Judgment

TULZAPURKAR, J. :- This appeal by special leave is directed against the judgment and decree passed by the learned single Judge of the Delhi High Court on 18th July, 1972 in F.A.O. No. 139D of 1962 whereby a decree in terms of the Award passed by the Trial Court was set aside. Principally the view of the Full Bench in ILR (1972) 1 Delhi 279 rendered on the specific question referred to it and which was followed by the learned single Judge while allowing the first appeal has been challenged by the appellant before us in this appeal.

2. Facts, admitted and/or found by the lower courts are these : The appellant is a share-broker and a member of the Delhi Stock Exchange - an Exchange recognised by the Central Government under the Securities Contracts (Regulations) Act, 1956. The respondent, a non-member, had dealings in shares and securities with the appellant as principal to principal between 14th July and 27th September, 1960 in respect whereof printed Contract Notes (Exs. P. 1 to P. 31) in the prescribed form were issued by the appellant arid were signed by the respondent. These transactions were subject to the Rules, Regulations and Bye-laws of the Exchange which covered tran