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R. SUBRAMANIAN, R. KALAIMATHI
C. Kumaraswamy – Appellant
Versus
Aditya Birla Money Ltd. , Rep. by its Executive Director, P. B. Subramaniyan, Chennai – Respondent
JUDGMENT
(Prayer: Original Side Appeal filed under Order XXXVI Rule 1 of the Original Side Rules read with Clause 15 of the Letters Patent, to set aside the judgment and decree dated 30.09.2009 made in O.P.No.844 of 2005.)
R. Subramanian, J.
1. The instant Appeal under Section 37 of the Arbitration and Conciliation Act 1996, is filed at the behest of the claimant/applicant, who had sought for an Arbitration of the dispute relating to the sale of his shares by the first respondent herein, purportedly pursuant to the ‘stop loss orders’ issued by him.
2. The facts that led to the filing of the Appeal are as follows:
2.1. The first respondent is a member of the National Stock Exchange of India and the appellant is a Constituent Trading Member of the first respondent. The appellant was mainly engaged in trading Futures and Options. It is admitted that the appellant is one of the valuable trading members of the first respondent and he has been transacting in crores of rupees on a daily basis.
2.2. While things stood thus on the fateful day i.e. on 05.01.2005, the terminals of the first respondent were deactivated, allegedly, for its failure to maintain a trading balance with
The grounds available under Section 34 of the Arbitration and Conciliation Act are very limited and the Court cannot vary or set aside the award on the ground that a different interpretation is possi....
The court emphasized that under Section 34 of the Arbitration Act, it cannot modify arbitral awards but can only set them aside on limited grounds, reaffirming the exclusivity of arbitral tribunal au....
The Court's decision underscores the principle that it should not lightly interfere with arbitral awards and should uphold decisions in conformity with relevant regulations and bye-laws.
The main legal point established in the judgment is that the Court should not lightly interfere with the findings of Arbitral Tribunals, especially when composed of technical experts, and that the aw....
Point of Law : In the light of Section 19 of the Act, arbitral tribunals are not bound by the provisions contained in the Code of Civil Procedure.
Judicial review of arbitral awards under the Arbitration and Conciliation Act is limited, focusing on adherence to public policy and fundamental legal principles.
The court can set aside an arbitral award under Section 34 if it violates substantive law, contract terms, or public policy, especially when procedural requirements aren't met or if the award is pate....
Clauses in contracts that prohibit claims for damages are against public policy and void under Section 23 of the Indian Contract Act, 1872, as they undermine the sanctity of contracts.
The Court held that the Arbitral Award does not suffer from any infirmities enshrined in Section 34 of the Act. The Impugned is not in conflict with the public policy of India. Further, the learned T....
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