JUDGMENT - D.K. DESHMUKH, J.:---By this petition, the petitioner challenges the award dated 13th November 1998 made by the sole Arbitrator-National Stock Exchange of India Ltd. The only ground on which the award is challenged is that the claim is barred by limitation. The learned Counsel appearing for the petitioners submits that the respondents filed their statement of case. In the said statement of case, they stated that they are customer of the petitioners and they sold securities through the petitioners by contract notes dated 6th September 1996 and 4th October 1996 and for discharging the liability incurred by the petitioners because of that sale, the petitioners issued cheques on 30th June 1997. Those cheques were presented to the bank immediately, however they were dishonoured and therefore the respondents made a claim for Rs. 6,90,000/- with interest. The learned Counsel appearing for the petitioners submits that it is clear from the statement of the claim filed by the respondents that cause of action arose to the respondents on 6th September 1996 and 4th October 1996. He submits that according to Regulation No. 5 of the Regulations framed by the respondent No. 2-Stock Exch

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