132.50 nP per 100 bags, on their own account in Transferable Specific Delivery Form prescribed under the byelaws of the Association.
Sunderlal Son by Your order, and on your account Yours faithfully, Sunderlal Sons.
Calcutta, 16th September, 1960 Messrs. Sunderlal Son No.
Validity of the companytract was challenged by the respondents on, two grounds 1 that the appellants were number at the relevant time members of the Association and 2 that the requirements of s. 4 of the Forward Contracts Regulation Act were number companyplies with and the companytract was on that account invalid.
Appeal by special leave from the judgment and order dated May 13, 1963 of the Calcutta High Court in Award Case No.
750 Dear Sirs, We have, subject to the terms and companyditions hereinafter referred to this day bought from Bharat Handicrafts Private Ltd., by your order, and on your account Yours faithfully, Sunderlal Son.
Sachin Chowdhury, M. G. Poddar and D. N. Mukherjee, for the appellant.
119 of 1963.
Baburam Saraf principal officer of the.
and on terms and companyditions set out therein The respondents denied the existence of the companytract and also its validity.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The Judgment of the Court was delivered by Shah, J Messrs Sunder Lal Son hereinafter called the appellantss are members of the East India Jute and Hessian Exchange Ltd. an Association recognised under the provisions of the Forward Contracts Regulation Act, 1952.
Sardar Bahadur, for the respondent.
The appellants averred in their petition that they were at all material times members of the Association.
The appellants claimed that they entered into a companytract with the respondents on September 16, 1960, for the purchase of 6,00,000 bags of B Twill at the rate of Rs.
32 of 1965.
The appellants applied to the High Court of Judicature at Calcutta on its original side under s. 33 of the Indian Arbitration Act 10 of 1940 for an order, inter alia, declaring that there exists a valid arbitration agreement companytained in companytract No.
750 dated September 16, 1960 between the petitioners and the respondents.
By special leave, the appellants have appealed to this Court.
The High Court decided both the grounds in favour of the respondents.
