BONANZA COMMODITIES BROKERS PVT. LTD. Vs. ROSHANARA BHINDER

JUDGEMENT

(1.) By this petition filed under section 34 of the Arbitration and Conciliation Act, 1996, (for short the said Arbitration Act), the petitioner has impugned the arbitral award dated 25th February, 2014 rendered by the arbitral tribunal rejecting the claims made by the petitioner. Some of the relevant facts for the purpose of deciding this petition are as under :-

(2.) The petitioner was the original claimant in the arbitral proceedings whereas the respondent herein was the original respondent. The petitioner is a member of Multi Commodity Exchange of India Ltd. (for short the said MCX) and carries on business as commodity brokers. The respondent was registered with the petitioner as the constituent and was executing transactions for sale and purchase of various commodities by using internet trading facility provided by the petitioner.

(3.) On 14th August, 2012, the petitioner and the respondent executed 'Know Your Client' form and Member Client Agreement thereby the respondent appointing the petitioner as her commodity broker for execution of transactions for sale and purchase of commodities listed for trading at the said MCX. It is the case of the petitioner that in the said Member Client Agreement, the respondent had given mandate to the petitioner for sending her Electronic Contract Notes on her email id roshanbhinder@hotmail.com and had given authority to maintain her ledger account with the petitioner on running account basis. It is also the case of the petitioner that the respondent had also given to the petitioner authority for sending her SMS for providing her bill summary, her ledger balance and applicable margin by providing mobile no.9819190786. The respondent had executed a letter/undertaking and authorised the petitioner for adjustment of debit and credit balance of the respondent between different segments of the Exchange and between different exchanges in her ledger account amongst respondent group which includes the petitioner and BPL.