(R.D. Dhanuka, J.)

1. The appellant challenges an order of a learned Single Judge dated 9 June 2011 dismissing a Petition under section 34 of the Arbitration & Conciliation Act, 1996. The Petition challenged an arbitral award which rejected the counter claim of the appellant.

2. The respondent is a share broker registered with the National Stock Exchange. The appellant was a client of the respondent. On 30 March 2002 the appellant and the respondent executed a Member Client agreement and a client code was allotted to the appellant. The appellant commenced dealings in the NSE/BSE cash segment. The case of the appellant is that since 20 September 2007, it commenced dealings in the Futures and Options segment (F&O) of N.S.E. with the respondent. It is the case of the respondent that till 18 September 2007, settlement of accounts was done by payment of cheques against specific deals or bills. However, since the respondent started transactions in the F&O segment from 20 September 2007, payments were made on a lump sum basis and a ledger was maintained on a running account basis. It is the case of the respondent that since three different ledgers were maintained, it was not po