AURUM INFOCOMM LIMITED Vs. DESH RAJ MANGAL

JUDGEMENT

(1.) This first appeal is filed under Section 37 of the Arbitration and Conciliation Act, 1996 (in short 'the Act') impugning the judgment of the court below dated 29.8.2013 by which the objections filed by the appellant under Section 34 of the Act against the Award of the arbitrator dated 12.1.2013 were dismissed. By the Award, the arbitrator awarded a sum of Rs.1 lac in favour of the respondent-claimant against the appellant/objector with interest at 12% per annum pendente lite and future.

(2.) The facts of the case are that the respondent opened a credit account with the appellant-company/Registered Broker for the Multi Commodities Exchange. The account was opened at Jalandhar on 20.5.2009 and the respondent deposited a sum of Rs.1 lac, but within 15 days, the amount stood totally depleted. Respondent contended that he never knew about the transactions carried out in his account, and aggrieved by the loss, the claim petition was filed.

(3.) There were two points which were to be considered by the arbitrator as to (1) whether the claim of the respondent was within limitation and (2) whether the appellant had indulged in unauthorized trading in the respondent's account.