Judgement

SHAH, J. : Messrs. Sunder Lal and Son -hereinafter called the appellants - are members of the East India Jute and Hessian Exchange Ltd., an Association recognised under the provisions of the Forward Contracts (Regulation) Act, 1952. The appellants applied to the High Court of Judicature at Calcutta on its original side under S. 33 of the Indian Arbitration Act 10 of 1940 for an order, inter alia, declaring that "there exists a valid arbitration agreement contained in Contract No. 750 dated September 18, 1960 between the petitioners and the respondents. The appellants claimed that they entered into a contract with the respondents on September 16, 1960, for the purchase of 6,00,000 bags of B Twill at the rate of Rs. 132.50nP. per 100 bags, "on their own account" in Transferable Specific Delivery. Form prescribed under the bye-laws of the Association and on terms and conditions set out therein. The respondents denied the existence of the contract and also, its validity. The High Court dismissed the application holding that the contract was invalid in that it did not comply with the requirements of S. 15, sub-s. (4) of the Forward Contracts (Regulation) Act, 1952. By special