https://www.taxtmi.com/caselaws?id=305645 The SC dismissed appeals challenging damages awarded for bid retraction in a coffee pool auction. The appellants attempted to withdraw their bids orally and by telegram after acceptance, but the Board rejected the retraction. When appellants defaulted on payment, the Board re-sold the coffee at lower prices due to government directives to control soaring coffee prices in 1952. The Court held that bid retraction was invalid, the resulting loss was real despite lower re-sale prices being due to price regulation measures, and the re-sale was conducted within reasonable time. The Board's actions were justified as part of their statutory duty to maintain reasonable coffee prices for consumers and trade. en-us Thu, 09 Oct 1980 00:00:00 +0530 Fri, 21 Feb 2025 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305645 The SC dismissed appeals challenging damages awarded for bid retraction in a coffee pool auction. The appellants attempted to withdraw their bids orally and by telegram after acceptance, but the Board rejected the retraction. When appellants defaulted on payment, the Board re-sold the coffee at lower prices due to government directives to control soaring coffee prices in 1952. The Court held that bid retraction was invalid, the resulting loss was real despite lower re-sale prices being due to price regulation measures, and the re-sale was conducted within reasonable time. The Board's actions were justified as part of their statutory duty to maintain reasonable coffee prices for consumers and trade. Case-Laws Indian Laws Thu, 09 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305645