https://www.taxtmi.com/caselaws?id=193432 Authority to conclude the share sale was upheld because the agent had power to bind the vendors and the contemporaneous correspondence showed a concluded bargain. The agreement was not void for illegality: a contract to sell shares was not itself an acquisition of securities under the Defence of India Rules, which targeted completion of acquisition rather than the making of the contract. Specific performance was appropriate because damages were inadequate and the purchaser's readiness and willingness were sufficiently shown. Dividends declared after the contract passed to the purchaser, but he had to pay interest on the unpaid price from the completion date. Damages were also recoverable for shares transferred to an absent third party. en-us Mon, 19 Dec 1949 00:00:00 +0530 Sat, 29 Jul 2017 10:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193432 Authority to conclude the share sale was upheld because the agent had power to bind the vendors and the contemporaneous correspondence showed a concluded bargain. The agreement was not void for illegality: a contract to sell shares was not itself an acquisition of securities under the Defence of India Rules, which targeted completion of acquisition rather than the making of the contract. Specific performance was appropriate because damages were inadequate and the purchaser's readiness and willingness were sufficiently shown. Dividends declared after the contract passed to the purchaser, but he had to pay interest on the unpaid price from the completion date. Damages were also recoverable for shares transferred to an absent third party. Case-Laws Indian Laws Mon, 19 Dec 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193432