ESHA KEDIA Vs. MILAN R. PAREKH

JUDGEMENT

(1.) The present petition has been filed under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'A&C Act, 1996 ') seeking appointment of an independent and impartial arbitrator for adjudication of disputes having arisen between the parties.

(2.) It is submitted that the respondent Nos. 1 and 2 are brothers and are in the business of share broking for the last 35 years. The respondent No. 3-M/s Action Financial Services India Limited is a Company registered under the provisions of Companies Act, 1956, having its registered office at 31, Rajgir Chambers, 4th Floor, 12/14, ShahidBhagat Singh Road, Fort, Mumbai and is listed with Bombay Stock Exchange through respondent No. 1-Director, vide Resolution of Board of Directors dtd. 13/3/1995.

(3.) The petitioner and the respondents entered into a Memorandum of Understanding (hereinafter referred to as 'MoU ')dtd. 1/4/2012 for the purpose of share broking business, wherein the respondent Nos. 1 and 2 agreed to take the petitioner as their business partner as per the terms and conditions enshrined in the MoU dtd. 1/4/2012.