JUDGMENT

DR. AR. LAKSHMANAN, J. — The above appeals were filed against the final order dated 27.8.2001 passed by the High Court of Delhi in FAO (OS) No. 35 of 2000 and CM No. 387 of 2001 whereby the High Court of Delhi allowed the appeal of the respondents.

2. The short facts of the case are as follows:

By a deed of trust dated 1.5.1979, a trust in the name and style of Modipon Limited Senior Executive (Officers) Welfare Trust was formed. The said Trust was formed for the general benefit of employees employed in the Fibre Division only of Modipon Limited and the purpose was to provide benefits to such employees and dependent members of their families particularly for the purposes of giving them education, medical relief, facil¬ities for sports, cultural and other activities on sound, perma¬nent and organised basis.

3. The appellants are beneficiaries of Modipon Limited Senior Executive (Officers) Welfare Trust. The respondents (Defendants 1-4) are trustees of the Trust and Respondent 5 is the Secretary of the Trust. The Trust purchased 19,314 equity shares of Godfrey Philips (India) Limited (in short “GPI”) in the name of Respondent 1 in his capacity as a trustee of the Trust. GPI