SALIL K. ROY CHOWDHURY, J.

( 1 ) THIS is an application for stay of the Suit No. 2241 of 1969 (Bisheswar Daya) Meatle v. Shroff Brothers) and all proceedings thereunder under Section 34 of the Arbitration Act, 1940.

( 2 ) THE facts of the case briefly are: That the petitioner is a member of the Calcutta Stock Exchange Association Limited and carried on business as stock-broker and/or as a dealer in stocks and shares. During January to March, 1965 and January to August, 1966, the respondent entered into a series of transactions with the petitioner for purchases and sales of stocks subject to the rules and bye-laws of the Calcutta Stock Exchange Association Ltd. It is alleged in the plaint filed by the respondent that by the 31st of March, 1965 as a result of the said transactions between the parties a sum of Rs. 69,793/- became due and payable by the petitioner to the respondent. The respondent further alleged that the petitioner by a letter dated the 5th of April, 1965 signed by Sawalram Shroff one of the partners of the petitioner made an acknowledgment of its liability to the respondent and a part of payment of Rupees 40,000/- demand draft of same date. It is alleged by the res

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