MR. JAGADEESA G. CHARY vs NIRMAL BANG SECURITIES PVT. LTD.

Judgment text excerpt

ARBP.410.2014.Final.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 410 OF 2014 Jagadeesa G. Chary …Petitioner Versus Nirmal Bang Securities Pvt. Ltd. …Respondent Ms. Prachi Pandya i/b. Corporate Attorneys, for the Petitioner. Mr. Naushad Engineer, Senior Counsel, a/w. Sharad Parbat, i/b Ajay Khandhar & Co., for Respondent. CORAM : SOMASEKHAR SUNDARESAN, J. RESERVED ON : February 21, 2025 PRONOUNCED ON : June 9, 2025 JUDGEMENT: Context and Factual Background: 1. This is a Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”) impugning an Arbitral Award dated October 15, 2013 (“Appellate Award”), which in turn is an affirmation of another Arbitral Award dated April 15, 2013 (“ Primary Award”), rejecting the Petitioner’s claims against the Respondent in arbitration proceedings conducted at the National Stock Exchange (“NSE”). Digitally 2. The Petitioner had demanded refund of a sum of Rs. signed by AARTI AARTI GAJANAN GAJANAN PALKAR PALKAR Date: 2025.06.09 14,87,014.43, which the Petitioner claims is not payable by him by 15:49:46 +0530 Page 1 of 23 June 9, 2025 Aarti Palkar ARBP.410.2014.Final.doc reason of all trades (except one) carried out by the Respondent being “unauthorised trades”. In this judgement, the Appellate Award and the Primary Award are collectively referred to as the “Impugned Award”. 3. It is noteworthy that the Petitioner also initiated proceedings in the Bombay Stock Exchange (“BSE”), which too have gone against him in the outcome and the pattern of arguments in those proceedings is similar. This Petition only impugns the outcome in the arbitration conducted at the NSE and reference to the BSE proceedings has been warranted only because of the Petitioner al