KAPAL R MEHRA Vs. BHUPENDRA M BHEDA

JUDGEMENT

(1.) ADMIT. Respondents waive service. By consent heard forthwith.

(2.) THE petition was argued at length earlier. The matter was adjourned for further hearing today as a point pertaining to legality of constitution of the Arbitral Tribunal was in issue in another proceeding. That point has been decided by me, by Judgment delivered on 7th September, 1998 in Arbitration Petition No. 130 of 1998 (Vinay Bubna v. Yogesh Mehta and others)This Court has held that an award by an Arbitral Tribunal constituted in contravention of section 10 of the Arbitration and Conciliation Act, 1996 is liable to be set aside under section 34 (2) (a) (v) of the Arbitration and Conciliation Act, 1996 which will be referred to as the Arbitration Act, 1996.

(3.) THE present petition has been preferred against the Order dated 18-6-1998. By the said Order the arbitral tribunal had decided the objection raised by the petitioners herein regarding maintainability of the Arbitration. The Arbitral Tribunal held that the matter is under the jurisdiction of the Stock Exchange Arbitration and as such the matter will proceed further under rules, regulations, bye-laws of the Stock Exchange Mumbai. It is this order which is the subject matter of the present petition.