ACTAL Vs. INDIA INFOLINE LIMITED

JUDGEMENT

(1.) BY consent of parties, heard finally at the admission stage. By this petition filed under section of the Arbitration and Conciliation Act, 1996 (for short "Act"), the petitioner seeks to challenge the award declared by the appellate Bench of the Bombay Stock exchange Limited. By the said award dated 16th December, 2011 declared by the appellate bench of the Bombay Stock Exchange Ltd., appeal filed by the petitioner is dismissed and the appeal filed by the respondent is partly allowed. Both the parties had filed appeals before the appellate Bench challenging the award dated 14th March, 2011 declared by the arbitral tribunal. Petitioner had challenged the award rejecting the claim made by the petitioner and allowing the counter claim made by the respondent partly. Respondent has challenged the award rejecting part of its counter claim.

(2.) SOME of the relevant facts for the purpose of deciding the issues raised in the present proceedings are as under :

(3.) BY letter dated 13th October, 2008, the respondent admitted that the petitioner had introduced clients who entered into separate KYC and broker client agreements with respondent and such clients were trading in their account with the respondent. By the said letter, the respondents informed the petitioner that the respondent was following up with the petitioner to receive the payments on accounts introduced by the petitioner and thereafter deactivated the trading account of the petitioner.