DEALMONEY COMMODITIES P. LTD Vs. VIJAY VITHAL SAWANT

JUDGEMENT

(1.) The Petitions filed under Conciliation Act, 1996 (for short Sec. 34 of The Arbitration and Arbitration Act) challenge the Award dtd. 9/10/2024 passed by the Appellate Panel of Arbitrators constituted under the Bye-laws of National Stock Exchange of India Limited.

(2.) The Respondent in these Petitions are husband and wife who had invoked arbitration seeking to recoup losses from the Petitioners on account of unauthorised/fraudulent transactions, which was allowed by the Learned Sole Arbitrator vide Award dtd. 7/5/2024. In Appeal by the present Petitioners before the Appellate Panel of Arbitrators, the Award dtd. 7/5/2024 was upheld with modification granting prevalent rate of the scrips/portfolio as on the date of the Award of Learned Sole Arbitrator dtd. 7/5/2024.

(3.) The facts are identical in both Petitions. Identical issues are raised in both the Petitions and common submissions were advanced. With consent, the Petitions were taken up for final hearing and are disposed of by this common judgment. For factual clarity, the parties have referred to the pleadings in case of Vijay Vithal Sawant. Reference in the judgment to Respondent means both Vijay and Pradnya.