DHANSUKH K SETHIA Vs. RAJENDRA CAPITAL SERVICES LTD

JUDGEMENT

(1.) Submissions of the learned Counsel appearing for the parties were heard on the last date. This is a petition filed under section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the said act).

(2.) The petition arises out of the award dated 1st September, 2003 made by an Arbitral Tribunal as well as the award dated 17th January, 2005 by the appellate Bench.

(3.) The petitioner was a registered Sub-Broker of the respondent since the year 1997. The respondent was a Member of the Stock Exchange, Mumbai. According to the case of the petitioner as a sub-broker, he was catering to the retail clients with full knowledge and consent of the respondent. The petitioner had a running account with the respondent. The respondent was the main broker. According to the case of the petitioner, the respondent being the main broker used to dictate all the terms. It will be necessary to refer to the dispute which was referred to the arbitration. According to the case of the respondent, in the Books of Account maintained by the respondent, a sum of Rs. 28,14,323. 62 remained due and payable by the petitioner. A Reference was made as there was a dispute regarding the liability to pay the aforesaid amount. There was a counter-claim filed by the petitioner in the amount aggregating to Rs. 1,01,17,447/- and after deducting the claim of Rs. 28,14,323. 62 made by the petitioner, he claimed a net sum of Rs. 73,03,123. 38.