in default .
They were also companyvicted under s. 21 b of the Act but numberseparate sentence was imposed.
The prosecution case is this The Association has an office where the members and brokers used to enter into companytracts for the sale and purchase of groundnut oil.
Nine of them accused 1 to 9 were further companyvicted under s. 21 c of the Act and fined Rs.
25/ one weeks S.1.
The High Court was then moved in revision.
Appeal from the judgment, and order dated March 14, 1963 of the Gujarat High Court in Criminal Revision Application No.
The companyviction of accused 1 to 9, 11 and 12 was maintained but companyviction under s. 20 1 b was substituted for that under s. 20 1 c .
in default .
The present respondents, who are 11 in number accused 1 to 9, 11 and 12 , were companyvicted under s. 20 1 c of the Act and fined Rs.
These companytracts were largely speculative.
This period was generally from the 5th of one calendar month to the 25th of the following month and the latter was the due date.
The accused, who are number before us, were brokers and servants of the Association or of the brokers.
On each Saturday during the period the Association exhibited the prevailing rate and according to that rate cross transactions entered earlier were adjusted and the persons in loss deposited money representing their particular losses with the Association.
CRIMINAL APPELLATE JURISDICTION Criminal Appeal No.
During the stated period extensive trading through sales and purchases took place without any delivery.
250 of 1964.
Nine of them are Directors and two of these are President and Secretary of the Association.
124 of 1961.
They were adjusted on a due date after the expiry of a fixed period.
The other accused were companyvicted of all the charges.
All the accused were acquitted of all the charges.
On the due date all outstanding.transactions were finally adjusted by cancelling sales against purchases and delivery used to be ordered in respect of the balance which had to be companypleted by the end of the month of the due date.
51/ 15 days S.1.
Ganapathy Iyer and S.P. Nayar, for the appellant.
134 1 c of the Constitution the State of Gujarat appeals against the judgment, March 14, 1963, of the High Court of the State acquitting the respondents of diverse offences under the Forward Contracts Regulation Act, 1952.
All respondents are members of the Ghee and Tel Brokers Association Ltd., Ahmedabad.
The Judgment of the Court was delivered by Hidayatullah, J. In this appeal by certificate under Art.
V. Goswami and C.C. Patel, for the respondent.
Each member companyld enter into as many transactions of either kind as he liked provided that each transaction was in multiple of 50 Bengali Maunds.
A large number of companytracts used to be entered into but were number performed by actual delivery and payment of price.
Originally 31 persons were charged before the Judicial Magistrate, Ahmedabad, who acquitted 14 and companyvicted the rest.
The remaining accused were companyvicted under s. 21 b .
The State Government number appeals.
All appealed to the Court of Sessions Judge.
