Section 7B(4) in The Forward Contracts (Regulation) Act, 1952
(4)Where the scheme is approved under sub-section (2), the scheme so approved shall be published immediately by—(a) the Commission in the Official Gazette;(b)the recognised association in such two daily newspapers circulating in India, as may be specified by the Commission, and upon such publication, notwithstanding anything contained contrary to any other provision of this Act or in any other law for the time being in force or any agreement, award, judgment, decree or other instrument for the time being in force, the scheme shall have effect and be binding on all persons and authorities including all members, creditors, depositors and employees of the recognised association and on all persons having any contract, right, power, obligation or liability with, against, over, to, or in connection with, the recognised association or its members.
