ANANTANARAYANAN, J. : This is a reference under S. 57 of the Indian Stamp Act, 1899, made in pursuance of a writ of mandamus which was directed to issue by Srinivasan, J. in W. P. No. 881 of 1960.*

Tersely stated, the question is whether the instrument between the parties, viz., Messrs. Sundaram Finance (P.) Ltd., and the Punjab National Bank Ltd., which is termed an agreement for cash credit overdraft dated 18-6-1957, is properly chargeable to duty as an agreement relating to the pledge of moveable property, falling under the scope of Art. 6 of Sch. I, formerly Art. 5 of Sch. 1-A, of the Indian Stamp Act, 1899, or whether, as contended by learned counsel on behalf of Messrs. Sundaram Finance (P) Ltd., the instrument is merely an agreement falling under the scope of Art. 5 of Sch. I, and chargeable to duly under that Article.

2. In directing the issue of the writ, the learned Judge referred to the character of this document, and set forth verbatim the principal clause appearing therein. We may state that the document purports to be an agreement between the parties for an overdraft of Rupees fifteen lakhs to be expended by the Punjab National Bank Ltd., Delhi, in favour of Me