- (1.) HEARD finally.
(2.) THE Petitioner has invoked Section 34 of the Arbitration and conciliation Act, 1996 (for short, the Act), thereby challenged an award dated 27th January, 2009. The operative part of the award is as under: 7. The Award 7. 1 The Award in the matter on the basis of reasoning in para 6. 1 to 6. 5 is as under the Respondent Mr. Pramod Jainarayan Jaju to pay Rs. 7,44,469. 35 to the Applicant within a month from the date of this Award. The Respondent to also pay interest on Rs. 7,44,469. 38 at a rate of 12% per annum from 142008 to the date of this Award within a month from the date of this Award. iii) If the Respondent fails to pay amount at (i) and (ii)above within a month as stipulated, he will be liable to pay further interest at 12% per annum on the amount at (i)above from the date of Award to the date of actual payment. There is no dispute about memberclient agreement, therefore the clas referred therein also remained uncontroverted, which includes the clas of obligation, of Electronic Communication, of doents and of jurisdiction. Having once agreed and participated before the Arbitral tribunal in all respect, without raising specific plea about jurisdiction by reserving the rights of the claim of 25 la the respective mion with regard to the same is impermible.
(3.) THE agreement itself provides a cla, whereby, the Petitioner has permitted the Respondent to do the bnetrade on both the Stock Exchanges i. e. National Stock Exchange (NSE) and Bombay Stock Exchange (BSE ). Having once agreed and ardingly acted since 2007, and the objection that such composite demand of the claim as awarded, is without jurisdiction, also unaptable. There is no dispute that BSE and nse have their own byelaws, Rules and Reations but in the present case, as the Petitioner participated without any objection, and as there is no bar, to direct to pay the amount after due settlement. The mion, in this regard, in my view, is diffit to apt now. As per cla 26 of the memberclient agreement, the Tribunal has jurisdiction.;