NIRAV SECURITIES PRIVATE LIMITED Vs. PRABHUTA MOTIRAM ADHVARYU

JUDGEMENT

(1.) BY this petition under section 34 of the Arbitration and Conciliation Act, 1996 the petitioner M/s. Nirav Securities Pvt. Ltd. , who are brokers have challenged the Award dated 5th June, 2000 rendered by an arbitrator under the Bye-law, Rules and Regulations of the National Stock Exchange of India. By the Award, the petitioner has been directed to deliver certain shares specified therein to the respondent, their client.

(2.) THE dispute between the petitioner broker and the respondent Constituent arose as follows:- The petitioner entered into certain transactions on behalf of the respondent and certain other members of the respondents family.

(3.) APPARENTLY, the petitioner failed to deliver the shares under the transaction (a) on the date of settlement i. e. 21st October, 1998.