ARJAV JAGANNATH CHAKRAVARTI vs SHAREKHAN COMMODITIES PVT. LTD. AND 2 ORS.

Judgment text excerpt

ARBP-456-2017-J-F.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 456 OF 2017 Sharekhan Ltd. …Petitioners Versus Arjav Jagannath Chakravarti & Ors. …Respondents Digitally signed by SHRADDHA WITH SHRADDHA KAMLESH KAMLESH TALEKAR TALEKAR Date: 2025.09.22 ARBITRATION PETITION NO. 335 OF 2017 20:07:12 +0530 Sharekhan Ltd. …Petitioners Versus Arjav Jagannath Chakravarti & Ors. …Respondents WITH ARBITRATION PETITION NO. 336 OF 2017 Arjav Jagannath Chakravarti …Petitioners Versus Sharekhan Commodities Pvt. Ltd. & Ors. …Respondents Mr. Kunal Katariya a/w. Mr. Pratik Pawar, Mr. Pulkit Sukhramani, Ms. Shanaya Cyrus Irani, Ms. Sanjana Pandey and Mr. Juan D’souza i/b J. Sagar Associates, for Petitioners in ARBP-335-2017 and ARBP-456- 2017 and for Respondent No. 1 in ARBP-336-2017. Mr. Zubin Beheramkamdin, Senior Advocate a/w. Mr. Rohit Gupta, Aneesha Munshi and Garita Joshi i/b Divya Shah and Associates, for Arjav Jagannath Respondents in ARBP-335-2017 and ARBP-456-2017 and for Petitioner No. 1 in ARBP-336-2017. CORAM : SOMASEKHAR SUNDARESAN, J. DATE : September 16, 2025 Oral Judgement: Page 1 of 20 September 16, 2025 Shraddha ARBP-456-2017-J-F.doc Context and Factual Background: 1. These three Petitions challenge different arbitral awards, which are products of contemporaneous arbitration proceedings conducted across three stock exchanges – the National Stock Exchange (“ NSE”), the Bombay Stock Exchange (“BSE”) and the Multi Commodity Exchange of India (“MCX”). The MCX, earlier a commodities derivatives exchange, at all times relevant to the proceedings, had become a stock exchange in the eyes of law. 2. At each of these stock exchanges, the disputes were subjected to two rounds of arbitration – one at the hands of the ar