JUDGMENT - S.A. BOBDE, J.:---This petition is filed by the petitioners viz. M/s. P.R. Shah Shares Stock Brokers Pvt. Ltd. against the Award dated 12th October, 1999 passed by the Arbitrators of the Mumbai Stock Exchange under the Rules, Bye-laws and Regulations of the Stock Exchange, Mumbai. At the outset it may be noted that the bench comprises the following arbitrators:---

(1) Hemant V. Shah,

(2) Sharad Dalal and

(3) Justice D.B. Deshpande.

Two arbitrators i.e. Hemant V. Shah and Sharad Dalal have held the respondents viz. BHH Securities Pvt. Ltd. as entitled to recover a sum of Rs. 36,98,384.73 from M/s. Continental Securities Pvt. Ltd., the respondent No. 2 herein and M/s. P.R. Shah Share Stock Broker Pvt. Ltd., i.e. the petitioners. By a separate order the third arbitrator Justice D.B. Deshpande allowed the claim of BHH Securities Pvt. Ltd. against M/s. Continental Securities Pvt. Ltd. i.e. the respondent No. 2 herein. The learned arbitrator has rejected the claim against M/s. P.R. Shah Share Stock Broker Pvt. Ltd. i.e. the petitioners herein. The third arbitrator has rejected the claim against the petitioners only on the ground that the arbitrators has no jurisdiction to

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