increase or
decrease in shareholding of any shareholders in terms of number of shares
except the shareholding of the Trust which holds these shares ... small
shareholders would mean shareholders other than
promoters (including persons acting in concert),
financial institutions, banks, foreign institutional
investors, shareholders who are shareholders of IMFA
said Trust Act included a beneficiary of a public trust as a person interested in the trust. Reference was also made to Sections ... public at large were beneficiaries of the trust, automatically, by virtue of the trusts' shareholding in the assessee-company, it (i.e. public) became
small shareholders
would mean shareholders other than promoters
(including persons acting in concert), financial
institutions, banks, foreign institutional
investors, shareholders who are shareholders of
IMFA ... relevant Clause 7.2 of the Trust
Deed is reproduced below:
"7.2 Termination of the Trust
The Trust shall terminate upon the
occurrence of either
situation
where he is not accountable either to the majority
shareholders or to the Trust nominee Directors and hence
his removal.
(iii) The letter dated ... prior to the
meeting of the board and the majority shareholders of Tata
Trust knew that there was a requirement of advance notice
before
shareholders and not of the Company, was
held by the Company for and on behalf of the shareholders
and in trust for them; that ... meetingof the shareholders, and
when the shareholders resolved to donate an amount of Rs. 2
lakhs out of the Shareholders' Dividend Account they must
directors strangely, purported
to act on opinions allegedly taken by the Trust shareholders. Yet, at the
Board meeting, 11th Respondent was told that opinions have ... Articles are raised not by the Trust
Nominee directors of the Trustees of the Tata Trusts or other members of
the Board of Directors
June, 1970, and against that dismissal order, the majority shareholder, Hungerford Investment Trust Ltd., filed appeals and one of them was numbered as Appeal ... petitioner-company only on April 14, 1972, the majority shareholder, Hungerford Investment Trust Ltd., for the first time came to know of the purported sale
facts such as the assessee company was not the registered shareholder, but only the trust was the registered shareholder and in both the assessments ... recognises the registered shareholder as the owner and pays the dividend to that shareholder. But the shares may, because of a trust or other fiduciary
shareholders of the company, had pressed for the payment of reasonable interest to the shareholders for the period during which the amount of the shareholders ... being held in trust for the erstwhile shareholders. This money was utilised by the assessee-company for its financial operations during the previous year
trust property all expenses properly incurred in relation to the execution of the trust property and for preservation of the trust property. Therefore it cannot ... shareholders exercise their rights as shareholders in the company, it cannot be stated that the shareholders are not exercising their rights as shareholders
