SHANKARLAL V KESWANI Vs. INDIA INFOLINE

JUDGEMENT

(1.) By this petition under Section 34 of the Arbitration & Conciliation Act, 1996 (for short Arbitration Act, 1996) the petitioner seeks to challenge the impugned award dated 7th January, 2011 passed by the Appellate Bench of the Bombay Stock Exchange Limited allowing the appeal filed by the respondent (original applicant to the appeal and original claimant before the Arbitral Tribunal) and allowed the claims made by the respondent herein.

(2.) Some of the relevant facts having bearing on the subject matter of the petition are as under:-

(3.) Respondent is a trading cum clearing member of the Stock Exchange, Mumbai. The petitioner was duly registered with the respondent as their client under Member Client Agreement executed on 27th November, 2006. Pursuant to the said agreement, the petitioner was duly registered with the respondent and was alloted unique client code. Pursuant to the said agreement, the respondent had been dealing with the petitioner regularly in the huge quantities and amounts. The petitioner was attached to the branch of the respondent at the Jeejeebhoy Towers Dalal Street, Fort, Mumbai. The petitioner had running account with the respondent.