NETWORTH STOCK BROKING LTD Vs. B LAKSHMI NARAYANA

JUDGEMENT

(1.) NONE appeared for the respondent. An Affidavit of service is taken on record. There is an agreement which provides an arbitration clause. Based upon Clause 23 of a Member-Client Agreement and as agreed, the Court in Mumbai has jurisdiction to decide the dispute or conflict arising out of the agreement. The agreement deals with buying and/or selling and dealing in securities and trading on the National Stock Exchange. The business was done accordingly. The amount as claimed is due and payable by the respondents. Therefore the petitioner has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 somewhere in February/March 2009 before this Court at Mumbai.

(2.) THE relevant Clause 23 of Client-Member Agreement is reproduced as under:

(3.) IN view of this, the averments remained unchallenged including the findings given by the Arbitral Tribunal.