MADAN MOHA RAJGARHIA vs M/S.MAHENDRA R.SHAH & BROS. &ANR

The Supreme Court upheld the application of Section 34 of the Indian Arbitration Act, 1940, affirming that the arbitration clause in the brokerage agreement was applicable to the appellant, a non-member of the Bombay Stock Exchange. The Court clarified that the definition of 'non-member' is broad enough to include individuals like the appellant, despite his argument that he did not fall under the specific categories mentioned. Consequently, the Court dismissed the appeal against the High Court's order to stay the proceedings, reinforcing the enforceability of arbitration agreements in commercial disputes.