IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH (HYBRID MODE)

C.P.No.104/BB/2025 Under Section 56 of the Companies Act, 2013 IN THE MATTER OF:

1. M/s. Kirloskar Electric Co. Officers and Engineers Welfare Trust Rep. by its Trustee Mr. Prakash P.

R/o. at Flat No.13, A Block, Navarathna Apartments, 17^th Cross, Malleswaram, Bengaluru – 560 055. - Petitioner Versus

1. M/s. Central Depository Services (India) Limited (CDSL)

Marathon Futurex, A-Win, 25^th Floor, NM Joshi Marg, Lower Parel, Mumbai – 400 013 - Respondent No.1

2. Bank of India Share Holding Limited, Subsidiary of Bank of India, No.112, 1^st Floor, Margosa Road, Malleshwaram, Bengaluru – 560 003 - Respondent No.2

3. Mrs. K.M. Kalavathi R/o.No.49, 6^th Cross, Shakthiganapathi Nagar, Basaweshwara Nagar, Bengaluru – 560 079. - Respondent No.3

4. Mr. Vishwas G.

R/o.No.49, 6^th Cross, Shakthiganapathi Nagar, Basaweshwara Nagar, Bengaluru – 560 079. - Respondent No.4 Order delivered on: 17.04.2026.

Coram

1. Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

2. Shri Radhakrishna Sreepada, Hon’ble Member (Technical)

Present:

For the Petitioner : Shri ATUL MADHAVAN For Respondent No 1 : Ms HARITHA NAIR.

O R D E R

Per Radhakrishna Sreepada Member(Technical):

1. This Petition was filed by the Petitioner on 31.07.2025 seeking the following reliefs:

a) Direct the concerned Depository Participant (DP) to effect transmission of shares from the following specific BO IDs to the beneficiaries as per the Trust Deed and its terms and conditions;

b) Permit the Respondents No.2 Bank to transfer the shares of the Petitioner from the old account to the new account and enable the Trust to hold its shares.

c) Declare that the shares currently held in the name of the trustee belong solely and absolutely to the Trust and not to the trustee in his personal capacity.

d) Direct the concerned Depository Participants (DP) to transfer the said shares from the demat account held in the name of the trustee to the demat account maintained in the name of the Trust.

e) Declare that the legal heirs of the deceased trustee have no right, title, or claim whatsoever over the said shares held in trust.

2. Brief submissions regarding the case as mentioned by the Petitioner are as follows:

1) The Kirloskar Electric Co. Officers and Engineers Welfare Trust (“the Trust) is an un-registered Trust which was duly constituted by the Kirloskar Group through its Trustee, namely Mr. Vijay R. Kirloskar, Mr. D.K. Prahlada Rao, and Mr. P. Rajarama Rao, by execution of a Trust Deed dated 27.08.1988. The Trust was established with the primary objective of securing the welfare and financial security of its Officers & Engineers through the proper administrative of its assets and investments. A copy of the Trust Deed dated 27.08.1988 is attached as Annexure-A.

2) Pursuant to the formation of the Trust, the Trust was carrying out regular work in as much as its objectives. During the regular course of time, for the reasons of death, retirement or any other reason, there were changes in the Trustees of the Trust. The present Trustee of the Trust was appointed as a Trustee by way of Board Resolution dated 28.05.2022. A copy of the Board Resolution dated 28.05.2022 showing the appointment of Mr. Prakash P as one of the Trustees is attached as Annexure-B. A copy of the resolution dated 02.06.2025 passed by the Petitioner Authorizing Mr. Prakash to represent the Trust is attached as Annexure-C

3) Upon formation of the Trust, during the regular course, one Mr.

Gopalakrishna was appointed as one of the Trustees of the Trust. In this regard, it is submitted that Mr. Gopalakrishna was only a Trustee to help carry out the Meetings of the Trustees held on 09.12.2009 showing Mr. Gopalakrishna being co-opted as one of the Trustees is attached as Annexure-D.

4) At the time of carrying out his functions as a Trustee, one such activity assigned to him was to open a new DEMAT account in the name of the Trust so as to maintain the shares of the Trust. The Trust had purchas