DEBJYOTI GUPTA Vs. INDIABULLS SECURITIES LTD

JUDGEMENT

(1.) The present petition under Section 34 of the Arbitration & Conciliation Act, 1996 ('Act') is directed against the Award dated 25 th January 2006 passed by the learned Arbitrator ('Respondent No.2') holding that the claims of the Petitioner in respect of Rs.10,000 and Rs.1 lakh deposited in client's account were barred by limitation as they were raised after the period of six months prescribed by the bye-laws of the National Stock Exchange ('NSE'). It was further held that the Arbitral Tribunal set up under the bye-laws of the NSE lacked jurisdiction to deal with the claim of the Petitioner with regard to non-compliance of instructions given by him on 17 th June 2005 for transfer of 4114 shares as it was an off-market transaction.

(2.) Respondent No.1, Indiabulls Securities Limited ('ISL') appointed the Petitioner as Remisier on 1 st February 2002. A client account with ID No.10839 was opened by the Petitioner on 7 th March 2002 with an initial deposit of Rs.10,000.

(3.) On 16 th May 2002, a client account with ID No.11454 was opened and on 31 st May 2002, the Petitioner transferred 4114 shares of Glaxosmithkline Beecham Consumer Healthcare Ltd. to the demat account linked with the said account.