S P PURI Vs. ALANKIT ASSIGNMENTS LTD

JUDGEMENT

(1.) THE Objector, Cmdr. S. P. Puri (retd.) has filed objections under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the act, for short) challenging the Award dated 13th July, 2005 passed by the arbitral Tribunal, consisting of three Arbitrators appointed by the National stock Exchange of India Ltd.

(2.) BY the impugned Award, the Arbitral Tribunal has rejected claims of the objector and allowed counter claim of respondent-M/s. Alankit Assignments Ltd. (hereinafter referred to as 'respondent or AAL', for short) of Rs. 32,72,631/-less Rs. 15,00,000/- deposited by the Objector as margin money.

(3.) AT the very outset I may point out that the learned counsel for the respondent-AAL has admitted that there is a mistake/error in calculations made by the learned Arbitrators. Out of the total amount of Rs. 32,72,631/-, the respondent-AAL had realised Rs. 43,663. 46 on 26th August, 2004 from sale of shares of Bhagyanagar Metals Ltd. and Rs. 24,675/- was credited to the account of the Objector on 5th November, 2004 on receipt of dividend from Reliance industries Ltd. Thus, Rs. 32,28,968/- is claimed by the respondent-AAL as due and payable after adjustment of the said amounts. The statement is taken on record and the award is modified/corrected to this extent.