https://www.taxtmi.com/caselaws?id=194944 Badla and forward transactions in oilseeds were treated as unlawful because their object was speculative dealing prohibited by the Bombay Forward Contracts Control Act, the Oilseeds (Forward Contracts Prohibition) Order, 1943, and the Essential Supplies (Temporary Powers) Act. The Court held that the agreements were not merely wagering contracts, since mutuality of gain and loss was absent, but were illegal contracts forbidden by law and opposed to public policy. It further held that indemnity under the Indian Contract Act was unavailable where the acts indemnified were done in furtherance of prohibited transactions. The collateral enforceability plea failed, and no recovery lay for payments made under the unlawful arrangements. en-us Thu, 12 Dec 1974 00:00:00 +0530 Sat, 07 Oct 2017 15:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194944 Badla and forward transactions in oilseeds were treated as unlawful because their object was speculative dealing prohibited by the Bombay Forward Contracts Control Act, the Oilseeds (Forward Contracts Prohibition) Order, 1943, and the Essential Supplies (Temporary Powers) Act. The Court held that the agreements were not merely wagering contracts, since mutuality of gain and loss was absent, but were illegal contracts forbidden by law and opposed to public policy. It further held that indemnity under the Indian Contract Act was unavailable where the acts indemnified were done in furtherance of prohibited transactions. The collateral enforceability plea failed, and no recovery lay for payments made under the unlawful arrangements. Case-Laws Indian Laws Thu, 12 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194944