JUDGMENT :

N.M. Jamdar, J.

The Appellant, Kaynet Finance Limited, is a member-broker at the National Stock Exchange of India. The Respondent, Verona Capital Limited, was its constituent. Disputes arose between the parties over share transactions. The Respondent moved an arbitration application before the National Stock Exchange. The National Stock Exchange constituted an Arbitral Tribunal. The Tribunal awarded one claim out of four made by the Respondent and directed the Appellant to pay an amount of Rs. 17,52,47,517/- with interest. The Appellant challenged the Award before the learned Single Judge. The learned Single Judge rejected the Arbitration Petition, and the Appellant is in appeal. The award is challenged on two counts. First, the claim granted was beyond the period of limitation. Second, the Arbitration Application was not maintainable because the Directors of Respondent who were disqualified could not have filed the Application. We do not find any merit in these challenges. The factual backdrop and reasons for this conclusion are as follows.

2. The Respondent appointed the Appellant as a stockbroker to effect transactions on the National Stock Exchange of India and Bombay S