RAMCHANDRA R DESHPANDE Vs. C R KULKARNI

JUDGEMENT

(1.) This Appeal is filed under Section 37 of the Arbitration and Conciliation Act, 1996 ('1996 Act' for short) to challenge the order passed by the learned District Judge, Pune on 13th February, 2007, dismissing Civil Miscellaneous Appeal ('CMA' for short) No.591 of 2004.

(2.) The Respondent is a share-broker and is registered with the Pune Stock Exchange. The Appellant was working as a Sub-broker of the Respondent. As dispute arose between the parties in respect of the transactions entered into by and between them during the period from 1-1-2000 to 31-5-2000, the dispute was referred to the Sole Arbitrator as per Pune Stock Exchange Bye-laws No.244.

(3.) The Appellant claimed Rs.1,63,828/- in his claim. The Respondent filed counter-claim of Rs.17,880.62. During the course of Arbitral proceedings, the Respondent filed ledger extracts as well as demat account in support of his claim. The learned Arbitrator called for a report from the Chartered Accountants M/s.D.V. Sathe & Co. On receipt of the report of the Chartered Accountant and after considering the rival submissions, the learned Arbitrator by his Award dated 15th July, 2004 rejected the claim of the Appellant and allowed the counter-claim of the Respondents. It was held that the Respondent was entitled to receive from the Appellant a sum of Rs.17,493/- and also 30 shares of HFCL and 10 shares of Pfizer Limited from the Appellant.