ORDER :- The Bullion and Agricultural Produce Exchange Private Limited, petitioner No. 1, obtained a certificate of registration on 15th Dec. 1962 under S.14-A of the Forward Contracts (Regulation) Act, 1952 (hereinafter referred to as "the Act") from the Forward Markets Commission (hereinafter referred to as "the Commission") established under S.3 of the said Act. This certificate entitled petitioner No. 1 to carry on business in Arhar Ki Chooni. Condition No. 2(ii) of the Certificate, a copy whereof has been filed as annexure-I to the writ petition, was to the following effect :

"(ii) that the said association shall not conduct forward trading in any commodity other than those specified hereunder except with the previous approval of the Forward Markets Commission."

2. It appears that forward trading in Arhar Ki Chooni was banned by a notification issued under the Act and thereafter petitioner No. 1 made an application to the Commission for permission to carry on forward trading business in linseed oilcake. This application had been apparently made in pursuance of Condition No. 2(ii) of the certificate of registration issued to petitioner No. 1 as stated above. The Commission by its

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