Syed Othman J:

The applicant (the company) seeks to set aside a caveat issued by this court. These are the circumstances which led the Court to issue the caveat: On 14 November 1972 the applicant on receipt of $ 1,000 gave the respondent an option to be exercised by 30 November 1972, for the sale of the company's land, held under Certificate of Title 989, Lot No. 2922 and measuring 118 acres one rood ten poles, for $8,000 per acre. On the 15 November 1972 the respondent with his solicitor went to see the managing director of the company in Malacca. On the respondent's instruction, the solicitor exercised the option, offered to pay 10% deposit ($94,000) and asked the managing director to sign a draft agreement which had been prepared. The managing director refused to sell the land and sign the draft agreement. The solicitor and the respondent left the managing director. On 9 December 1972 a caveat was lodged, against the land. The respondent also filed an action against the company for specific performance, alternatively, damages for breach of contract. On 20 January, 1973 the company caused a notice of intended removal of the caveat issued by the Registrar of Titles, Johor