RAJESH HARICHANDRA BUDHRANI v INTL FCSTONE PTE LTD & 2 Ors

Case Significance

Rajesh Harichandra Budhrani v INTL FCStone Pte Ltd and others [2024] SGHC(A) 29 was decided in the Appellate Division of the High Court of Singapore on 24 September 2024, with Philip Jeyaretnam J delivering the grounds of decision of the court, sitting with Woo Bih Li JAD and Debbie Ong Siew Ling JAD; the matter was heard on 16 August 2024. The appeal arose from Civil Appeal No 9 of 2024, in the matter of Suit No 295 of 2020, in which Rajesh Harichandra Budhrani was the appellant and INTL FCStone Pte Ltd, Chandrawati Alie and Song Oi Lan were the respondents, with INTL FCStone Pte Ltd having brought a counterclaim against him below.

The case concerned an investor whose holdings had been financed by a broker-dealer and stood as security for the amounts financed, where the financing agreement provided for unilateral actions the broker-dealer could take to limit its exposure; before taking such steps, the broker-dealer offered the investor time to bring his account back into balance, and the investor gave instructions over the course of one day to sell off his holdings. The catchwords frame the issues as breach of contract, contractual terms, duress through illegitimate pressure, undue influence, and the torts of fraudulent and negligent misrepresentation. The appellant was represented by counsel from Gabriel Law Corporation, including Nandwani Manoj Prakash, Quah Chun En Joel (Ke Chun'en) and Sameer Bin Amir Melber, while the respondents were represented by Rajah & Tann Singapore LLP, including Jodi Siah Be Koen and Sim Jek Sok Disa.