Deed of Variation-Trust Deed

[Deepesh Nayak]

Dear freinds,

We have created a trust namely "Vasundhara Textile Limited-Group Superannuation Fund/Trust" in 2005 for the benefits of our employees, with 5 trustees, whose were also the bank signatories.

Now, we want to change the old trustees and appoint new trustees in places of them.

It has come to my knowledge that it can be done only through a "Deed of Variation".

So, kindly provide me the format of "Deed of Variation" for change in trustees.

Thanks in Advance....

Regards,
Deepesh

[CS.Omkar]

Dear Mr. Deepesh,

 

Deed of Variation to the Trust Deed is executed to amend/modify/add any clause of/to the existing Trust Deed. Appointment/Resignation of Trustees is generally done (unless Trust Deed provides otherwise) by passing a resolution with requisite majority at the meeting of the Trustees wherein requisite quorum as per Trust Deed are present. You may call for Trustees Meeting and pass resolution for appointing new Trsutees and accepting resignation of existing Trustees unless your Trust Deed provide any other procedure for appointment/resignation of Trustees.

 

Members, let me know if you have any other views.

 

Regards...Omkar

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[Deepesh Nayak]

Thanks you sir, I am agree with you as the same view of me. But some senior told that we have to executed.

Please members share yours view...

its very urgent.

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Thanking you,

*Deepesh Kumar Nayak*
 Company Secretary
 STI India Limited
 Indore (Madhya Pradesh)
*Mob. 097134-80215*
*csdeepe...@gmail.com*

[Ashish Kumar]

Please be informed Mr Omkar is right that we do not have to execute a new trust deed unless it us mentioned in the trust deed.

Regards

Ashish

[Deepesh Nayak]

Sir, actually i read the original trust deed there is a clause "Appointment of Trustees to be made by the Employer"

As i told that the said trust has been created by Vasundhara Textile Limited, so here is Vasundhara will be called as Employers, Right???

[CS.Omkar]

Dear Mr. Deepesh,

 

You are right, M/s. Vasundhara Textile Limited will be 'employer' for the purpose of Trust and I assume in definition clause of Trust Deed/Rules, same is defined.

 

Procedure generally followed in such cases is Board of Directors of the company will pass resolution for appointment of new Trustees and Trust will in turn pass resolution in Trustees meeting based on Company's resolution.
 

Regards...Omkar

[Deepesh Nayak]

Thanks you sir,

Same views also of me, but today we had talked to LIC which is one of the leading Monitoring authority in the matter, regarding above issue, They also requiring "Deed of Variation".

[CS.Omkar]

Very surprising. Have dealt with change in Trustees for several times and Deed of Variation (DoV) was not required by LIC who was managing the Trust fund for which we appointed new trustees. Can you please check with LIC and share with this group for the benefit of all members reasons for asking DoV?

 

Regards...Omkar

[Deepesh Nayak]

Yes sir you are right. We have discussed in detail about the matter with the LIC executives and requested for dispensing the requirement of Deed of Variation, however they are not agree for it and said we requires it as usual.

As we are changing all 5 older trustees, out of 1 is Chairman of the trust and 2 is alternate chairman of the trust and rest 3 are Trustees of the Trust, so it may be a reason for requiring the said deed.

[kiran mukadam]

We have trust deed for superannuation. We have passed the resolution for addition of name new trustee and submit the resolution [not deed of variation] to LIC. LIC approved the same.

Deed of variation is only apply for change in scheme of superannuation. It also requires Income tax approval.

Others view are solicited

Regards

CS Kiran Mukadam

Mob:-9420153962

 We were born to succeed, not to fail.  

[Deepesh Nayak]

Thanks you mam. Actually as requires by LIC, we have executed the Deed of Variation on 17th Jan, 2013.

Now, as the power to appoint trustees is vested in the employer i.e. Vasundhara Textile, so we are adding the said above item in our last Board Meeting (under any other item with the permission of chairman) which held on 31.10.2013.

Please share with me the Board Resolution and if you have complete documents which is necessary to generate in this case, kindly also share the same.

At last, lot of Thanks to all of you for sharing yours valuable views with me.

Thanking you,

CS Deepesh Nayak