https://www.taxtmi.com/caselaws?id=457619 The Delhi High Court dealt with pledged dematerialised shares and assigned LIC policies, holding that an ex parte interim injunction obtained without fair disclosure and on insufficient service could not stand. It found no prima facie case of forgery and held that the balance of convenience favoured the bank, so the restraint on sale of the pledged shares and surrender of the policies was vacated. On notice, the Court held that Section 176 of the Indian Contract Act is satisfied when the pawnor is made aware of the pawnee's intention to sell; the text message and later notice together constituted reasonable notice. It also held that the LIC policies were validly assigned, not merely subject to lien, and could be proceeded against by the bank. en-us Thu, 10 Nov 2022 00:00:00 +0530 Tue, 24 Sep 2024 19:51:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457619 The Delhi High Court dealt with pledged dematerialised shares and assigned LIC policies, holding that an ex parte interim injunction obtained without fair disclosure and on insufficient service could not stand. It found no prima facie case of forgery and held that the balance of convenience favoured the bank, so the restraint on sale of the pledged shares and surrender of the policies was vacated. On notice, the Court held that Section 176 of the Indian Contract Act is satisfied when the pawnor is made aware of the pawnee's intention to sell; the text message and later notice together constituted reasonable notice. It also held that the LIC policies were validly assigned, not merely subject to lien, and could be proceeded against by the bank. Case-Laws Indian Laws Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457619