SALIL K. ROY CHOUDHARY, J.

( 1 ) THIS is an application under Section 34 of the Arbitration Act for stay of the suit.

( 2 ) THE material facts which, are not in serious controversy are as follows that by a contract dated the 9th July, 1968 the respondent agreed to sell and the petitioner agreed to buy certain quantities of raw jutes at agreed rates on the terms and conditions contained in the said contract. It appears that the said contract is governed by the Forward Contract Regulation Act, 1952 and the rules and bye-laws of the East India Hessian Exchange Ltd. regarding transferable specific delivery contract for raw jutes. The relevant bye-laws are in Chapter V of the Working Manual, Vol. III of the East India Hessian Exchange Ltd. l (b), 1 (c), 2, 12 (a) 15 and 17. It appears that there were various notifications by the East India Hessian Exchange Ltd. under the Forward Contract Regulation Act and the bye-laws relating to the transferable specific delivery contracts for raw jute prescribing the requirements for serial numbered contract forms, registration of the said contracts and also the period within which the contract is to be entered into etc. Some of them are annexed to

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