ERACH KHAVAR vs NIRMAL BANG SECURITIES PVT.LTD

Judgment text excerpt

Neeta Sawant 20-Arbitration Appeal No.12-2025 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION APPEAL NO. 12 OF 2025 Erach Khavar ....Appellant (Orig.Respondent/Petitioner) : Versus : Nirmal Bang Securities Pvt. Ltd. ....Respondent/ (Original Petitioner) Mr. Bimal Rajasekhar with Mr. Sunand Subramaniam, for the Appellant. Mr. Naushad Engineer, Senior Advocate with Mr. Sharad Bansal & Mr. Jayant Gaikwad i/b. Ajay Khandhar & Co. for the Respondent. CORAM : CHIEF JUSTICE, & SANDEEP V. MARNE, J. DATED : 25 AUGUST 2025. JUDGMENT ( Per : Sandeep V. Marne, J.) 1) This is an Appeal filed under Section 37 of the Arbitration and Conciliation Act, 1996 (the Act) challenging the judgment and order dated 30 April 2024 passed by the learned _______________________________________________________________________________ Page No.1 Of 18 Monday, 25 August 2025 Neeta Sawant 20-Arbitration Appeal No.12-2025 Single Judge of this Court allowing Arbitration Petition No. 742 of 2017 filed by the Respondent and dismissing Arbitration Petition No. 228 of 2018 filed by the Appellant. The Learned Single Judge has set aside Majority Award dated 8 August 2017 and has upheld the dissenting Award dated 14 August 2017. 2) Briefly stated facts of the case are that Respondent is a registered broker with the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) carrying on business of trading in shares and securities. Appellant opened a Depository Account with the Respondent. This is how Demat Account and Trading Account of the Appellant was opened with the Respondent. Appellant had transferred 1500 shares of Hero Moto Corporation Limited, 5,000 shares of Petronet LNG Limited and 7000 shares of ITC Limited with the Respondent towards security. During 30 J