KANTILAL CHHAGANLAL SECURTIES PVT. LTD. vs VIVEKA KUMARI AND ANR

Judgment text excerpt

901-F-J -ARBP-1057-2014+.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 1057 OF 2014 WITH INTERIM APPLICATION (L) NO. 9261 OF 2025 WITH NOTICE OF MOTION NO. 2163 OF 2016 IN ARBITRATION PETITION NO. 1057 OF 2014 Kantilal Chhaganlal Securities Pvt. Ltd. …Petitioner Versus Viveka Kumari & Anr …Respondents Mr. Pesi Modi, Senior Advocate, a/w Ms. Kalpana Desai, Mr. Pranav Nair, Mr. Abhineet Sharma & Ms. Riya Gokalgandhi, i/b Chambers of Abhineet, for the Petitioner. Ms. Shreya Gupta, a/w Ms. Swagata Ghosh, i/b Shardul Amarchand Mangaldas & Co. for the Respondent No.1. CORAM: SOMASEKHAR SUNDARESAN, J. RESERVED ON: February 27, 2026 PRONOUNCED ON: April 2, 2026 JUDGEMENT: Context and Factual Background: 1. This is a Petition filed under Section 34 of the Arbitration and Digitally ASHWINI signed by ASHWINI JANARDAN Conciliation Act, 1996 (“the Act”), challenging an arbitral award dated JANARDAN VALLAKATI VALLAKATI Date: 2026.04.02 17:45:03 +0530 April 8, 2014, which is an appellate award (“ Appellate Award”) that Page 1 of 31 April 2, 2026 Ashwini Vallakati 901-F-J -ARBP-1057-2014+.doc refused to interfere with an earlier arbitral award dated October 23, 2013 (“First Award”), thereby holding the Petitioner, Kantilal Chhaganlal Securities Private Limited (“Kantilal”) jointly and severally liable along with Respondent No.2, Akshay Standard Insurance Services Private Limited (“Akshay”) to refund a sum of Rs. 2 crores that had been paid over by Respondent No.1, Viveka Kumari (“ Viveka”) on October 9, 2009 to Kantilal. Viveka opened an account with Kantilal, a stock broker on the National Stock Exchange (“ NSE”) for trading in the securities market through Akshay, a sub-broker of Kantilal. 2. The First Award had directed i