RAJESH JAIN Vs. ASHISH INVESTMENTS

JUDGEMENT

(1.) THE petitioner is challenging the award dated 15-7-2004. Some of the material facts in the present case are as under:

(2.) THE petitioner herein entered into a transaction with the respondent nos. 1 and 2. Respondent No. 2 is the main stock broker of the Bombay Stock exchange. The respondent No. 1 is the sub-broker of respondent No. 2. In respect of the transaction entered into by and between the parties on the stock exchange disputes and differences arose and the petitioner herein filed a claim before the arbitrator seeking recovery of a sum of Rs. 5,02,385. 00 on account of non-rectification of bad delivery to the tune of Rs. 16,494/- and speculation loss incurred by the respondents to the tune of Rs. 4,85. 891/ -. The respondent Nos. 1 and 2 also claim interest at the rate of 18% amounting to Rs. 1,35,644/- as also cost and other expenses.

(3.) THE matter was referred to arbitration of the Bombay Stock Exchange in reference No. 219 of 2003. After hearing both the parties, the learned Arbitrator of the Bombay Stock Exchange, who was the sole arbitrator has granted the claim of Rs. 4,96,159/ -. The learned Arbitrator has further directed the petitioners to pay interest at the rate of 12% on the aforesaid amount from 1-4-2001 till payment and/or realisation.