Trident Trust Company (Singapore) Pte Limited v Purvi Deepak Modi & Ors

Trident Trust Company (Singapore) Pte Limited v Purvi Deepak Modi & Ors

The court declined to bless the trustee's decision due to insufficient evidence of the decision-making process, lack of acknowledgment of conflict of interest, and failure to consider alternative options such as renting the property, thereby preventing the court from applying the heightened scrutiny required.

Parties
Claimant: Trident Trust Company (Singapore) Pte Limited; First Defendant: Purvi Deepak Modi; Second Defendant: Richard Levin; Third Defendant: Nirav Modi; Fourth Defendant: Marathon House Limited; Fifth Defendant: Rockington Limited; Sixth Defendant: Keystone Investment Holdings Limited; Seventh Defendant: Frandor Limited; Eighth Defendant: The Union of India (through the Directorate of Enforcement)
Jurisdiction
England and Wales
Judgment Date
18 November 2025
Procedural Posture
Trust Dispute / Application for Court Blessing of Trustee's Decision
Outcome
Application for court blessing refused; opportunity for adjournment offered.
Legal Topics
Trustee Powers, Conflict of Interest, Court Blessing of Trustee Decisions, Sale of Trust Property, Momentous Decisions, Public Trustee V Cooper Jurisdiction
Trusts Property Civil Procedure Trustee Powers Conflict of Interest Court Blessing of Trustee Decisions Sale of Trust Property Momentous Decisions +1 more

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Parties

Trident Trust Company (Singapore) Pte Limited

Claimant

Purvi Deepak Modi

First Defendant

Richard Levin

Second Defendant

Nirav Modi

Third Defendant

Marathon House Limited

Fourth Defendant

Rockington Limited

Fifth Defendant

Keystone Investment Holdings Limited

Sixth Defendant

Frandor Limited

Seventh Defendant

The Union of India (through the Directorate of Enforcement)

Eighth Defendant

Procedural Posture

Trust Dispute / Application for Court Blessing of Trustee's Decision

Legal Issues

  1. 1 Whether the trustee's decision to sell trust property and obtain financing should be blessed by the court
  2. 2 Whether the trustee's decision-making process was properly evidenced and free from improper conflict of interest
  3. 3 Whether alternative options (such as renting the property) were properly considered

Ratio Decidendi

The court declined to bless the trustee's decision due to insufficient evidence of the decision-making process, lack of acknowledgment of conflict of interest, and failure to consider alternative options such as renting the property, thereby preventing the court from applying the heightened scrutiny required.

Court Disposition

Application for court blessing refused; opportunity for adjournment offered.