MEGNA MILLS CO. LTD. vs ASHOKA MARKETING CO.

The Supreme Court upheld the High Court's ruling that contracts between the appellant and respondent were illegal due to non-compliance with mandatory bye-laws under the Forward Contracts (Regulation) Act, 1952, specifically bye-law 1(b) and bye-law 15. The Court emphasized that the absence of a clear specification of working days in the contracts violated the prescribed form, rendering them void under Section 15(3A) of the Act. Consequently, the appeal was dismissed, affirming the High Court's decision.