Court : Kerala
..... :- directions issued by the commission on 11.07.2011, ext.p15, is ultra vires of the provisions of the forward contracts (regulation) act, 1952 (for short, "the 1952 act"). ..... every application made under sub- section (1) shall contain such particulars as may be prescribed and shall be accompanied by a copy of the bye-laws for the regulation and control of forward contracts and also a copy of the rules relating in general to the constitution of the association, and, in particular to- (a) the governing body of such association, its constitution and powers of management and the manner in which its business is to be transacted; (b) the powers and duties of the office bearers of the association; w.a. ..... :- replying to the above submission, one of the arguments raised by the respondents is that the exchange which had been recognised and registered under the act, 1952 is obliged to follow the directions issued by the commission as per the terms and conditions of recognition/registration, hence it does not lie in the mouth of the petitioners to contend that the commission cannot issue any direction in the above regard.30. ..... in exercise of the powers under section 26 of the 1952 act, the central government by notification has delegated powers under section 6(2)(a), 6(2)(b), 8 (1), 8(2)(a), 8(2)(b), 10, 11 and 12, 14, 14c with sec.8(1) to the commission. ..... " section 14c provides that sections 8 and 12b shall apply in relation to registered association as they apply to any association. .....
Tag this Judgment!Court : Kerala
..... :- directions issued by the commission on 11.07.2011, ext.p15, is ultra vires of the provisions of the forward contracts (regulation) act, 1952 (for short, "the 1952 act"). ..... every application made under sub- section (1) shall contain such particulars as may be prescribed and shall be accompanied by a copy of the bye-laws for the regulation and control of forward contracts and also a copy of the rules relating in general to the constitution of the association, and, in particular to- (a) the governing body of such association, its constitution and powers of management and the manner in which its business is to be transacted; (b) the powers and duties of the office bearers of the association; w.a. ..... :- replying to the above submission, one of the arguments raised by the respondents is that the exchange which had been recognised and registered under the act, 1952 is obliged to follow the directions issued by the commission as per the terms and conditions of recognition/registration, hence it does not lie in the mouth of the petitioners to contend that the commission cannot issue any direction in the above regard.30. ..... in exercise of the powers under section 26 of the 1952 act, the central government by notification has delegated powers under section 6(2)(a), 6(2)(b), 8 (1), 8(2)(a), 8(2)(b), 10, 11 and 12, 14, 14c with sec.8(1) to the commission. ..... " section 14c provides that sections 8 and 12b shall apply in relation to registered association as they apply to any association. .....
Tag this Judgment!Court : Kerala
..... :- directions issued by the commission on 11.07.2011, ext.p15, is ultra vires of the provisions of the forward contracts (regulation) act, 1952 (for short, "the 1952 act"). ..... every application made under sub- section (1) shall contain such particulars as may be prescribed and shall be accompanied by a copy of the bye-laws for the regulation and control of forward contracts and also a copy of the rules relating in general to the constitution of the association, and, in particular to- (a) the governing body of such association, its constitution and powers of management and the manner in which its business is to be transacted; (b) the powers and duties of the office bearers of the association; w.a. ..... :- replying to the above submission, one of the arguments raised by the respondents is that the exchange which had been recognised and registered under the act, 1952 is obliged to follow the directions issued by the commission as per the terms and conditions of recognition/registration, hence it does not lie in the mouth of the petitioners to contend that the commission cannot issue any direction in the above regard.30. ..... in exercise of the powers under section 26 of the 1952 act, the central government by notification has delegated powers under section 6(2)(a), 6(2)(b), 8 (1), 8(2)(a), 8(2)(b), 10, 11 and 12, 14, 14c with sec.8(1) to the commission. ..... " section 14c provides that sections 8 and 12b shall apply in relation to registered association as they apply to any association. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1975Delhi96; ILR1975Delhi475
