In Unity Co. Pvt. Ltd. v. Diamond Sugar Mills, the court determined that stock in a firm is movable property and qualifies as “goods” under the Act once it is intended to be transferred to the buyer, marking the completion of the transaction.
The broad description of “goods” in the Indian Act makes it obvious that even “Stock and Shares” can be classified as “goods” and handled as such, according to the ruling in A.M.P. Arunachalam v. A.R. Krishna Murthy, 1979.
Whether the shares for which an allotment request is submitted would constitute “goods.” The Supreme Court said in Morgan Stanley Mutual Fund v. Kartik Das, (1994) 5 SCC 225, that until the allotment of Shares occurs, they are non existent hence not goods.
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