The central legal point established in the judgment is that trustees must adhere to the specific provisions and restrictions outlined in the testator's will when managing and disposing of trust properties.

JUDGMENT

(Prayer: Petition filed under Section 34 of the Indian Trust Act read with Order XXV Rule 4 of O.S. Rules, praying to permit the Trustees of the petitioner Trust to sell the property set out in the schedule for a sum of Rs.95,91,720/- and to utilise the sale proceeds for the welfare and betterment of the Trust.)

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 dated 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 dated 30.03.1967. The said Sri P.V.Srinivasa Iyengar died on 18.05.1968. This Court by its order dated 23.01.1970 made in OP.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/- 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/-.

Discussion

3.The 1st petitioner has been examined as PW.1 and Ex.P1 to Ex.P15 were marked.

4. The petition mentioned property was originally belonged to one Sri P.V.Srinivasa Iyengar. He had executed a Will dated 30.06.1967 in respect of the petitioner. In the Will one M.K.Gopala Iyengar, who is the father of the 1st petitioner and the brother of the wife of the testator had been appointed as an Executor. The recitals of the Will reads as under:

“3. I hereby appoint my wife’s brother M.K.GOPALA IYENGAR, son of M.K.Srinivasachariar, now in South America, as Executor to this Will. After his duties as an Executor are over he shall be the trustee of my net estate. He shall spend the net income in the manner hereinafter appearing:

4. After my death my Executor shall realise my out standings and out of the proceeds of my moveable properties, the expenses of taking out Probate of the Will herein and other costs of administration and payment of my debate, if any, shall be met. My Executor has a discretion to spend Rs. 1,000/- towards my funeral obsequies. The residue of my moveable properties and the two houses above mentioned shall be held in trust by my Executor for the purposes