K. J. SHETTY, C. J.

( 1 ) THIS is a reference application under S. 57 of the Stamp Act.

( 2 ) THE Board of Revenue as the Chief Controlling Revenue Authority was of opinion that the document dated Dec. , 16, 1975, is chargeable to duty under Art. 6 of the Sch. I B. The question before us is whether the document is such that it could fall under Art. 6 or under Art. 5 (c) of Schedule I-B.

( 3 ) THE deed has some background. It has been referred to in the preamble of the deed. It states that it is an inter se agreement between Willard India Limited (Company) and five other financial institutions, which are : IFCI, PICUP, NGB, FNCB and ICICI. It refers to diverse loan agreements executed by the Company with the aforesaid financial institutions. It is not disputed that on May, 31, 1974, the Company deposited with IFCI the title deed and other relatable documents of its is moveable properties, situate at Sikandarabad Industrial Estate in Bulandshahr district (State of Uttar Pradesh ). IFCI received the title deeds not only as security for its loan advanced to the Company but also as an agent of the other four financial institutions. It was evidently a joint security.

( 4 ) THEREAFTER the

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