JUDGMENT

Gunn Chit Tuan SCJ:

By a contract made in writing on 14 July 1981, one Yew Wan Leong (the plaintiff) agreed to sell and one Lai Kok Chye (the defendant) agreed to buy 100,000 ordinary shares in Ganda Holdings Berhad at the price of RM3.50 per share amounting to RM350,000. On the execution of the said contract the defendant paid the plaintiff RM35,000 by way of deposit and it was agreed that the balance would be paid and the sale completed on or before 30 September 1981. It was a term of the contract that in the event that the defendant fails to complete the purchase the plaintiff shall be entitled to retain the said sum of RM35,000 received as a deposit from the defendant and the defendant would have to indemnify the plaintiff in a sum equal to the difference between the sum received by him from the sale of the said shares to any listed share brokers and the purchase price mentioned in the said contract. It was also provided in the said contract that time whenever mentioned should be the essence of the contract.

The plaintiff in his statement of claim averred that he was ready and willing to perform and complete the said sale on or before 30 September 1981, but at the oral