SATISH K. NARANG Vs. JAMNADAS MORARJE SECS.LTD.

JUDGEMENT

(1.) By this appeal filed under section 37 of the Arbitration and Conciliation Act, 1996 (for short 'Arbitration Act'), the appellant has impugned the judgment dated 2nd May, 2005 passed by the learned Single Judge dismissing the arbitration petition filed by the appellant under section 34 of the Arbitration and Conciliation Act, 1996. Someof the relevant facts for the purpose of deciding this appeal are as under:-

(2.) The appellant was the original petitioner/claimant before the learned Single Judge and also before the arbitral tribunal. The respondent herein was the original respondent before the learned Single Judge as well as in the arbitral proceedings. It was the case of the appellant that the appellant is an investor whereas the respondent is a corporate member of the Bombay Stock Exchange Limited and is carrying on business as share, stock and finance broker.

(3.) On 3rd August, 1994, the appellant purchased 1000 shares of Prakash Tubes Ltd. through the respondent. On 27th August, 1994, 200 shares of the said company were returned to the respondent as the same were returned by the said company Prakash Tubes Ltd. on the ground that the signature differed. On 12th August, 1995, 100 shares were returned by the respondent after rectification along with 75 bonus shares on the said 100 shares to the appellant. It is the case of the appellant that the respondent was right to return 100 shares plus 75 bonus shares of the said Prakash Tubes Ltd. to the appellant.