Mr. VG and Mr. PG were trading in unlisted shares for the last seven years. They used to borrow funds from each other whenever required for any…

Mr. VG and Mr. PG were trading in unlisted shares for the last seven years. They used to borrow funds from each other whenever required for any trade. Within a week's time, they used to refund the money to each other as per circumstances of the case. They were following this practice for the last five years. On 25th January, 2025, Mr. PG wants to buy - 20,000 shares of an unlisted company @500/- each. But due to insufficiency of funds, he asked Mr. VG for 40 lakhs. Mr. VG transferred 40 lakhs to Mr. PG. After about three months, Mr. VG reminded that Mr. PG had not refunded 40 lakhs to him till then. He asked him to pay back his money. Mr. PG told him that he was trying very hard to sell the shares at a reasonable price of 10% more than the price at which he bought these shares but was unable to do so due to market conditions. He asked Mr. VG to sell his shares on his behalf and authorised him to appropriate the amount of loan of 40 lakhs with interest out of the sale proceeds. Mr. VG agreed to do so. After about 15 days, when market started recovering Mr. PG denied and revoked the authorization by saying that he would sell his shares himself. With reference to provisions of the Indian Contract Act, 1872, whether the revocation of said agency by Mr. PG was lawful?