MESSRS. KHIMJI POONJA AND COMPANY vs SHRI BALDEV DAS C. PARIKH

The Supreme Court held that contracts not in accordance with the bye-laws of a recognized cotton association are void under Section 8 of the Bombay Cotton Contracts Act, 1932. The Court found that the contract note in question did not comply with the amended bye-laws, specifically regarding the minimum deposit and the omission of new clauses, rendering it invalid. Consequently, the arbitration clause contained within the contract note was also deemed void, affirming the Bombay High Court's judgment.