JUDGMENT :

SANJAY KISHAN KAUL, J.

1. A lot of noise but no music. The present case is a classic one where multiple proceedings have been initiated but have resulted in no culmination over a period just short of a decade. And this is not so because of any interdicts from the courts in preventing these legal proceedings, yet the proceedings have hardly moved. The result is that the culpability of the first two respondents herein has not been determined - thus, a cloud hangs over their conduct and that is all.

2. We now turn to The Forward Contracts (Regulation) Act, 1952 (hereinafter referred to as the ‘said Act’ since repealed by the Finance Act, 2015), as the proceedings against the first two respondents herein emanated from the powers exercised under the said Act. The said Act aimed to regulate certain matters relating to forward contracts, prohibition of options in goods and for other connected matters. A reading of the statement of objects and reasons shows that the said Act was a sequitur to the initial prohibition of forward trading in certain commodities as a result of the Central Government issuing orders under Rule 81 of the Defence of India Rules during the war period.

3. Chap