JUDGMENT - REBELLO F.I., J.:---The petitioner was the respondent and respondent No. 1 was the applicant before the arbitral tribunal. The arbitral proceedings commenced at the instance of respondent No. 1 by his application dated 7th December, 2000 which was received in the office of respondent No. 2 on 8th December, 2000. The case of respondent No. 1 was that, on the 1st day of settlement No. 42 i.e. on 20th October, 1999, the petitioner built up a huge position and purchased shares worth Rs. 1.91 crores. Respondent No. 1 came to know about this position on the evening of 20th October, 1999 whereupon they promptly contacted the petitioner and informed him about his huge position. The case of respondent No. 1 was that the petitioner assured respondent No. 1 that he would reduce the position first thing in the morning of Thursday. To doubly confirm the same, respondent No. 1 personally went to the camp office where he found that Mr. Nagori was sitting in front of the terminal doing trading. Respondent No. 1 impressed upon Mr. Nagori, the necessity to reduce the position immediately, or otherwise it could create problems for all, including the other clients of respondent No. 1. It is

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