SATISH CHANDRA, J. :- This appeal raises an important question as to the powers possessed by the Forward Markets Commission, appellant No. 2.

2. The Bullion and Agricultural Produce Exchange Limited, the respondent, is a public limited company. It carried on the business of regulating and controlling forward contracts in various goods. The respondent made an application to the Forward Markets Commission for being registered under the Forward Contracts (Regulation) Act, No. 72 of 1952, on 15-12-1962. The Commission issued a registration certificate to the respondent showing that the respondent was entitled to carry on business in Arhar-ki-chooni. One of the conditions mentioned in the certificate was that the respondent shall not conduct forward trading in any commodity other than those specified thereunder except with the previous approval of the Forward Markets Commission. The respondent was, however, content with this condition and it permitted its members to do the business of forward trading in Arhar-ki-chooni only. On June 1, 1964, the Central Government issued a notification under section 17 (1) of the Forward Contracts (Regulation) Act the effect of which was that tr