JUDGMENT:- Rule. Rule is made returnable forthwith.

2. The Petitioner is one of the tenderers for the sale of a trust property pursuant to public notice issued by the Trust. The Petitioner made his offer. The learned Charity Commissioner considered various offers received and accepted the Petitioner's offer and granted permission and sanction to the Trustees of the Trust to sell their property to the Petitioner under his order dated 21st June, 2003. The order shows the sanction of the property to the Petitioner for a price of Rs.2.56 Crores on terms and conditions incorporated in the agreement annexed to the application filed by the Petitioner. The sanction was granted subject to the laws and rules applicable to the transaction and subject to the conditions that the payment would be made within 6 months from the date of the order, full consideration shall be paid before the Conveyance Deed is executed, the Petitioner shall bear the stamp duty, registration charges and other incidental charges for the execution of the Conveyance Deed, the Petitioner was to be put in possession after the execution of the Conveyance Deed and the Trustees were to make a report to the office of the Charity Commissioner within 90 days of the execution of the Conveyance Deed.

3. It may at once be mentioned that the price which is fixed as a fair and reasonable price would be such fair and reasonable price as on that date and for a reasonable period thereafter. Prices are amenable to change as per the market forces. It is, therefore, that the price which shows the market value of the property would govern on the date the price is fixed and for a reasonable period thereafter. The reasonable period during which the price so fixed was expected to remain so is itself mentioned in the order; it is for a period of 6 months. Hence the Petitioner is directed to make payment of the total consideration of Rs.2.56 Crores within a period of 6 months. This condition itself shows and implies that after a period of 6 months, for whatever reason, the price fixed by the Charity Commissioner as a fair and reasonable price will not hold good as such fair and reasonable price; it would either increase or decrease dependent upon the market forces.

4. Consequently the very definition of market value in the Bombay Stamp Act, 1958 is the value which a property could fetch, if sold in open market on the date of execution of the instrument under Section 2(na) thereof, which runs thus:

[(na) ''market value" in relation to any property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on the date of execution of such instrument] [or the consideration stated in the instrument whichever is higher]"

It can, therefore, be seen that the market value of the property sought to be purchased by the Petitioner was Rs.2.56 Crores on the date the Charity Commissioner gave his sanction. The required execution within 6 months would show the same market value for that period since it was determined by the Charity Commissioner and that extension of period was allowed by him for execution of the document.

5. On such market value of the property as fixed by the Charity Commissioner Conveyance Deed was to be executed. The Petitioner was enjoined to execute the Conveyance Deed on any date between 21st June, 2003 and 21st December, 2003. The Petitioner has not executed the Conveyance as directed.

6. 3 Writ Petitions came to be filed bearing Nos.5556/2003, 5557/2003 and 5558/2003 in this Court challenging the permission granted by the Charity Commissioner in 2003 by some of the trustees of the Trust. An initial undertaking was sought by the Court from the Petitioners to deposit Rs.2 Crores in the Court or to make good the interest that would accrue on the sum of Rs.2 Crores, if the Writ Petitions were to be admitted. The Petitioners had given an undertaking on 4.8.2003. The undertaking was accepted. Interim relief was granted. Hence t

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