VFC SECURITIES P LTD Vs. RASHESH N SHAH

JUDGEMENT

(1.) This Appeal is filed against the order and judgment of the learned Single Judge dismissing the appellant's Petition under section 34 of the arbitration and Conciliation Act, 1936 to set aside an award.

(2.) The Appeal raises for consideration the scope of the power of the Court under section 34 of the 1996 act to interfere with the decision of an arbitral tribunal regarding their jurisdiction based on their interpretation of the arbitration agreement. We have come to the conclusion that this power is limited by the same principles and to the same extent as the power of the Court to interfere with the interpretation of an arbitral tribunal of any other contractual provision.

(3.) The Respondent was the claimant before the sole arbitrator in the arbitration proceedings concluded under the Bye-laws, Rules and Regulations of the national Stock Exchange of India Ltd. (NSEIL). The arbitrator awarded only the principal sum of rs. 3, 62, 738. 08 ps. to be paid by the Appellant to the Respondent. There was no challenge before the learned Single Judge and at the hearing before us regarding the award of this sum.