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ARUN MISHRA, J.

1. This appeal has been preferred questioning the dismissal of the Writ Petition by the High Court, vide impugned Judgment and Order dated 04-02-2008, thereby declining to interfere in the order passed by the Joint Charity Commissioner on 03-07-2004 granting sanction to development cum sale transaction.

2. The B.C. Batliwala Agiary Trust is registered under the Bombay Public Trusts Act, 1950 (hereinafter referred to as 'the Act'). The Trust, in its meeting dated 20-01-2003, decided to enter into an agreement with M/s. Astral Enterprises. It was noted in the minutes of the meeting that the tenants in the premises had, in principle, agreed to the development of the Trust property at Tardeo, on the condition that the interest of the tenants would be looked after and that the tenants would be provided flats in new buildings on ownership basis, and that the development would be completed in a time bound manner by the said developer.

3. The minutes of the Trustees meeting dated 20-01-2003 states that Shri Suresh Mehta, partner of M/s. Astral Enterprises, had been invited to the meeting. It was decided that in case there was any difficulty in carrying out the development agreement, it would be converted into an outright sale. The Trustee would have an exit option. It was decided that development would be on a time-bound basis. The registration charges of the deed would be borne by the developer, as well as the cost of construction. Trustees would have an exit option if trustees felt that it was not in the interest of the Trust to carry on with the joint venture development; the Trustees alone shall have the option to convert the joint venture arrangement into a sale, in that event M/s. Astral Enterprises would require paying a fixed pre-determined price to the Trust. The application was filed under the provisions of Section 36 of the Act, for granting sanction to enter into joint venture cum sale agreement between the trust as well as the M/s. Astral Enterprises.

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2. The Trustees are permitted to enter into the joint venture agreement coupled with the sale option in terms of the memorandum of Understanding dt.3.4.03 Ex.5 executed between the trustees and the Astral enterprises.
3. The Trustees are permitted to enter into joint venture with astral enterprises in terms of Memorandum of Understanding dt.3.4.03 (Ex.5) executed between the trustees and the Astral Enterprises & consequently permitted the trustees to execute a lease of the balance land i.e. the said property minus the land underneath Agiary building, which Agiary building land admeasures 620 sq. mtrs or thereabouts for a term of 999 years at a token annual rent of Rs.1/- in favour of Astral Enterprises or its nominee.
4. In the event of trustees exercise the option as provided in cl. 18 of the said MOU Ex.5 they are permitted to sell the development rights in respect of the balance land i.e. the said entire property minus the land underneath the Agiary building admeasuring 620 sq.mtrs for a total consideration of Rs.2, 95,00,000 (Rupees two crores ninety-five lacs only) to Astral Enterprises and consequently the trustees are permitted to lease the balance land of a term of 999 years at a token annual rent of Rs.1/- in favour of Astral Enterprises or its nominee.