Rajesh Kumar Aggarwal & Ors vs K.K. Modi & Ors

The Supreme Court upheld the High Court's decision regarding the Modipon Limited Senior Executives (Officers) Welfare Trust, emphasizing that the Trust's purpose was to benefit its employees, and the trustees had a fiduciary duty to act in the beneficiaries' interests. The Court found that the actions of the trustee, particularly in relation to the handling of bonus shares and the operation of a bank account, were not in compliance with the Trust's objectives. The Court ordered the removal of the trustee and mandated compliance with the Trust's provisions, reinforcing the legal principle that trustees must act in good faith and for the benefit of the beneficiaries as per the Trust Deed.