JUDGMENT - F.I. REBELLO, J.:---Parties in each of the petitions are different. The facts and cause of action is also different. All these petitions are however, being disposed off by a common judgment as one of the questions involved is a question common to all the three petitions and arguments had been advanced by various Counsel on that proposition of law. Arbitration Petition No. 82 of 1997 and 83 of 1997 are filed under the Arbitration Act, 1940. (Hereinafter referred to as the 1940 Act). Arbitration Petition No. 318 of 1998 is filed under the Arbitration and Conciliation Act, 1996 (Hereinafter referred to as the 1996 Act).

2.Before coming to the common issue, it will be necessary to broadly set out the facts and the grounds raised in each of the petitions.

Award 997 is dated 22-12-1995. The Award pertains to certain transactions, transacted on the Bombay Stock Exchange. The transactions are between a member and a non member. By an Award dated 22-12-1995 the Arbitrator held that the Law of limitation, namely, Indian Limitation Act, 1963 is attracted and consequently the claims were time barred and cannot be entertained. The grounds to challenge the Award are as under :-

(a) The Aw

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