..... in this and the connected two writ petitions (civil writs 224-d of 1965 and 439-d of 1965) are associations registered under chapter iii-a of the forward contracts (regulation) act, 1952, (hereafter called 'the act' in short) and the rules framed under sections 28(1) and 28(2) thereof to carry on business relating to forward contracts. ..... depend on the construction of the relevant portions of sections 14a, 14b and 14c which make up chapter iii-a and which are noticed below: '14-a.certificate of registration to be obtained by all associations: (1) no association concerned with regulation and control of business relating to forward contracts shall, after the commencement of the forward contracts (regulation) amendment act 1960 (hereinafter referred to as such commencement) carry on such business except under, and in accordance with, the conditions of a certificate of registration granted under this act by the commission. ..... (4) the question for consideration is whether it is a purpose of chapter iii-a of the act containing section 14a, 14b and 14c to prohibit any registered association concerned with the regulation and control of business in forward contracts from conducting forward trading in any commodity whatever except a commodity or commodities which may be specified in the registration certificate to be issued ..... information regarding commodities is needed for taking action under section 8 or section 12b which have been made applicable to registered associations by section 14c. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1970Bom324; (1969)71BOMLR619; 1970CriLJ1216; ILR1970Bom184
..... nor the court could discriminate between the 38 persons who were already discharged and the present petitioners who were all arrested in connection with the same kind of offences at the same time and place, secondly on the ground that the search and the seizure of the documents in the case were made without proper authority of search warrants under section 22aof the forward contracts (regulation) act, 1952 and hence all proceedings consequent upon that search were illegal ..... motilal vrijbhukhandas.1.21 (i), 21(a) and 22.1.between january 1968 and april, 2, 1968 owned or kept a place at 155, shaikh memon street, bombay 2, other than place of a recognised association and used for transacting forward contract in silvoc in contravention of section 17.2.shantilal narayandas sonawala.3.pushpavati hariyant lal sonawala. ..... it was also grayed in the said applications that the questions raised by the accused were important questions or the validity of the prosecution in view of part iii of the constitution of india and hence the case should be referred to the high court under section 432 of the code of criminal procedure. ..... the material common facts relevant for the purpose of disposing of these revision applications are as follows:-- on january 9, 1963, the government of india issued a notification prohibiting forward contracts for sale or purchase of silver. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1973Delhi1
..... it was stated in the certificate of registration (annexure b) issued to the company as under :- 'theforward markets commission having considered the application for registration made under section 14a of the forward contracts (regulation) act, 1952, by rajdhani grains and .jagery' exchange ltd.. ..... the company thus became a registered association within the meaning of section 2(jj) of the forward contracts act. ..... of registration granted under chapter iiia could validly include a condition requiring the registered association not to conduct forward trading in any commodity other than the commodity specified in the certificate except with the previous approval of the forward markets commission, that condition (ii) contained in form f and in the certificate granted to respondent 1 was not extraneous or foreign to the provision in section 14a and was quite valid, and that the decision of the learned single judge as well as the decision in the ..... section 14c applies to the provisions of sections 8 and 12b in chapter iii to such registered associations. ..... provision has, thereforee, been made in chapter iii-a, which consists of sections 14a, 14b and 14c, for compulsory registration of all associations, whether recognised or unrecognised. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1982Cal282,86CWN623
..... if no such option is given, the contract becomes illegal in view bye-laws 15 and 17 of the manual read with section 15(3) of the forward contracts (regulation) act, 1952.that there was no incorporation in the form is clear from the application the buyer made in his arbitration petition which contained an objection thereto, to the appellant's ..... our opinion, in view of the fact of the statutory prohibition and in view of the fact that the contract must be entered into in appendix ii and not otherwise, this purchase or no purchase is of no concern for the consideration whether the contract was validly made or not in accordance with the statutory regulation framed under the forward contracts (regulation) act, 1952. mr. ..... v bye-laws 15 and 17 read with section 15(3a) of the forward contracts (regulation) act cannot be upheld and must be said to be ..... question was also considered in a similar matter by the supreme court in a case reported in and : [1963]3scr209 where the question was raised similarly under the forward contracts (regulation) act that this cannot be raised by the parties to the contract. ..... behalf of the appellant contended firstly that the doctrine of substantial compliance has no application in the present case, the contract not being in the prescribed form, there is no contract and as such, arbitration clause is not applicaable. ..... these appeals arise out of an application under sections 30 and 33 of the arbitration act 1940 for setting aside the award made by the tribunal of .....
