( 1 ) THE respondent company is a member of the National Stock Exchange while the petitioner is a constituent who deals in stocks and shares. Disputes between the petitioner and the respondent company having arisen, the same were referred for adjudication to Col. Gujral G. Singh. who was appointed an arbitrator in terms of the bye-laws, rules and regulations of the stock exchange. Before the arbitrator as against the petitioner s claim for a sum of Rs. 24,30,794/-, the respondent company made a counter claim of Rs. 3,33,691/ -. By his award dated 25. 02. 2002, the arbitrator has rejected both the claims. While the petitioner s claim has been rejected on the ground that the same has not been substantiated, the claim made by the respondent has been turned down on the ground that the same is beyond the period of limitation prescribed for the same. Aggrieved, the petitioner has challenged the award on several grounds in so far as the same rejects her claim. The respondent company has not, however, assailed the award or appeared to contest the present application under Section 34 of the Arbitration and Conciliation Act, 1996. Consequently, the award, in so far as it rejects the claim ma

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