BHANUCHANDRA J. DOSHI Vs. MOTILAL OSWAL SECURITIES LTD.

JUDGEMENT

(1.) This is a Petition filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 ("the Act") challenging an arbitral award dated September 25, 2013 ("Second Award") passed by an arbitral tribunal constituted under the bye-laws of the National Stock Exchange of India Limited ("NSE"), which, in turn, was an appellate arbitral award passed in challenge to an arbitral award dated April 27, 2013 ("First Award") passed by another arbitral tribunal in the first instance. In this judgement, the First Award and the Second Award are collectively referred to as the "Impugned Award".

(2.) In a nutshell, the Petitioner, Bhanuchandra J. Doshi ("Doshi") has been trading with Respondent No. 1, Motilal Oswal Securities Limited ("Motilal") through a sub-broker, Respondent No. 2, Natwarlal Parekh Securities P. Ltd. ("Natwarlal") since 2004 without any dispute until disputes broke out in January 2008.

(3.) The challenge to the Impugned Award essentially centres around the first arbitral tribunal having run out of time statutorily available to validly pass the First Award. According to Doshi, in terms of the time limits set in the bye-laws of the NSE, an arbitral tribunal is required to pass an award within three months of the first hearing.