DOWELL LEASING AND FINANCE Vs. RADHESHYAM B KHANDELWAL

JUDGEMENT

(1.) The Respondent No.1 had filed an Arbitration Reference against the present Petitioner and Respondent Nos. 2 and 3, under Bye-laws of the Bombay Stock Exchange, Mumbai. The Arbitral Tribunal passed an Award on 19.03.2002 against the Petitioner and Respondent Nos. 2 and 3. That Award was challenged by the Petitioner before this court in Arbitration Petition No. 264 of 2003. A learned Judge of this court was pleased to set aside the Award by Judgment dated 31.08.2004.

(2.) Respondent No.1 then filed Arbitration Reference No. 21 of 2005 against the petitioner. The petitioner herein filed an Application under section 16 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act'.) It was the petitioner's contention that there was no agreement between the Petitioner and the Respondent No.1, nor was there any contract or dealing or transaction between the petitioner and the Respondent No.1. The learned Arbitral Tribunal after hearing the parties by its order dated 19.10.2005, upheld the objections and dismissed the Reference with costs. The order was styled as an Award. The Respondent No.1 aggrieved, preferred an Appeal under the Bye Laws of Mumbai Stock Exchange. After hearing the parties, the Arbitral Tribunal was pleased to allow the Appeal and set aside the Award dated 19.10.2005. The matter was referred back to the Tribunal to be decided on merits. The petitioner aggrieved by the order of the Tribunal dated 17.03.2006 has preferred the present petition.

(3.) We may firstly reproduce the two relevant Bye-laws of the Mumbai Stock Exchange, being Bye-Law 260 and the relevant portion of the Bye-law 274-A :