SUGANCHAND Vs. FULCHAND GYANCHAND

JUDGEMENT

(1.) THIS appeal is filed by the defendant.

(2.) THE plaintiff-respondent filed a suit against the appellant to recover a sum of rs. 10,046-14-0 alleged to be due on account of losses sustained by him in some forward transaction of gold. It is alleged in the plaint that the forward transactions in gold are carried on under the aegis of an association known as the 'bullion exchange'; that the plaintiff firm is a certified broker and a member of the said association; that these transactions are negotiated through brokers who occupy the position of Pukka adtiyas and become responsible for payment of profits to either contracting party. The transactions are carried on from month to month and the Waida matures fortnightly on Sudi 15 and Badi 30 of every month. Delivery notes are given on sudi and Badi 14 of every month and delivery is actually effected on the date of maturity. The Balan (payment) is made on Sudi and Badi 4th of every month.

(3.) THE plaintiff has then alleged that the defendant entered into gold transactions for purchase and sale of 132 lots, i. e. , 3,300 tolas of golden various dates for savan Sudi 15 S. Y. 2002 Waida; that in these transactions he sustained cases to the tune of Rs. 21,244-2-0 inclusive of brokerage and committee expenses; that towards these losses the defendant paid a sum of Rs. 12,257-4-0 but failed to pay the balance, viz. , a sum of Rs. 8,986-14-0. The plaintiff therefore brought this suit for recovering the aforesaid sum and interest.