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(ii) It has been admitted in the written statements filed by the defendants no. 6, 9 and 10 that all decisions with regard to the suit property shall be taken by the settlors alone.
(iii) Defendant no. 3 Trust has direct shareholding of 28.48% in the defendant no. 1 company and an indirect shareholding of 71.52% through the defendant no. 2 company, in which it holds 100% shares.

Further, the plaintiff and the defendant no. 5 are significant beneficial owners of the defendant no. 1 company, being the settlors of the defendant no. 3 Trust, in terms of Rule 2(h), Explanation III (iv)(c) of the Company (Significant Beneficial Owners) Rules, 2018.

TRUST DEED

16. Since the provisions of the Trust-II Deed form the fulcrum of the submissions advanced on behalf of both sides, it is deemed apposite to set out the relevant provisions of the Trust-II Deed. The settlors of the Trust are the plaintiff and the defendant no.5 and the beneficiaries under the Trust are the plaintiff, defendant no.5 and their children, the defendants no.9 to 11.

17. The recitals of the Trust-II Deed which give the objective of settling the Trust are set out below:

20. Now, a reference may be made to the relevant clauses of the Trust- II Deed, which are set out below:

"2.1 The Settlors hereby create the Trust and declare their unequivocal intention to settle, transfer, assign and convey the Settlors Property along with all rights, title, interests and benefits attached thereto the Trustees to hold, manage and deal with the same upon trust and for the purposes and upon the terms and conditions set forth herein.
(a) The Residential Properties shall be immediately transferred to the Settlors in equal parts. The Trustees shall distribute in Residential Properties amongst the Settlors in an equitable manner, i.e., each of the Settlor shall be entitled to receive 50% share in each of the Residential Properties;"
21. It has been submitted on behalf of the defendant no.1 that the suit property („AZR Property‟) is not a part of the „Trust Property‟ as provided under the Trust-II Deed. It is further submitted that the Trust Property CS(OS) 121/2020 Signature Not Page 26 ofVerified Digitally Signed By:AMIT BANSAL Signing Date:28.09.2022 12:09:32 includes the „Settlors Property‟, which does not include the AZR Property. The whole purpose of creating the Trust was to settle/transfer the „Settlors Property‟ to the Trustees for the purposes of the Trust. Reliance in this regard is placed on Clauses 2, 3 and 7 of the Trust-II Deed, as set out above. It is further submitted that the grant of perpetual lease of the suit property in favour of the Trust within ninety days of creation of the Trust, as envisaged in Clause 13.1, never occurred. Therefore, the AZR property never became part of the Trust Property.