1 ARBP24/11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.24 OF 2008 IN ARBITRATION REFERENCE NO.104 OF 2006 Sharekhan Ltd. ...Petitioners v/s Mrs Rekha K. Agarwal ...Respondent Mr N.M. Desai i/b Mr Rajesh Desai for Petitioners. None for Respondent. CORAM : D.K.DESHMUKH J. DATE : 9TH JUNE 2011. 2 ARBP24/11 P.C. :- 1] By this petition, filed under section 34 of the Arbitration and Conciliation Act 1996, the petitioners challenge the award made by the learned Arbitrator, appointed under the Bye-laws of the Bombay Stock Exchange. By the aw3ard, the learned Arbitrator has directed the petitioners to pay certain sums of money to the respondent. The respondent admittedly was the client of the petitioners who is a stock broker. I have heard the leaned counsel appearing for petitioners. Before me as also before the learned Arbitrator, the entire reliance of the petitioners was on the general power of attorney which was given by the respondent in favour of the petitioners. It was the case of the respondent that the said authority was withdrawn by the respondent and oral evidence to that effect was led before the learned Arbitrator. The learned Arbitrator has believed the oral evidence led by the respondent and has held that the petitioners could not have carried out the transactions on the 3 ARBP24/11 basis of that power of attorney which was subsequently withdrawn. The learned counsel appearing for petitioners submitted that the learned Arbitrator has committed an error in relying on that oral evidence. In my opinion, appreciation of oral evidence which was led within the jurisdiction of the learned Arbitrator, who has seen the witness, has relied on the evidence and recorded a finding of fact. In my opinion, considering the limited jurisdiction of this Court under section 34 of the said Act to interfere with the award made by the learned Arbitrator, I will not be justified in disturbing that finding. Thus, I see no reason to interfere with the award. Petition is therefore dismissed with no order as to costs. Parties to act on the copy of this order duly authenticated by the Associate / Private Secretary of this Court. Certified copy expedited. ( JUSTICE D.K. DESHMUKH )