MESSRS BASANT LAL BANARSI LAL vs BANSI LAL DAGDULAL

The Supreme Court held that the Bombay Forward Contracts Control Act, 1947, does not render forward contracts legal but only specifies conditions under which they may be illegal, while the Essential Supplies (Temporary Powers) Act, 1946, explicitly prohibits certain forward contracts, including those in groundnuts. The Court found no repugnancy between the two Acts, affirming that both apply concurrently in Bombay. Consequently, a composite award related to multiple disputes must be set aside if any dispute was illegally referred, leading to the upholding of the High Court's decision to set aside the award.