T K DOSHI Vs. DIPCHAND J TASWALA

JUDGEMENT

(1.) THE petitioner by this petition has prayed that the Award dated 3rd April, 1998 passed by the Governing Body of the Bombay Stock Exchange referring the dispute between the petitioner and the respondent to member/member arbitration be quashed and set aside.

(2.) THE petitioner in support of her contention has raised various grounds which are enumerated as under:-

(3.) THE point, therefore, that has to be decided is whether the findings given by the Appellate Authorities under the Bye-laws framed by the Bombay Stock Exchange can be sustained in law. In the first instance this is a conclusion of law arrived at and as such this Court ordinarily would not interfere with the said conclusion unless the authorities had proceeded on wrong proposition of law. At any rate considering the point involved I puropose to consider the said issue. Bye-law 3 is the Bye-law setting out as to who can be a member. Bye-law 5 sets out that the membership is personal permission from the Stock Exchange to exercise the rights and privileges attached thereto subject to the Rules, bye-laws of the Exchange. Bye-law 6 sets out that the member shall not assign, mortgage, etc. , his membership or any interest in the membership. Bye-law No. 248 pertains to disputes between members and non-members Bye-law No. 282 is the Bye-law pretaining to dispute between member and member. The said Bye-law reads as under:-