JUDGMENT - REBELLO F.I., J.:---By the present petition the petitioner impugns the Award dated October 10, 2001 whereby the claim of the petitioner has been rejected. The learned Arbitral Tribunal found that there are no written directions issued by the petitioner, but went on to observe as under:---

"But my experience is that not bothering to obtain written instructions is a common feature amongst the stock broking community. I shall, therefore, not go into the question of breach of regulations."

2. The learned Arbitral Tribunal thereafter on the oral evidence of one Mr. Agarwal rejected the case of the petitioner. The case examined by the learned arbitrator was of friendship between one Jagmohansingh Gujral and the petitioner herein. It was the case of the respondent that the petitioner had done transactions on behalf of Gujral. Gujral became liable for the amounts and the petitioner instructed the respondent to adjust the amount payable to him towards the dues of Mr. Gujral. The learned Tribunal found that the case of the respondent was acceptable and consequently rejected the claim of the petitioner. It is in that context that the challenges as made by the petitioner will have to be examined. The petitioner in the statement of claim filed on 28th March, 2001 pleaded that in respect of his account maintained by the petitioner with the respondent there was a balance amount of Rs. 3,47,272.15 paise with further interest computed thereon as per trade practice. Thus upto 5th March, 2001 the total amount which was due and payable was Rs. 4,62,585.53. Inspite of the grievance raised by him before the grievance cell the amount was not paid he sought reference.

3. In reply the respondent on 27th April, 2001 did not deny that the respondent owed moneys to the petitioner, but the defence as raised may be adverted to from paragraphs 4 and 5, which read as follow:---

"4. In these circumstances the applicant and Mr. Jagmohansingh Gujral were/are jointly and severally liable to the opponent for an amount of Rs. 21,26,171.30 along with interest at the rate of 24% p.a. from 1-11-1999."

5. The opponent submits that the opponent has/had right to recover the said amount from the applicant either directly or adjustments. Thus within the four corners of the rights vested in this opponent, and upon instruction given by the applicant and Mr. Gujral the opponent has adjusted 3,45,838.97 amount by transferring the balance from the a/c. of the applicant to the a/c. of the Mr. Jagmohansingh Gujral. The applicant and Mr. Jagmohansingh Gujral are still jointly and severalty indebted to the opponent for the remaining among (sic amount) of Rs. 21,26,171.30 along with interest at the rate of 24% p.a. thereon.

Ledger printout for account year 1999-2000 and 2000-2001 of Mr. Nagori and Mr. Gujral is enclosed."

4. After the Award was passed and in opposition to the affidavit an affidavit was field on 21st February, 2002. Paragraph 10 of the said affidavit reads as follows:---

"10. I say that at the instance of the petitioner, the amount was transferred to Mr. Gujral's account. The petitioner had never complained about the same before the filing of the claim before the learned arbitrator. It is hereby deny that the amount of Rs. 2 lacs given by Gujral to the petitioner and credited to his account was without the knowledge and authority of the petitioners. I say that the petitioner cannot claim ignorance of the same. It is hereby deny that petitioner become aware of the said entry only during the pendency of arbitration proceedings and put the petitioner to the strict proof thereof. It is hereby deny that I have violated the laws and regulations as laid down by the respondent No. (2). It is hereby deny that it is oppose to public policy as it seeks to give credence and justification to fraud and put the petitioner to the strict proof thereof."

5. It may be mentioned at this stage that the award of the Arbitral Tribunal would show in para 3 where it is clearly set out th

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