SUNDERLAL & SON vs BHARAT HANDICRAFTS (P.) LTD.

The Supreme Court held that under Section 15(1) of the Forward Contracts (Regulation) Act, 1952, forward contracts can only be valid if entered into by members of a recognized association, and Section 15(4) prohibits members from contracting with non-members without proper consent. The Court found that the appellants failed to provide evidence of written consent from the respondents, rendering the contract invalid. The appeal was dismissed, affirming the High Court's ruling that the requirements of Section 15(4) were not met.