HARISH CHANDRA Vs. PUNJAB NATIONAL BANK LTD

JUDGEMENT

(1.) This is a reference by the Chief Inspector of Stamps to the effect that paper No. B-101 filed in this appeal was insufficiently stamped and that the requisite stamp duty payable along with penalty came to a sum of Rs. 814-11-0.

(2.) On behalf of the party relying oh this document objection was taken to the stamp report on the ground that the document was merely an agreement and the requisite stamp duty on such a document had actually been paid and as such there was no deficiency.

(3.) We have examined this document and it is clear to us on its examination that the document really is a document of pledge whereby the executant has pledged movable property on the security of which the bank was to allow the executants cash-credit advances to the extent of Rs. 50,000. Under this document the executants, namely, firm M/S. Lucknow Union Hosiery Works, Lucknow put the Bank in effective possession of the property. Under Section 172 of the Indian Contract Act "pledge", "pawnee" & "pawner" have been defined as follows :