FORT GLOSTER INDUSTRIES LTD. vs SETHIA MERCANTILE (P) LTD.

The Supreme Court held that under Section 11 of the Forward Contracts (Regulation) Act, 1952, discrepancies between the bought and sold notes indicate no concluded contract. The Court ruled that terms of payment must be in writing as per the bye-laws, and evidence outside these notes cannot establish agreement on terms not included. The case was remanded to the trial court to determine the genuineness of the sold note, as the bought note did not comply with bye-law 7(c) and there was a discrepancy in payment terms as per bye-law 8(b).