JUDGMENT - Dr. CHANDRACHUD D.Y., J.:---Admit. Learned Counsel for the contesting respondents waive service. By consent taken up for hearing and final disposal.

2. These are proceedings under section 34 of the Arbitration and Conciliation Act, 1996. The petitioners are the original claimants in arbitration proceedings that were held before the Arbitral Tribunal of the Stock Exchange, Mumbai. The petitioners challenge the Award dated 31st January, 2002 of the appellate forum constituted by the stock exchange. The appellate proceedings in turn, arose out of an Award dated 21st March, 2001 of the Arbitral Tribunal constituted by the stock exchange. The case of the petitioners in the claim in arbitration is that on or about 2nd August, 1996, they delivered to the first respondent, 5 lakh shares of a company known by the name of Rhutu Bearing and Estates (I) Limited ("the company") together with duly executed transfer documents under two delivery memos bearing Nos. 451 and 452. The case of the petitioners was that these shares were delivered to the first respondent for the purpose of sale in the open market. According to the petitioners, the first respondent acknowledged receipt of the s

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