JUDGMENT - F.I. REBELLO, J.:---Admit. Respondents waive service. Heard forthwith.

2.The petitioner by this petition is challenging the impugned Award dated 26-6-1998 under section 34 of the Arbitration and Conciliation Act, 1996, hereinafter referred to as the Arbitration Act, 1996. Before dealing with the various contentions raised to challenge the Award, a few necessary facts which are essential for disposing of the said contentions are herein set out.

3.The dispute between the respondents and the petitioner was referred to an Arbitral Tribunal in terms of the Bye-laws of the Bombay Stock Exchange. The petitioner is a non member and the respondent No. 1 a member of respondent No. 2 the Bombay Stock Exchange. In the course of the Arbitral proceedings one of the Arbitrators expired. Due notice was given to the parties by the Stock Exchange by their letter dated 15-5-1998. The parties were informed that the matter would be heard again after appointing a new set of Arbitrators. Parties were also informed that the date, time and the name of the Arbitrator would be intimated later on. The record discloses that before the Arbitral Tribunal as originally constituted the matter was heard

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