Yash Birla entitled to implement trust on basis of mutual funds
Kolkata, Mar 06 (UNI) Resuming arguments on behalf of Yashovardhan Birla before Justice Pinaki Chandra Ghose and Justice Tapan Kumar Dutta of the Calcutta High Court, senior counsel S Pal today submitted that pursuant to an irrevocable agreement made by M P Birla and Priyamvada Birla, the couple executed their respective last wills both dated July 13, 1982, and intended them to operate as mutual wills and themselves to be bound by their terms and not to revoke the same.
Therefore, the entire estate of Priyamvada Birla stood impressed with the Trust in terms of the mutual wills.
The said wills were made over to Kashinath Tapuriah, brother of Priyamvada Birla, in a sealed cover with instructions to open the same only after both of them have died. Both the said wills have now been made over to the executors of the respective wills for obtaining probate.
Accordingly, the executors, as trustees of the constructive trust which came into being on the basis of the Mutual Wills are entitled to execute and implement the trust and R S Lodha is not entitled to put any impediment towards its implementation.
Mr Pal said the Trial Court erred in discharging the caveat lodged by Yash Birla without assigning any reason, yet observing that a suit has already been filed for enforcement of the mutual wills and in that suit, if it is proved that the wills are mutual then R S Lodha as the executor of 1999 Will of Priyamvada Birla will be bound by the mutual will.
Moreover, on the assumption of Lodha having an interest in the estate of M.P. Birla as has been held by the Trial Court, then on the same analogy, Yash Birla has caveatable interest in the estate of Priyamvada Birla.
One person is said to be an agnate of another if the two are related by blood or adoption wholly through males, under the Hindu Succession Act, submitted Mr Pal. Yash Birla is the grandson of Late Gajanan Birla and the eldest surviving male lineal descendent of late Rameshwardas Birla, the common ancestor of late M P Birla and Gajanan Birla. As such, his client is a possible heir to the estate of Priyamvada Birla.
The hearing will continue tomorrow.
UNI XC SJC DB1754