DR. INDRAMANI PYARELAL GUPTA vs W. R. NATHU AND OTHERS.

The Supreme Court upheld the validity of the amended bye-law 52AA under the Forward Contracts (Regulation) Act, 1952, specifically sections 4 and 12, which empowered the Forward Markets Commission to close out hedge contracts, including existing ones. The Court ruled that the bye-law was not ultra vires the Central Government and could operate retrospectively, as there were no limitations on the powers conferred to the Commission under the Act. The holding affirmed the Commission's authority to regulate forward trading in goods, thereby validating the closure of contracts amidst market crises.