RAJESH HARICHANDRA BUDHRANI v INTL FCSTONE PTE LTD & 2 Ors

[2024] SGHC 18 High Court (General Division) 24 January 2024 • HC/S 295/2020 • 107 min read

8 cases cited (6 SG, 2 foreign) Cited by 1 case

Catchwords

Contract — Breach Contract — Formation Restitution — Duress Restitution — Undue influence Tort — Misrepresentation — Fraud and deceit Contract — Contractual terms — Exclusion clauses Tort — Misrepresentation — Negligent misrepresentation

Practice Areas

Contract Restitution Tort

Judges (1)

See Kee Oon Delivered

Counsel (8)

Gabriel Law Corporation Firm Rajah & Tann Singapore LLP Firm Disa Sim Counsel Defendant Gabriel Peter Counsel Plaintiff Jodi Siah Counsel Defendant Manoj Nandwani Counsel Plaintiff Sameer Melber Counsel Plaintiff Torsten Cheong Counsel Defendant

Parties (4)

INTL FCStone Pte Ltd Defendant Chandrawati Alie Defendant Rajesh Harichandra Budhrani Plaintiff Song Oi Lan Defendant

Case Significance

Rajesh Harichandra Budhrani v INTL FCStone Pte Ltd and others [2024] SGHC 18 was decided by See Kee Oon JAD in the General Division of the High Court on 24 January 2024, with judgment reserved, in Suit No 295 of 2020. The claim and counterclaim arose from a margin call made by the defendants on the plaintiff, Mr Rajesh Harichandra Budhrani, in March 2020 amid a rapidly falling silver futures market. The catchwords span Contract — Breach, Formation and Exclusion clauses, Restitution — Duress and Undue influence, and Tort — Misrepresentation covering fraud and deceit and negligent misrepresentation.

Mr Budhrani had been a client of UOB Bullion and Futures Limited since 20 November 2007, entering a Bullion Margin Trading Agreement dated 20 November 2007 and a Client Agreement dated August 2016 in respect of margin trading in silver futures. He was described as an accredited investor experienced in trading silver futures contracts. The first defendant counterclaimed against him. Gabriel Law Corporation acted for the plaintiff and Rajah & Tann Singapore LLP for the defendants.

Summary

Rajesh Harichandra Budhrani, an accredited investor experienced in silver futures trading, sued INTL FCStone Pte Ltd and two of its employees over a margin call made in March 2020 during a falling silver futures market, alleging breach of contract, misrepresentation, duress and undue influence, while the company counterclaimed for an outstanding deficit. The General Division of the High Court found that none of the plaintiff's claims were made out, holding there was no undue influence, duress, misrepresentation, breach of contract or breach of duty of care. The court further held that the defendants' counterclaim was well-founded and that they were entitled to judgment for US$198,222.60 plus interest, with costs to follow the event.

What gave rise to the dispute in Rajesh Harichandra Budhrani v INTL FCStone Pte Ltd [2024] SGHC 18?

In [2024] SGHC 18 the claim and counterclaim arose from a margin call the defendants made on Mr Rajesh Harichandra Budhrani in March 2020 during a rapidly falling silver futures market, involving issues of contract breach, duress, undue influence and misrepresentation.