https://www.taxtmi.com/caselaws?id=99813 The court allowed the writ petitions, quashing the notices issued by the Public Trustee and restraining further proceedings against the petitioners for alleged violations of Section 153B. The court concluded that no trusts were created when the banks obtained the shares as security for loans, as the primary intent was to secure the loans, not to create a trust. The court emphasized that the banks acted in their interest to protect the loans, and the transactions did not align with the creation of a trust as defined under the Indian Trusts Act. en-us Wed, 27 Feb 1980 00:00:00 +0530 Mon, 30 Jan 2012 12:10:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99813 The court allowed the writ petitions, quashing the notices issued by the Public Trustee and restraining further proceedings against the petitioners for alleged violations of Section 153B. The court concluded that no trusts were created when the banks obtained the shares as security for loans, as the primary intent was to secure the loans, not to create a trust. The court emphasized that the banks acted in their interest to protect the loans, and the transactions did not align with the creation of a trust as defined under the Indian Trusts Act. Case-Laws Companies Law Wed, 27 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99813