INDIA INFOLINE Vs. JANI CLANCEY AND RICHARDS

JUDGEMENT

(1.) The Petitioner is registered Trading Member of the National Stock Exchange of India Ltd. (for short "NSE"). The Respondent is a client/constituent in view of the agreement dated 3rd September, 2007. The regular trading in the securities market were entered into by the parties. The Petitioner has challenged the interim order dated 29.9.2011 passed by the arbitral tribunal constituted under the NSE bye-laws. The Petitioners objection to counter claim of the Respondent was rejected and it is held that the counter claim is within limitation. The parties directed to proceed with the matter.

(2.) There arose dispute, the Petitioner invoked arbitration proceedings on 12.8.2008. By order dated 16.8.2010 the Petitioners claims as well as the Respondents counter claim were rejected, therefore challenge was made to the award. The matter was remanded.

(3.) The fresh arbitration proceedings were initiated by the Petitioner on 21.10.2010. The Respondents filed its written statement and counter claim on 22.2.2011. The learned arbitrator after hearing both the parties dismissed Petitioners objection on 8.8.2011 and held that the Petitioners claim is within limitation, however, by the order dated 29.9.2011 the tribunal held that the Respondents counter claim is also within limitation. The main matter is still pending.