2026:BHC-OS:3229 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 304 OF 2024 Nirmal Bang Securities Pvt. Ltd. …..PETITIONER : VERSUS :

Shashi Mehra HUF ….RESPONDENT Mr. Nikhil Sakhardande, Senior Advocate with Ms. Shubra Swami, Mr.

Samyak Pati, Ms. Valentine Mascarenhas and Ms. Janani Sitaraman i/b M/s.

RHP Partners for the Petitioner.

Mr. Deepak Dhane with Mr. Viraj Bhate and Ms. Jidnyasa Kamble i/b M/s.

Corporate Pleaders for the Respondent. CORAM : SANDEEP V. MARNE, J. JUDG. RESD. ON: 14 JANUARY 2026 JUDG. PRON. ON : 03 FEBRUARY 2026

JUDGMENT :

1) This is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) challenging the Award of the Appellate Arbitral Tribunal of National Stock Exchange dismissing the Appeal preferred by the Petitioner and confirming the Award of the Arbitral Tribunal dated 14 October 2022. The Arbitral Tribunal, while dismissing the application preferred by the Petitioner, had allowed the application preferred by the Respondent and has directed refund of full brokerage amount by the Petitioner to the Respondent by modifying the order passed by the Investor Grievan