https://www.taxtmi.com/caselaws?id=99620 A collateral indemnity or damages claim cannot defeat a suit for the share price unless it is properly pleaded and proved as a set-off; a bare allegation of misrepresentation and clause-based breach did not extinguish the price claim. The Court also held that the Securities Contracts (Regulation) Act, 1956 applies to marketable securities ordinarily dealt with on a stock exchange, not to shares in a private limited company that are transfer-restricted. The share sale agreement was therefore not illegal, and the unpaid instalments of the share price were recoverable, with the defendants' defences on damages, set-off, and illegality failing. en-us Mon, 24 Jul 1978 00:00:00 +0530 Tue, 14 Jul 2020 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99620 A collateral indemnity or damages claim cannot defeat a suit for the share price unless it is properly pleaded and proved as a set-off; a bare allegation of misrepresentation and clause-based breach did not extinguish the price claim. The Court also held that the Securities Contracts (Regulation) Act, 1956 applies to marketable securities ordinarily dealt with on a stock exchange, not to shares in a private limited company that are transfer-restricted. The share sale agreement was therefore not illegal, and the unpaid instalments of the share price were recoverable, with the defendants' defences on damages, set-off, and illegality failing. Case-Laws Indian Laws Mon, 24 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99620