https://www.taxtmi.com/caselaws?id=104345 Pledged shares transferred in favour of the petitioner were treated only as security, as the subsequent correspondence supported that commercial understanding and allowed the set-off question to be examined on that basis. On novation, no material showed compliance with the terms of the petitioner's offer, and no contract could arise without unequivocal acceptance; the statutory notice was therefore not displaced. The challenge to the rejoinder was rejected, and the affidavit in rejoinder was taken on record. The petition was admitted, while the request for stay was refused and the matter was directed to proceed for hearing. en-us Fri, 04 Sep 1998 00:00:00 +0530 Tue, 28 Feb 2012 17:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104345 Pledged shares transferred in favour of the petitioner were treated only as security, as the subsequent correspondence supported that commercial understanding and allowed the set-off question to be examined on that basis. On novation, no material showed compliance with the terms of the petitioner's offer, and no contract could arise without unequivocal acceptance; the statutory notice was therefore not displaced. The challenge to the rejoinder was rejected, and the affidavit in rejoinder was taken on record. The petition was admitted, while the request for stay was refused and the matter was directed to proceed for hearing. Case-Laws Companies Law Fri, 04 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104345