ANGEL BROKING LIMITED Vs. PUSHPA JAIN

JUDGEMENT

(1.) THE petitioner is a Trading Member and the respondent is the constituent as contemplated under the Rules, Bye-laws and Regulations of the Bombay Stock Exchange Limited (BSEL Rules).

(2.) THE petition is under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Act) listed for final hearing whereby, challenge is made to the Award dated 16.04.2009 passed by the Arbitrator constituted under the BSEL Rules.

(3.) ON April 2, 2008, the respondent instructed the dealer of the petitioner to sale 200 shares of GSS America. The dealer of the petitioner immediately informed the respondent that due to some technical problem the whole order could not be executed and only 25 shares were sold. The respondent thereafter cancelled the remaining order and instructed the dealer of the petitioner to once again sell the remaining 175 shares of GSS America to the dealer of the petitioner.