JUGAL KISHORE RAMESHWARDAS vs MRS. GOOLBAI HORMUSJI

The Supreme Court held that the relationship between the appellant, a share-broker, and the respondent was that of principal and agent, not seller and purchaser, thus falling outside the purview of Section 6 of the Bombay Securities Contracts Control Act, 1925. The Court ruled that the contract notes sent by the broker were merely notifications of transactions entered into on behalf of the respondent and not contracts themselves. Consequently, the arbitration clause was deemed void, and the award made in favor of the appellant was set aside, affirming the Bombay High Court's decision.