1. The respondents as stake-holders started a kuri (chit fund) in September 1962, wherein the appellants took two tickets. They bid both the tickets, one at the third draw and other at the tenth, and took the amounts. They also executed bonds to secure future instalments. However, they committed default in paying the future instalments; and the respondents brought the suit giving rise to the appeal for the realisation of the future instalments in a lump with insterest. The appellants raised two contentions before the lower court: one, that the kuri vari (the rules of the kuri) contained several unconscionable and penal provisions, more particularly, the provision relating to the payment of all the future instalments in a lump with interest at 12 per cent ignoring the claim of the appellants for their share in the reductions (the dividend); and two, that the respondents (the first respondent, to be more precise) acquiesced in the deafult and gave time to the appellants for the payment of the defaulted instalments, so that the suit for the realisation of all the future instalments together was not maintainable. Both the contentions were rejected by the lower court, and he