PADMAKANT BHIKHUBHAI PATEL Vs. JHAVERI SECURITIES LIMITED

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order dated 8th September 2016 passed by the learned Commercial Court, Vadodara in Commercial, by which the learned Judge had dismissed the said Application preferred by the original applicant submitted under Section 34 of the Arbitration and Conciliation Act, 1996 ["Act" for brevity] and has confirmed the Award dated 8th June 2012 passed by the Arbitrator, the original applicant has preferred the present First Appeal.

(2.) That, the applicant herein initiated arbitration proceedings by making a complaint/application before the National Securities Depository Limited against the respondent herein by lodging a claim for an aggregate sum of Rs. 1,39,29,235=87p. towards the loss on account of wrongful transfer of his shares in another Beneficial Owner Account and business loss for eight years; compensation for mental torture and agony, bonus and dividend on the said shares etc., and also the reimbursement of arbitration cost incurred under the Bye-laws and Business rules of the National Securities Depository Limited.

(3.) Shri N.D Buch, learned advocate for the appellant has vehemently submitted that neither the Arbitral Tribunal nor the learned Commercial Court has properly appreciated the case on behalf of the applicant; more particularly, the case on behalf of the applicant that the transfer of shares of 185 companies in favour of another client was made contrary to the provisions and guidelines issued by the Securities Exchange Board of India. It is submitted that as such it was the case on behalf of the applicant that there was a gross negligence and/or irregularity on the part of the respondent in transferring the shares of 185 companies in another client's account. It is submitted that it was also pointed out that in some cases, even the transfer has taken placed after the business hours and/or on Sunday/public holidays. It is submitted that the aforesaid vital aspect has not been considered by the learned Arbitrator.