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PAMIDIGHANTAM SRI NARASIMHA, SANDEEP MEHTA
AC Chokshi Share Broker Private Limited – Appellant
Versus
Jatin Pratap Desai – Respondent
| Table of Content |
|---|
| 1. arbitration initiated (Para 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32) |
| 2. arbitral award upheld (Para 33 , 34 , 35) |
JUDGMENT :
1. Leave granted.
3. Facts: The relevant facts are as follows. The appellant is a stock broker and a registered member of the BSE. In 1999, the respondent nos. 1 and 2, who are husband and wife respectively, approached the appellant for opening trading accounts and to this end, they executed individual Client Registration Applications on 01.08.1999. As per the appellant, respondent no. 1 represented that the accounts would be jointly operated by both of them and they would be jointly and severally liable for any losses.
3.2 However, due to a stock market crash in 2001, the debit balance in respondent no. 2’s account bludgeoned to Rs. 1,18,48,069/- as on 12.04.2001, which is the recoverable amount in arbitration.
4. Findings of the arbitral tribunal: The arbitral tribunal allowed the appellant’s claim and held both respondents to be jointly and severally liable to pay Rs. 1,18,48,069/- along with interest @ 9% p.a. from 01.05.2001 till the date of paym
The court affirmed the arbitral tribunal's jurisdiction over a husband based on an oral agreement of joint liability for transactions in his wife's account, rejecting claims of lack of jurisdiction a....
An arbitral tribunal lacks inherent jurisdiction to adjudicate a claim against a third party arising out of a private transaction not governed by an arbitration clause.
Arbitration and Conciliation –Rule 13(V) which provides that the member shall be responsible in all acts, omission and commission for the authorized person would apply only if such authorized person ....
The main legal point established in the judgment is that the choice of the juridical seat of arbitration by the parties determines the exclusive jurisdiction of the supervisory court, as per the prin....
A party must raise jurisdictional objections in arbitration proceedings; failure to do so waives the right to challenge the award under Section 34 of the Arbitration Act.
Scope of an arbitration agreement is limited to the parties who entered into it and those claiming under or through them, Courts under English Law have, in certain cases, also applied the 'Group of C....
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