Tag this Judgment!Court : Gujarat
Reported in : [1968]69ITR1(Guj)
..... it is a member of the saurashtra oil and oil seeds association limited, an association recognised by the central government, inter alia, for groundnut-oil, groundnut seeds and groundnut-oil cakes under section 6 of the forward contracts (regulation) act, 1952. ..... one class consisted of the forward contracts which were admittedly not in violation of any prohibition imposed under the forward contracts (regulation) act, 1952, while the other class consisted of forward contracts which according to the revenue, were in violation of the prohibition imposed under section 15, sub-sections (1) and (4) of that act. ..... section 5 provides that any association concerned with the regulation and control for forward contracts which is desirous of being recognised for the purposes of the act may make an application in the prescribed manner to the central government and section 6 enacts that, if the central government is satisfied that it would be in the interest of the trade and also in the public interest to grant recognition to the association which has made an application under section 5, 'it may grant recognition to the association in such form and subject to such conditions as may be prescribed or specified, and shall specify ..... the assessee is a registered firm and it carries on business as commission agent and general merchant and it also trades in forward contracts in groundnut seeds, groundnut-oil and groundnut oil cakes. .....
Tag this Judgment!Court : Gujarat
Reported in : (1973)1GLR960
..... these special civil applications the common questions are the challenge to the provisions of certain sections of the forward contracts (regulation) act, 1952, (act no. ..... the central government is of the opinion that in the interest of the trade and in the public interest it is expedient to regulate and control nontransferable specific delivery contracts in respect of cottonseed, linseed and castorseed.now, therefore in exercise of the powers conferred by sub-section (3) of section 18 of forward contracts (regulation) act, 1952 (74 of 1952), the central government hereby declares that the provisions of sections 5 to 14 (both inclusive) and sections 15 and 16 of the said act shall apply to non-transferable specific delivery contracts in respect of the aforesaid goods in the whole of india except within the ..... chapter iii of the act, which runs from sections 5 to 14, deals with recognized associations and chapter iii-a, consisting of sections 14a, 14b and 14c, deals with registeredassociations, under section 15, sub-section (1), the central government may, by notification in the official gazette, declare section 15 to apply to such goods or class of goods and in such areas as may be specified in the notification, and thereupon, subject to the provisions contained in section 18, every forward contract for the sale or purchase of any goods specified in ..... 2 of 1968 contends that there is no recognized association or a registered association in respect of cotton seeds in dabhoi or in any .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1981SC1582; 1981CriLJ1309; 1981(3)SCALE1046; (1981)3SCC489; [1982]1SCR14
..... the appellants are being prosecuted for various offences under section 20 and section 21 of the forward contracts (regulation) act, 1952 on the ground that three transactions of purchase of tur (arhar) were entered into by them in violation of ..... the point on which the certificate has been granted is whether the only method of specifying the area in a notification issued under sub-section (3) of section 18 of the forward contracts (regulation) act, 1952 is to expressly describe it in the notification itself or whether such a specification can be inferred from other circumstances as well as notifications ..... other words, by a notification under sub-section (3) of section 18 the central government may make the provisions of section 17 applicable to a class or classes of non-transferable specific delivery contracts in an area and in respect of specified goods or class of ..... under sub-clause (3) of section 18 it is made applicable to non-transferable specific delivery contracts. ..... making section 17 thus applicable, a notification can follow in exercise of the powers under sub-section (1) of section 17, prohibiting, such contracts save with the permission of the central government; and the issue of such a notification, by reason of sub-section (3) of section 17, brings into play the provisions of section 16. ..... on application by the appellants the high court granted a certificate under sub-clause (c) of clause (1) of article 134 of the constitution that the case was fit for appeal to this .....
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