A.CHANDRASEKARAN Vs. YOHA SECURITIES LIMITED

JUDGEMENT

(1.) This is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996, seeking to set aside an arbitration award passed by the second respondent - Arbitrator.

(2.) The petitioner opened a trading account with the first respondent and started operations from December 2003. It appears that by the end of 2003-2004, the petitioner was holding huge stocks traded through the first respondent. The account number of the petitioner was SC-1.

(3.) It was the claim of the petitioner that he was introduced to the first respondent by a sub-broker by name T.K.Srinivasan, to whom, commission used to be paid. But, after the relationship between T.K.Srinivasan and the first respondent got severed, the petitioner started making a claim for bringing down the brokerage structure. At one time, the petitioner claimed that there was an excess brokerage of Rs.7,80,000/- and the petitioner protested on 8.2.2005. Thereafter, the petitioner filed a criminal complaint on the file of the VI Metropolitan Magistrate, Egmore. It appears that the matter was referred under Section 156(3) of the Code of Criminal Procedure.