SYNDICATE BANK Vs. KISHORE NAROTTAMDAS AMERCHAND

JUDGEMENT

(1.) THE petitioner, Syndicate Bank, is one of the leading nationalised banks of the country having one of its branches at Fort, Mumbai. The respondent No. 1 is a registered broker carrying on business of dealing and/or trading in the shares in the Bombay Stock Exchange, the respondent No. 2 herein (hereinafter referred to as Stock exchange for short ).

(2.) THE petitioner has invoked the jurisdiction of this court under section 30 of the Arbitration Act, 1940 ( Act for short) to challenge the award dated 26th March, 1998 passed by the Arbitration Tribunal rejecting the claim filed before it. FACTUAL MATRIX :

(3.) IN order to appreciate the grievance of the petitioner, few relevant introductory facts need to be noticed at the outset. The petitioner bank, through its Fund Management department , is carrying on business of sale and purchase of shares on behalf of its constitutents.