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PETITIONER: KISHAN LAL AND ANOTHER
Vs.
RESPONDENT: BHANWAR LAL.
DATE OF JUDGMENT: 12/05/1954
BENCH: MUKHERJEA, B.K. BENCH: MUKHERJEA, B.K. AIYYAR, T.L. VENKATARAMA MAHAJAN, MEHAR CHAND (CJ) BOSE, VIVIAN BHAGWATI, NATWARLAL H.
CITATION: 1954 AIR 500 CITATOR INFO : R 1955 SC 812 (6)
ACT: Indian Contract Act (IX of 1872), s. Contract of agency --Agent’s right of indemnity against principal-Whether hit by the notification prohibiting forward contracts of purchase and sale of bullion.
HEADNOTE: The respondent as principal entered into several forward contracts for the purchase and sale of bullion through the appellant’s firm at Indore who worked as commission agents for the respondent. The transactions resulted in a loss and the appellants who had to pay the amount of loss to third parties on behalf of the respondent as the agents brought the suit for recovery of the amount in the Court in Jodhpur where the respondent resided. It was pleaded by the respondent that according to. the law prevalent there as contained in the notification of the Marwar Government dated the 3rd June, 1943, all forward business contract in bullion in which the date fixed for delivery exceeded 12 days were 440 illegal and therefore a suit on the basis of these transactions was not maintainable. Held, that, the suit was really not one to enforce any contract ...