BDS CHOLAMANDALAM SECURITIES LTD Vs. SWATI EMISH MALI

JUDGEMENT

(1.) The petitioner has invoked section 34 of the Arbitration and Conciliation Act, 1996 (for short the Arbitration Act, 1996) thereby challenged the sole Arbitrator's Award dated 11 th July 2009 passed in the matter of arbitration under the bye-laws, rules and regulations of National Stock Exchange of India Ltd (NSE).

(2.) By the impugned Award, the Arbitrator has rejected the claim as it is barred by limitation of six months as provided.

(3.) It is relevant to note that the bye-law 3 of Chapter XI of the bye-laws of the NSE provides that in case of difference or dispute where it is not possible to ascertain the date of dispute, in that case the date of transaction in respect of which the claim has arisen, deems to have been basic cause of action and, therefore, six months ought be the reckoned from that date. In the present case, last transaction was on 25 th January 2008. Therefore, six months period expired on 25 th July 2008.