INDIAN BANK V ACUITY STOCK BROKERS (PVT) LIMITED

INDIAN BANK V. ACUITY STOCK BROKERS (PVT) LIMITED

SUPREME COURT
TILAKAWARDANE,J.
AMARATUNGA J. AND
SURESH CHANDRA,J.
S.C. APPEAL NO. 11/2011 (CHC)
CASE NO. 181/97(1)
AUGUST 4TH, 2010

Civil Law Ordinance No. 5 of 1865 - Laws of England to be observed in commercial matters and with regard to Banks and Banking transactions - "Justa causa" - a requirement for contracts to be valid under Roman - Dutch Law - What is a Banking transaction?

Sivasubramaniam, was a customer of the Claimant - Bank (Appellant), who maintained a current account with the Bank. He was also a customer of there respondent, who carried on business as a stock broker. The Respondent bought and sold shares on behalf of the 'said M. Sivasubramaniam. On or about 21st January 1994, the said Sivasubramaniam requested the Bank to provide him an over draft facility to buy shares. By the promise and/ or contract and/ or agreement in writing dated 21st January 1994 the Respondent had held out and assured the Appellant that (a) the Respondent held the shares listed therein and (b) that the Respondent shall credit all the sale proceeds of these shares to the cu

Click Here to Read the rest of this document