WAVERLY JUTE MILLS CO. LTD. vs RAYMON & CO. (INDIA) PRIVATE LTD.(And connected appeals)

The Supreme Court upheld the validity of the Forward Contracts (Regulation) Act, 1952, stating that it falls within Parliament's exclusive competence under Entry 28 of List I, Schedule 7 of the Constitution. The Court ruled that the Act does not violate Article 14 of the Constitution, affirming that the arbitration clause in the contract was valid despite the respondents' claims of illegality. The Court held that the respondents' participation in arbitration constituted acceptance of the jurisdiction, thereby validating the arbitration award in favor of the appellant.