ORAL JUDGMENT D.G. KARNIK, J.:- This appeal is directed against the judgment and order dated 2nd May, 2000 passed by a learned Single Judge of this Court dismissing the appellant's petition under section 34 of the Arbitration and Conciliation Act, 1996 (for short “the Arbitration Act”).

2. The respondent was a member of the Bombay Stock Exchange (for short “BSE”) and was declared as a defaulter on 29th September, 1998. The appellant made a claim on the respondent for Rs. 3 lakhs plus interest of Rs. 59,503/- by making a reference to the BSE on 21st December, 1998. According to the appellant, he had given to the respondent a sum of Rs. 3 lakhs on account of “Vyaj Badia Transactions" which were not repaid by him. As the respondent denied the liability the dispute between the petitioner and the respondent arising out of the claim made by the appellant was referred to an Arbitral Tribunal in accordance with the bye-laws of the BSE. By an unanimous award dated 5th January, 2002, the Arbitral Tribunal dismissed the reference on the ground that there were no contract notes and that the alleged Vyaj Badla Transactions were not done through the Bolt i.e. on the computerised trading system of

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