about the Trust as also schedule A
of property. Article 8 of the Trust Deed notes:-
"Article Eight
Distribution of Trust upon Death ... this, the Shanta Sharma Revocable Trust."
Schedule A
"SCHEDULE OF TRUST ASSETS
SHANTA SHARMA REVOCABLE TRUST
1. All real property owned by Grantor
2007
Trust Deed. It was pointed out that as per Section 77 (c) of the Indian
Trust Act, 1882, irrevocable Trust can be revoked ... provides for abrogation
of the Trust in question. This Clause reads as under:-
22. Termination of Trust:
22.1 The Trust hereof shall be terminated
Defendant no.3 is a private and revocable trust settled by the plaintiff
and the defendant no.5 under the provisions of the Indian Trusts ... effective date of revocation, which shall be specified in such notice
("Revocation Date")
21.2 Upon revocation of the Trust in accordance with Clause
company, or
(d) Under a transfer to a revocable or an
irrevocable trust, or
(e) Under any such transfer as is referred to in
clause
that there was no absolute trust and also, it was argued that as the object of the trust was the carrying on of the business ... person by virtue of a transfer -
(i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case
suspension and subsequent
revocation of his licence is too harsh a punishment to be
awarded to him. The revocation of licence has the effect ... role as one holding a position of trust
was underlined and the penalty of revocation was uniformly upheld. It
was contended that having regard
person by virtue of a transfer whether revocable or not and whether revocable or not and whether effected before or after the commencement of this ... person by virtue of a transfer -
(i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case
garb of 'expansion of activities of the Trust' the objects of the trust have been completely altered which the trustees had no power ... have not given their consent either to the modification or revocation of the trust. The two daughters of Shrimati Sheila Kapur arc adult beneficiaries. There
that
"mutual Wills and secret trust" are doctrines evolved in equity, to overcome
the problems of revocability of Wills and to prevent frauds ... will take the assets subject to the trust; (d) that the
rationale for imposing a "constructive trust" in such circumstances is that
equity
transferred to any person, under a
settlement, trust, covenant; agreement or arrangement.
iv) The transfer may be revocable or may not be revocable ... revocable transfer" defined- for the purposes of
Sections 60 , 61 and 62 of this Section-
(a) a transfer shall be deemed to be revocable
