A.N. Sen, J. - (1.) This is an application for determination of the existence and validity of an arbitration agreement and for a declaration that there is no valid arbitration agreement between the parties in respect of the contracts mentioned in the petition.
(2.) The facts relevant for the purpose of this application may be briefly indicated.
(3.) The Megna Mills Go. Ltd., the Respondent herein, has at all -material times been and is still, a member of East India Jute and Hessian Exchange Limited. The said East India Jute and Hessian Exchange Limited, which is hereinafter referred to as the said association, is the only association recognized under the provisions of the Forward Contracts (Regulation) Act, 1952 (Act 74 of 1952). The Applicant Ashoka Marketing Limited is not a member of the said association. On or about December 21, 1962, a transaction had been entered into by and between the parties herein in writing by the letter dated December 21, 1962, which is set out hereunder: ASHOKA MARKETING LIMITED 18A, Brabourne Road,CALCUTTA -1Date December 21, 1962 The Megna Mills Company Ltd., 16, Strand Road, Calcutta 1. Dear Sirs, We have today bought from you the following goods All other terms and conditions of the East India Jute and Hessian Exchange standard contract will be applicable to this contract. Please sign your acceptance on the duplicate copy of this letter. Thanking you, Yours faithfully,FOR ASOKA MARKETING LTD.,Sd. Nemi Chand JainManaging Director. For Pro. Megna Mills Company Ltd. Sd, A. Chatterjee.;