Indian Bank vs Acuity Stock Brokers (Pvt) Limited – sllr 2011 volume 2 page 149

In the case between INDIAN BANK (the Bank) and ACUITY STOCK BROKERS (PVT) LIMITED (the Stockbroker), the court addressed whether a written undertaking (P3) dated 21st January 1994 by the Respondent constituted an enforceable contract under Roman Dutch Law, as opposed to the requirement of consideration under English Law. It was held that the undertaking formed a valid contract under Roman Dutch Law, which requires justa causa, not consideration. The court overturned the Commercial High Court’s dismissal, determining that the Respondent was liable for breach of contractual undertaking and that the Plaintiff was entitled to damages, interest, and legal costs. This decision reaffirmed the application of Roman Dutch legal principles to certain banking transactions outside the English Law frame