JUDGMENTS :- Special leave granted. Heard the learned counsel for the parties.

2. This appeal is directed against the judgment and order dated July 11, 1995 rendered by the Madras High Court disposing of two Original Side appeals. Facts leading to this appeal and relevant for its disposal are as under :

By a deed of declaration dated January 15, 1939 (sic) one Ambasankar Joshi created the respondent No.1 - trust in relation to his three immovable properties, one of which is house and ground No.429 (new No. 162) at that street, Madras (hereinafter referred to as the property) for the benefit of his poor relations and for other charitable and pious purposes. As the trustees were finding it difficult to carry out the purposes of the trust for paucity of funds they moved the High Court in 1979 for modification of the terms of the trust deed so as to empower them to sell the above properties. By its order dated November 28, 1988 the High Court granted such power subject to the condition that it would be exercised only with the permission of the Court and the concurrence of 3/4th of the total number of trustees in office.

3. Armed with the above order the trustees invited offers for purchase of the property and on receipt of some offers sought permission of the High Court to sell the same at the highest price offered which was granted on February 9, 1984. However, in spite of the permission so granted, the trustees did not sell the property at the highest price offered, which was Rs.8,18,000/- till then, and instead thereof invited, and received, fresh offers including one from the respondent Nos. 10 to 18 (hereinafter referred to as the purchasers) who are brothers and members of a joint family, for Rs.9,00,000/-, by a resolution dated December 9, 1989 the trustees accepted the offer of the purchasers and entered into a formal agreement for sale with them on December 15, 1989, after receiving a sum of Rs.1,80,000/- an earnest money. Then on Janaury 15, 1990, the trustees applied for the clearance certificate required under the Income Tax Act for sale of the property. A week thereafter on Janaury 23, 1990 to be precise the appellants herein sent a letter to the trustees which reads as under :

"By an order dated 9th February, 1984 in Application No.60 of 1989 in C.S. No. 530 of 1979 on the Original Side of the High Court at Madras. His Lordship Mr. Justice Sengottuvelan was pleased to permit the trust, the applicant in the above Application to sell the immovable property together with the superstructure thereon bearing door No.162 (old No.420). Mint Street, Madras 79 at the highest price offered.

As offers were not called for by due publication in the press for which we were waiting so far, we are now offering for the said property together with the superstructure, fittings and fixtures, being door No. 162 (new) Mint Street, Madras-79 a sum of Rs.14,20,000/- (Rupees Fourteen Lakhs and Twenty Thousand Only) which price is negotiable.

We have been in occupation of the said premises for over a half century running a Hotel, Industry, a portion thereof being occupied for our personal residential purposes, paying rent to the trust regularly and without default during all these years. Since we are keenly interested in the property, we therefore request you to consider the offer, which is negotiable favourably. Kindly acknowledge and let us have a favourable reply at the earliest.

Thanking You".

4. In acknowledging the above letter the trustees intimated the appellants, by letter dated February 26, 1990, that their offer to purchase the property for Rs. 14,20,000/- would be placed before the meeting of the trustees and the decision taken would be communicated to them; and, accordingly, asked them to wait for the result of the meeting.

5. Thereafter on March 16, 1990 the trust through the managing trustees, filed an application in the High Court (Application No. 1660 of 1990) seeking permission to sell the property to the purchasers for Rs.9,00,000/-