- (1.) Dunlop India Limited (hereinafter referred to as "the Company"), which has since been dissolved, had floated a fund known as "Dunlop Executive Staff Pension Fund" (hereinafter referred to as "Pension Fund") for providing pension and annuities to members of the executive management staff of the Company. The fund was to be managed and administered by the trust, with a stipulation that the trust shall function as per law in force in India relating to pension funds and no money belonging to the fund shall be recoverable by the Company and neither would the Company have any lien or charge of any description on the same.
(2.) The Company became sick and was declared as such by the Board of Industrial Financial Reconstruction (BIFR) sometime in the year 1988.
(3.) An application was filed by the trustees of the Pension Fund under Section 34 of the Trusts Act, 1882 (hereinafter referred to as "the Act") before the High Court, inter alia, contending that the purpose of the trust had been achieved/fulfilled and that a sum of about Rs.21 crores which was lying in the credit of the trust (Pension Fund) and accrued interest should be transferred/refunded to the Company.;