10 Mar 2000
BHAGWAN SHANKARDAS MOORJANI v. THE KA WAH BANK LTD.
- Citation
- BHAGWAN SHANKARDAS MOORJANI v. THE KA WAH BANK LTD.
- Court
- Court of First Instance
- Case number
- HCA16440/1998
The correct construction of the Master Agreement is that floating losses on the value date constitute amounts due from the customer which must be paid and that the bank is entitled to apply cash margin and to require additional cash margin; therefore the bank validly terminated/squared off the plaintiff's JPY positions for failure to pay, and the plaintiff's contrary construction (that only 5% of the then contract value need be maintained without first covering floating losses) is legally incorrect.