RENUKA OHRI Vs. INDIABULLS SECURITIES LTD. AND ORS.

JUDGEMENT

(1.) THIS petition under Section 34 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as 'the Act') impugns the Award dated 2.4.2007 passed by a panel of three Arbitrators of the National Stock Exchange of India Limited viz Justice (Retd.) V.S. Aggarwal (Presiding Arbitrator), Sh. R.K. Ahooja and Sh. Ravi Kant.

(2.) BY the impugned Award, the Arbitration Tribunal has dismissed the claim petition which was filed by the petitioner whereby petitioner sought prayer against the respondent no.1/M/s. Indiabulls Securities Ltd. to give benefit to the petitioner of the value of the 300 shares of M/s. Indiabulls Securities Ltd. of an amount of Rs. 72,07,110/ - said to have been purchased by the respondent no.1 on payment being made by the petitioner.

(3.) RESPONDENT no.1 appeared in the arbitration proceedings and denied the claim of the petitioner. Respondent no.1 filed before the Arbitration Tribunal the transactions' contract notes alongwith the certificates of the courier agency of having sent the contract notes to the petitioner. More importantly, the respondent no.1 argued that petitioner was not a novice but had experience in share trading of six years and that the petitioner had duly signed and acknowledged the statement of accounts for the period of 22.4.2006 to 8.5.2006 showing that all the transactions in the account were entered into by the respondent no.1 at the behest of the petitioner. Respondent no.1 also offered to produce an audio CD containing the recording of the instructions given by the petitioner's/applicant's husband who was authorized representative of the petitioner.