GEOJIT FINANCIAL SERVICES Vs. SHASHI SRIVASTAVA & ORS

JUDGEMENT

(1.) This first appeal is filed under Section 37 of the Arbitration and Conciliation Act, 1996 impugning the order of the court below dated 26.3.2013, by which the objections filed by the appellant-objector challenging the Award of the arbitrator dated 21.1.2010 have been dismissed. By the Award dated 21.1.2010, the arbitrator Justice (Retired) M.A.Khan (appointed by the National Stock Exchange), awarded an amount of Rs.2,48,358/- in favour of the respondent no.1 herein, claimant in the arbitration proceedings. The amount was awarded on account of the appellant/objector illegally selling various shares in the De-Mat account which the respondent no.1/claimant maintained with the appellant/objector.

(2.) The case of the respondent no.1-claimant in the arbitration proceedings was that appellant without the consent of the respondent no.1 sold the following shares:

(3.) Respondent no.1-claimant stated that she never gave any authorization whatsoever to the appellant to conduct trades in these shares. Respondent no.1 also stated that all the employees at the Varanasi Branch who dealt with the account of the respondent no.1 were removed from service. Respondent no.1-claimant had contended in the arbitration proceedings that there are no documents filed by the respondent no.1 showing placing any orders by the respondent no.1 for the transactions in her account, no proof is shown by the appellant of the respondent no.1 visiting the office of the appellant for placing the orders which ran into 100s in number, no proof was filed of any telephonic conversation showing placing of orders by the respondent no.1 upon the appellant and finally no proof is filed of delivery of all contract notes to respondent no.1 by the appellant after the transactions were entered into by the appellant on behalf of the respondent no.1.