D.V.S.S. Somayajulu, J.

This is an appeal filed against the order dated 16.11.2006 passed in I.A.No.1751 of 2006 in O.S.No.118 of 2005. By the impugned order, the I Additional Chief Judge, City Civil Court, Secunderabad rejected the plaint in O.S.No.118 of 2005.

2. O.S.No.118 of 2005 is a suit filed by Sri M. Sankara Reddy and Smt. P. Prabhavati against four (4) defendants viz., A. Ramakoteswararao, A. Susheela, A. Sashi Bindu and M/s. ASB Securities. As can be seen in the description of the plaint, the suit was for recovery of shares of various companies belonging to the plaintiffs share allegedly sold by the defendants 1 & 2, through defendant No.3 and others or for refund of the value thereof with other reliefs. The suit is valued at Rs.1,81,23,273/-.

3. After the suit was filed, the first defendant filed an application under Order VII Rule 11 CPC pleading inter alia that the dispute between the parties should be settled according to arbitration as per Bye-law No.248 (c) of the Bombay Stock Exchange (BSE) Bye-laws. The said Bye-law was reproduced in para-4 of the application. However, instead of asking for an order under Section 8 of the Arbitration and Conciliation Act,