JIGAR SATISH JHAVERI Vs. VENTURA SECURITIES LTD

JUDGEMENT

(1.) THE Petitioner has invoked section 34 of the Arbitration & Conciliation Act, 1996 (in short 'the Arbitration Act') and thereby, challenged the award dated 3.2.2009 passed by the Sole Arbitrator appointed under the byelaws, rules and regulations of the National Stock Exchange of India Ltd.(NSEIL).

(2.) THE basic findings, given by the learned Arbitrator, including on counter claim while allowing the Respondent's claim are as under:

(3.) THE aspect that the respondent need to cover up the balance margin and the amount in such type of transaction cannot be overlooked. THE obligation of the petitioner to pay the requisite amount or margin amount is very clear as admittedly the petitioner himself instructed to clear or sell the securities. THE submission is made that the respondent ought to have disposed of or sold of all the securities is not accepted for want communications and the supporting material. In such type of transaction the respondent cannot be expected to dispose of or sell all the securities more than the requirement to cover up the margin amount.