NARAYAN SECURITIES LTD Vs. PRAMOD KUMAR ANEJA

JUDGEMENT

(1.) The petitioner has invoked section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) in the matter of an award passed by the Sole Arbitrator at Mumbai dated 2nd September, 2008/27th October, 2008 in Arbitration reference under the Rules, Bye-laws and Regulation of the National Stock Exchange of India Limited (for short, NSEIL Bye-laws).

(2.) The relevant facts are :

(3.) The respondent executed all the transactions between the periods from December, 2003 till June, 2006 and the petitioner has issued various contract notes to the respondent from time to time. The respondent sent various cheques towards deposit, bills and other charges and same were posted along with bills in the ledger account of the respondent which was showing a debit balance of Rs. 3,89,511.89.