NIRMAL BANG SECURITIES PVT LTD vs SHASHI MEHRA HUF

Judgment text excerpt

Neeta Sawant ARBP-304-2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 304 OF 2024 Nirmal Bang Securities Pvt. Ltd. …..PETITIONER : VERSUS : Shashi Mehra HUF ….RESPONDENT Mr. Nikhil Sakhardande, Senior Advocate with Ms. Shubra Swami, Mr. Samyak Pati, Ms. Valentine Mascarenhas and Ms. Janani Sitaraman i/b M/s. RHP Partners for the Petitioner. Mr. Deepak Dhane with Mr. Viraj Bhate and Ms. Jidnyasa Kamble i/b M/s. Corporate Pleaders for the Respondent. CORAM : SANDEEP V. MARNE, J. JUDG. RESD. ON: 14 JANUARY 2026 JUDG. PRON. ON : 03 FEBRUARY 2026 JUDGMENT : 1) This is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) challenging the Award of the Appellate Arbitral Tribunal of National Stock Exchange dismissing the Appeal preferred by the Petitioner and confirming the Award of the Arbitral Tribunal dated 14 October 2022. The Arbitral Tribunal, while dismissing the application preferred by the Petitioner, had allowed the application preferred by the ____________________________________________________________________________ PAGE NO. 1 of 45 3 FEBRUARY 2026 Neeta Sawant ARBP-304-2024 Respondent and has directed refund of full brokerage amount by the Petitioner to the Respondent by modifying the order passed by the Investor Grievance Redressal Committee (IGRC) which had capped the refund of brokerage to only 75%. FACTS 2) Petitioner is an incorporated entity and a stock broker with membership of National Stock Exchange of India Ltd (NSE) and Bombay Stock Exchange. Respondent is a Hindu Undivided Family (HUF) with Mr. Shashi Mehra, a practicing Chartered Accountant, being its Karta. Respondent had initially opened a demat account with the Petitioner in 2007, which had bec