1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.1999 OF 2008 WITH CHAMBERSUMMONS NO.1576 OF 2008 IN NOTICE OF MOTION NO.1999 OF 2008 IN T.R.P. NO.1 OF 2003 Mr. Haroun Alim A.R. Yusuf & Ors. ...Petitioners Vs. Mr.Faruq A.R. Yusuf ...Respondents Mr.Birendra Saraf with Kirtida Chandarana i/b. Mahevnosh Humranwala for Petitioners Mr. C.S.Kapadia i/b. M.G. Gawade for Applicant CORAM: SMT.ROSHAN DALVI, J. DATED: 21 ST OCTOBER, 2008 P.C. 1. There are 11 beneficiaries in the Trust property. By an order dated 28 th April, 2005 the beneficiaries were to be given consideration in terms of certain built up and constructed area in any immovable properties. The Trustees have thereafter, decided and agreed to accept the value of the property instead. 2. The suit trust property is tenanted. Hence settlement of 2 the share of the beneficiaries by way of monetary value appears to be in the interest of the beneficiaries. All the beneficiaries except one, who is Respondent herein, have consented to accept the monetary valuation fixed at Rs.1.75 Crores. 3. After this valuation was fixed the Court directed a further valuation. The valuation of the Valuer appointed by the Court shows the valuation of Rs.2.04 crores. The trust as well as the 10 beneficiaries who have decided to accept the monetary consideration from the Developers consider that valuation is on a higher side. 4. Mr. Saraf argued that the valuation shown in the ready- reckoner of 2008 is Rs.1.58 Crores. Hence, the lump- sum consideration offered by the Developers is fair and reasonable. 5. In view of the fact that 10 out of 11 beneficiaries have agreed and the Respondent alone who has not so agreed has failed to appear despite service of this Notice of Motion, the valuation of Rs.1.75 crores in the place instead of the consideration by way of built up / constructed area of immovable property is accepted by the Court as in the interest of beneficiaries. 3 6. The affidavit of service showing the service of this Notice of Motion upon the Respondent by registered post on 5th August, 2008 is taken on record. 7. The original consent of the 10 beneficiaries dated 8th April, 2007 is seen and returned. 8. The Chamber Summons is disposed off accordingly. (SMT. ROSHAN DALVI, J.)