. The trust was executed on 10.3.70. The essential object of the trust was to establish a pension scheme for the benefit of the employees. The company was contributing towards the said corpus of the trust for conferring the benefits of pension under the scheme to the employees. The said deed of trust was executed on 10.3.70 and the supplemental Deed of Trust was executed on 27.10.77. Some of the clauses of the deed of trust which are relevant for the purpose of interpretation of the questions of law framed before me are briefly set out hereunder:

(3.) UNDER Clause 33(a) of the said deed of trust, it was interalia provided that the employer i.e. the Company after giving requisite notice in writing to the plaintiffs, ceased contributions to the trust. On such notice being given the said scheme will be wound up and discontinued subject to further terms and conditions contemplated under the said scheme. In view thereof, on 30.11.77, the company exercised their right to stop the contribution to the said scheme and they ceased to contribute to the said trust. In view of the aforesaid act on the part of the company in effect the said trust ceased to continue and whatever amount available in the trust as corpus of the said trust was required to be distributed among the beneficiaries. On 9.1.78 the plaintiff addressed a letter to all eligible members and/or beneficiaries of their entitlement amount from the said fund. The company had carried out their own computations of the entitlement of the beneficiaries and they called upon each of them to collect the said amount from the trust. In view of the complete discontinuity of the scheme by the company certain disputes arose and earlier an Originating Summons was moved by the trustees being Originating Summons bearing No.105 of 1979 in Suit No.317 of 1979 in this Hon'ble Court. By an order dt.18.12.80, this Hon'ble Court answered the said questions raised in the said Originating Summons and accordingly disposed of the same.