LAWS(KAR)-2022-3-155

RELIANCE SECURITIES LTD. Vs. PRIYABRATTA CHOUDHARY

Decided On March 31, 2022
RELIANCE SECURITIES LTD. Appellant
V/S
Priyabratta Choudhary Respondents

JUDGEMENT

(1.) This appeal is directed against the impugned judgment and order dtd. 3/1/2022 passed in COM. A.P. No. 02/2021 by the LXXXVII Addl. City Civil and Sessions Judge (Exclusive dedicated Commercial Court), Bengaluru, whereby the said petition/application filed by the appellant under Sec. 34 of the Arbitration and Conciliation Act, 1996 (for short, 'the said Act of 1996') was dismissed by the Commercial Court.

(2.) Heard learned counsel for the appellant and perused the material on record.

(3.) The appellant claims to be a registered stock and share broker registered with SEBI and having its head office at Mumbai and branch offices across India. A Demat and trading account was opened by the respondent with the appellant in the year 2008 and he carried on trading through both offline and online modes from that time. In 2019, the respondent filed a complaint with the National Stock Exchange against the appellant inter alia alleging that 30 unauthorized transactions pertaining to the respondent were carried on illegally by the appellant without the consent, permission or knowledge of the respondent who had incurred loss in a sum of Rs.99,25,914.00 and that the appellant was liable to pay the said amount to the respondent together cost. The appellant disputed the said allegations made by the respondent and contended that all the transactions pertaining to the respondent were not only authorized but the same were done by the appellant with the knowledge and consent of the respondent and as such, the complaint was devoid of merit and liable to be rejected.