https://www.taxtmi.com/caselaws?id=197626 Section 176 of the Indian Contract Act requires a pledgee to give the pledgor notice before selling pledged shares. A purchaser from a pledgee generally cannot obtain better title than the pledgee, unless protected as a bona fide purchaser without notice. The sale to an intermediary is treated as a completed sale based on surrounding documents, conduct and accounting entries. At the same time, the absence of notice and purchasers' knowledge of the pledgee's limited title are presented as preserving the Official Assignee's right of redemption. The stated final position nevertheless treats the prior sale as validating the appellant's title and defeating redemption. en-us Fri, 06 May 1949 00:00:00 +0530 Thu, 11 Jan 2018 11:56:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197626 Section 176 of the Indian Contract Act requires a pledgee to give the pledgor notice before selling pledged shares. A purchaser from a pledgee generally cannot obtain better title than the pledgee, unless protected as a bona fide purchaser without notice. The sale to an intermediary is treated as a completed sale based on surrounding documents, conduct and accounting entries. At the same time, the absence of notice and purchasers' knowledge of the pledgee's limited title are presented as preserving the Official Assignee's right of redemption. The stated final position nevertheless treats the prior sale as validating the appellant's title and defeating redemption. Case-Laws Indian Laws Fri, 06 May 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197626