JUDGMENT - S.M. JHUNJHUNUWALA, J.:---By this petition, the petitioner seeks declaration that the arbitration proceedings in Case No. 45 of 1991 pending before respondents 2 and 3, the Arbitrators, have become null and void since time for the Arbitrators to make the award has expired and the petitioner has declined to give his consent for enlargement of time for the Arbitrators to make the award.

The petitioner has been a member of The Stock Exchange, Bombay (for short, 'the Exchange'). However, the membership of the petitioner is presently suspended by the Governing Board of the Exchange. Prior to suspension of the membership of the petitioner, the 1st respondents had effected transactions in shares through the petitioner at the Exchange in accordance with Rules, Bye-laws and Regulations of the Exchange. In respect of such transactions, certain disputes and differences arose by and between the 1st respondents and the petitioner which the 1st respondents referred to arbitration as per Arbitration agreement in existence by and between the petitioner and the 1st respondents. The 1st respondents had appointed the 2nd respondent as their Arbitrator and the petitioner had appointed the 3

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