voluntary donation/capitation
fees for personal purposes, such as foreign travel by the trustees,
investment in benami property by the children of the trustee ... pertaining to the Trust, foreign travels etc.
The foreign currency and unaccounted cash found from the
residence of the trustees amounted
alive and competent to contract or the
surviving/continuing trustee , if any, or the retiring trustee himself
with the consent of the court. Also under ... preceding paras and the fact that the five applicant
trustees are foreign citizens/national, and non-residents, I am
unable to satisfy myself about
raised 125 Million US$ by
issuing Foreign Currency Convertible Bonds (FCCB), for which
Citi Bank London acted as Trustee and the company has raised
said ... that the
alleged crime is on the economy of the country. Foreign investors,
who have invested huge amounts are now wary of investing of
further
such a
huge amount should be paid as remuneration. That both
the trustees are husband and wife and therefore, they
have apportioned the profits among ... case, the Tribunal was right in
allowing the foreign travel expenses incurred by the
trustee and thereby, the ingredients under Section
issuing letters of credit, buying/selling foreign
exchange, acquiring or underwriting stocks.
ii. Allied business: Acting as agent / trustee/
administrator, carrying on guarantee business, providing
immovable property was paid in foreign exchange received through banking channels or out of funds held in Foreign Currency Non-Resident Account ... resident in India under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, as amended from time to time
Section 10 in Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
10. Prohibition on transfer of immovable property in India ... overseas lender or security trustee, to secure an external commercial borrowing availed under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign
case in
sustaining estimated addition of Rs. 2,03,405/- for foreign tour
expenses, though during course of search, no incriminating
material was found ... remittance was made by Trustees of IMT or their
relatives nor does any one have bank account in foreign countries
accordingly, the suit was filed. It was stated
that initially the trustee was Rajeshri Mahant Vaishnav Das, who
died on 12.11.1995 and by virtue ... WILL executed in favour of
Rajeshri Mahant Ramsundar Das, he became the trustee. It was
further stated that the defendant had obtained the license
issues raised before us. Admittedly, the
defendant No.2 is a foreign entity governed by the laws of
Dubai. The Plaintiffs are its shareholders. Therefore ... draft financial statement of defendant No.11 would make
the trustees of the holders of the respective shares involving
beneficial interest as absolute owners
