NIMISH CHANDULAL SHAH vs CENTRAL DEPOSITORY SERVICES INDIA LTD

Judgment text excerpt

Neeta Sawant CARBP--293-2024-ANUGRAHA.docx IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO.293 OF 2024 Nimish Chandulal Shah and Ors. …..PETITIONERS : VERSUS : Central Depository Services (India) Ltd. ….RESPONDENT Mr. Karl Tamboly with Mr. Reehan Ajmerwalla, Mr. Ravinchandra Hegde, Ms. Parinaz Bharucha, Mr. Kandarp Trivedi with Ms.Janani Sivaraman i/b M/s. RHP Partners for the Petitioners. Mr. Rohan Kadam with Ms. Varuna Bhanrale, Ms. Shourya Bari, Kaazvin Kapadia and Ms. Ananya Sinha i/b M/s. Trilegal for the Respondent. CORAM : SANDEEP V. MARNE, J. Digitally signed by NEETA NEETA SHAILESH SAWANT SHAILESH Date: JUDG. RESD. ON: 9 DECEMBER 2025. SAWANT 2025.12.23 20:26:24 +0530 JUDG. PRON. ON: 23 DECEMBER 2025. JUDGMENT: 1) By this Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act), Petitioners have challenged the Award dated 29 April 2024 passed by the three-member Arbitral Tribunal constituted by the Central Depository Services India Ltd (CDSL). By the impugned Award, the Arbitral Tribunal has rejected ___________________________________________________________________________________ PAGE NO. 1 of 41 23 DECEMBER 2025 Neeta Sawant CARBP--293-2024-ANUGRAHA.docx the claim of the Petitioner for restoration of their securities or in the alternative for award of sum of Rs.34,72,75,447/-, being the market value of securities. FACTS 2) Petitioners are the trading members, who had opened their respective trading and Demat Accounts with Anugrah Stock and Broking Private Limited (Anugrah), who was both a Stock Broker on NSE India Ltd (NSE), as well as a Depository Participant (DP) of the Respondent. Respondent-CDSL is a Depository registered under the provisions of the