BHANUCHANDRA J. DOSHI vs M/S. MOTILAL OSWAL SECURITIES LTD. AND ANR.

Judgment text excerpt

7-ARBP-1341-2015-OJ.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 1341 OF 2015 Digitally Bhanuchandra J. Doshi … Petitioner signed by SHRADDHA SHRADDHA KAMLESH Vs. KAMLESH TALEKAR TALEKAR Date: 2025.08.18 1) M/s. Motilal Oswal Securities Ltd. 18:55:59 +0530 2) M/s. R. Natwarlal Parekh Securities P. Ltd. .. Respondents Mr. Vijay M. Vaghela, for Petitioner. Mr. Rahul Karnik a/w. Ms. Jagruti Vemula, for Respondents. CORAM : SOMASEKHAR SUNDARESAN, J. Date : August 14, 2025 Judgement : Context and Factual Background: 1. This is a Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”) challenging an arbitral award dated September 25, 2013 (“Second Award”) passed by an arbitral tribunal constituted under the bye-laws of the National Stock Exchange of India Limited (“NSE"), which, in turn, was an appellate arbitral award passed in challenge to an arbitral award dated April 27, 2013 (“ First Award”) passed by another arbitral tribunal in the first instance. In this judgement, the First Page 1 of 21 August 14, 2025 Shraddha 7-ARBP-1341-2015-OJ.doc Award and the Second Award are collectively referred to as the “ Impugned Award". 2. In a nutshell, the Petitioner, Bhanuchandra J. Doshi (“ Doshi") has been trading with Respondent No. 1, Motilal Oswal Securities Limited (“Motilal") through a sub-broker, Respondent No. 2, Natwarlal Parekh Securities P. Ltd. (“Natwarlal") since 2004 without any dispute until disputes broke out in January 2008. 3. The challenge to the Impugned Award essentially centres around the first arbitral tribunal having run out of time statutorily available to validly pass the First Award. According to Doshi, in terms of the time limits set in the bye-laws of the NSE,