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Presentation by: CS Girish G Paralikar Sunday, 27 th November, 2011. Alienation of Property. Alienation – Meaning separation, estrangement or disaffection. Where property belonging to a Trust is disposed of by any ways prescribed under the Law. Alienation of Property.

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Alienation of Property

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Alienation of Property

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Alienation of Property

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  • The Section applicable in these matters are 36 and 36 A of the Bombay Public Trusts Act, 1950.

  • It applies to all the Public Trusts and the Societies registered under the Societies Registration Act, 1860 in Maharashtra carrying on Charitable activities.

  • It applies for all the Immovable Properties.

Alienation of Property

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Alienation of Property

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Alienation of Property

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Alienation of Property

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Alienation of Property

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  • The CC MAY , on application made, published to bring in more transparency in the transaction and make enable the public at large to benefit from the same.authorise any Trustee and also may revoke the sanction if it was obtained by fraud / misrepresentation or by concealing the facts material to the deal.

  • If sanction is revoked, he may ask for recovery of the property within prescribed time period and if such recovery is not possible, the ask the Trustee to make good to the Trust any advantage derived by him.

Alienation of Property

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  • Typically, the application should contain the type of alienation sought, the necessity, valuation report, utilisation of the proceeds, clarification as to how the proposal is in the interest of the Trust, the title deeds and the Schedule I entries of the property, details of the powers vested in the Trustees by the Trust Deed, Resolutions passed by the Trustees.

Alienation of Property

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  • Generally, the Trustees can not make such transactions with themselves, they being in a fiduciary capacity towards the Trust. However, if it can be established that the said alienation is in the interest of the Trust, the CC may grant the permission with conditions as he may impose.

  • Generally, it takes any time between three to six months to get such an approval.

Alienation of Property

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Alienation of Property

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  • Similar provisions apply for alienation of property by way of its mortgage of while availing any Loan from any Bank / financial institution on its security.

  • In this case also previous approval of the CC is required before availing the Loan.

  • In addition to the documents and supporting details, this application also requires projected repayment schedule, cash flow statement, DSCR calculation, project report and details of loans availed earlier, their repayment schedules and NoC from the existing lenders.

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  • What the CA should look: of its mortgage of while availing any Loan from any Bank / financial institution on its security.

  • Whether there is any alienation / loans availed during the previous year

  • If yes, whether previous approval is taken by the Trust for the said deal

  • The Minutes of the Meetings of the Trustee Meeting

  • The consideration / loan received and its utilisation towards stated objectives of the deal

  • Adherance to the repayment schedule and the ability of the Trust to repay the debt.

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  • Opportunities to the CA: of its mortgage of while availing any Loan from any Bank / financial institution on its security.

  • Audit of the Accounts of the Trust in a very professional manner

  • Preparation of Project Reports for the Trust

  • Advising the Trust as to whether they will benefit from the Transaction or not,

  • Issue of Taxation especially when there is a sale of property,

  • Related party transactions and applicability of Section 13 of the Income Tax Act.

Alienation of Property

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Thanks for a patient hearing. of its mortgage of while availing any Loan from any Bank / financial institution on its security.

Vote of Thanks

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