P.R. SHAH SHARES & STOCK BROKERS (P)LTD. vs M/S. B.H.H. SECURITIES (P) LTD. .

The Supreme Court addressed a dispute arising from arbitration proceedings under the Bye-laws of the Mumbai Stock Exchange, specifically Bye-laws 248 to 315L, which govern arbitration between members. The Court held that the arbitration process must adhere to the established Bye-laws, emphasizing the binding nature of such internal regulations. The judgment affirmed the validity of the arbitration award sought by the first respondent against the appellant and the second respondent, thereby upholding the principles of arbitration within the context of stock exchange operations.