GUINESS SECURITIES LIMITED Vs. DEVANG DILIP VYAS

JUDGEMENT

(1.) The plaintiff has filed this application for stay of the arbitration proceeding pending before the learned Arbitrators of the Bombay Stock Exchange of India Ltd. The defendant No. 1 made a reference to the Bombay Stock Exchange of India Ltd. under the relevant rules, bye-laws and regulations of the said Exchange in order to resolve a dispute arising out of transactions that had taken place between the defendant No. 1 as a client and the plaintiff as a broker.

(2.) The present application for stay of the arbitration proceeding has been filed after the Tribunal has entered reference in terms of the rules and regulations of the Bombay Stock Exchange of India Ltd.

(3.) The defendant No. 1 has filed its statement of claim. The plaintiff, instead of filing its rejoinder to the statement of claim, filed an application under Section 16 of the Arbitration and Conciliation Act, 1996 raising certain disputes with regard to the jurisdiction of the Arbitral Tribunal.