FIRM OF PRATAPCHAND NOPAJI Vs. FIRM OF KOTRIKE VENKATA SETTY AND SONS

JUDGEMENT

(1.) The three consolidated appeals before us by grant of special leave are directed against a common, Judgment of the High Court of Andhra Pradesh, by which the plaintiff's appeals in three suits, filed on similar facts were dismissed. They can be decided by us on the question whether the contracts set up by the plaintiff appellant were struck by the provisions of Section 23 of the Contract Act. The section reads as follows:

(2.) The character of the contract set up in each case is brought out by paragraph 3. of the original suit No. 106 of 1954 where the plaintiff said:

(3.) The plaintiff's case was that the authority to engage in Badla transactions on forward contracts, which are contracts for the delivery of specified goods on future dates, implied what is known as "continuation or "carrying over" in the terminology of the Stock Exchange. The meaning of such a transaction is given, in Hals bury's Laws of England- 3rd Edn. Vol 36 at p. 547 (para 842) as follows: