VENTURA SECURITIES LTD Vs. CENTPERCENT INVESTMENT LTD

JUDGEMENT

(1.) THE Petitioneroriginal Applicant has challenged Award dated 15th December, 2010, passed by the Arbitral Tribunal in the matter of Arbitration under the Byelaws, Rules and Regulations of National Stock Exchange of India Limited (For short "NSEIL whereby "), rejected the claim and the counterclaim.

(2.) THE basic events are as under: THE Petitioner is member of the National Stock Exchange of India Ltd., as well as the Bombay Stock Exchange Limited (for short "BSEL On 3rd September, 2007, the Respondent appointed the "). Petitioner as its share and stock broker to effect transactions in shares and securities at the NSEIL as well as the BSEL on the Cash Market Segment, as well as, Futures & Options (F & O) Segment. On 4th September, 2007, the Respondent requested the Petitioner to create an Email ID on the website of the Petitioner. Accordingly, the Petitioner created an Email ID on its website. Pursuant to the said appointment and the instructions given by the Respondent from time to time the Petitioner effected transactions on the Cash Market Segment as well as F & O segment through NEAT system of NSEIL under the client ID code of the Respondent.

(3.) AS alleged, accordingly in good faith the Petitioner transferred 30,000 shares of Cosmo Films to the account of the Respondent and a Memorandum of Understanding was drafted and also forwarded by the Petitioner to the Respondent. However, after receiving said 30,000 shares of Cosmo Films, contrary to the settlement talks, the Respondent neither paid Rs.24,00,000/ nor executed the MOU.