ANS PVT. LTD. Vs. JAYESH R. AJMERA

JUDGEMENT

(1.) THE Arbitration Appeal challenges an award passed by the Appellate Bench of the Arbitration Department of Bombay Stock Exchange Limited, Mumbai. By the impugned award, the appellate bench of the arbitral tribunal allowed the Respondent's appeal and set aside an award by the first arbitral tribunal rejecting the Respondent's claim pertaining to removal of debits in the Respondent's Demat account arising out of certain transactions effected on the Exchange. The appellate bench remanded the matter to the lower arbitral tribunal with certain directions pertaining to the evidence required to be led before the lower arbitral tribunal.

(2.) THE short facts in the Petitioner's case giving rise to the present case, may be stated as follows :

(3.) IN that view of the matter, the impugned award of the appellate bench suffers from grave error, which is an error of jurisdiction and which goes to the root of the matter. The impugned award, accordingly, deserves to be set aside.