M/S ANGEL BROKING LTD. Vs. MOHIT MITTAL

JUDGEMENT

(1.) THIS first appeal is filed under Section 37 of the Arbitration and Conciliation Act, 1996 (in short 'the Act') challenging the impugned order of the court below dated 24.9.2013 which has dismissed the objections filed by the appellant under Section 34 of the Act.

(2.) THE facts of the case are that the respondent herein was the customer of the appellant who is a trading member not only for the Commodities Exchange (MCX) but also for the National Stock Exchange (NSE). Respondent filed a claim in the arbitration that on 3.1.2012, appellant did unauthorized/illegal trading in NSE cash market segment by selling shares of the respondent which were 2000 in number of EXIDEIND Eq and 576 holdings of LOVABLE LINGERIE LTD., and which was said to have been done without any instructions from the respondent herein. The case of the appellant was that it had a right to square off the outstanding debit in the commodities segment MCX with the dues of the respondent herein in the NSE segment. It was the case of appellant that since the respondent failed to clear his outstanding balance, and did not meet his obligation, therefore the appellant herein was constrained to sell his shares on 3.1.2012 to recover the dues.

(3.) IN the impugned Award dated 21.6.2013, the Arbitrator has given the following conclusions for awarding a sum of Rs.6,20,000/ - to the respondent herein: