1 901.arbp.118.08.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 118 OF 2008 Sharekhan Limited ... Petitioner Vs. Kamlesh Jain ... Respondent ...... Mr.Sandeep Parikh i/by Mr.Rajesh Desai for the Petitioner. Mr.V.V.Khemka for the Respondent. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 6th, 2010. P.C. 1 This is a petition under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside an award dated 31st October 2007. 2 The petitioner has been awarded a sum of Rs.84,560.39 and a sum of Rs.2,13,350/- with interest @9% per annum from the date of the application till payment. 3 The only contention is that the claim was barred in view of the period of limitation prescribed under the Rules, Bye-Laws and Regulation of the Bombay Stock Exchange. Rule 3 requires all claims to be referred “ within six months from the date on which the claim, differences or disputes arise or shall be deemed to have arisen”. 2 901.arbp.118.08.sxw 4 The claim was filed on 4th April 2007. The question is whether the claim or dispute arose, prior to 4th April 2006. The petitioner had disputes with its other clients which were ultimately settled in August 2006 by an abitral award. The Respondent was not concerned with the same. 5 The Petitioner has maintained an account in respect of the Respondent. Thereafter, the Respondent reminded the Petitioner time and again to pay the amounts due to him. However, he Petitioner did not responded to the same. It is important to know that the Petitioner did not disputed the claim till 9th November 2006. The learned Arbitrator has found that as on 23rd August 2006, there was a credit balance shown in the Petitioner’s account. It was only on 9th November 2006 that debit entry was made. The Arbitrator was, therefore, justified in coming to the conclusion that the dispute arose at the earliest on 9th November 2006. 6 In the circumstances, there is no question of the claim being barred under the relevant Bye-laws. The petition is, therefore, dismissed with costs of Rs.5,000/- (Rupees five thousand only) to be paid on or before 30th November 2010. -