KOTAK SECURITIES LIMITED Vs. PRAKASH S. KHANOLKAR

JUDGEMENT

(1.) BY this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 (for short referred to as Arbitration Act, 1996), the petitioners seek to challenge the award dated 13th January, 2012 passed by the Appellate Bench of the Bombay Stock Exchange Limited dismissing the appeal filed by the petitioners by which the petitioners had impugned the arbitral award allowing some of the claims made by the respondent. Some the relevant facts for the purposes of deciding this petition are as under:

(2.) BRIEF facts relevant for the purpose of deciding this petition are as under:

(3.) Mr.Shah, learned senior counsel placed reliance upon the judgment of the Supreme Court in case of LakshmirattanCotton Mills Company Limited vs. Aluminium Corporation of India Limited reported in AIR 1971 SC 1482 and in particular paragraphs 21, 22 and 24 which reads thus: -