Kambli 1 ARBP553.08 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.553 OF 2008 ... M/s.Anagram Stockbroking Ltd. ...Petitioner v/s. Dr.Uma Shankar Kedia ...Respondent ... Mr.Simil Purohit i/b M/s.Purohit & Co. for the Petitioner. None for the Respondent. ... CORAM: D.K.Deshmukh DATED: 17th March, 2011 P.C.: 1. By this petition the Petitioner challenges the award made by the Arbitrator of the Bombay Stock Exchange. It appears that the Respondent who was the client of the Petitioner, who is the stock broker, claimed an amount of Rs.22,511.63 as due to him from the Petitioner. As the amount was not being paid, he made a complaint to the Grievances Cell. Before the Grievances Cell the Petitioner admitted that after adjustment of the amount due in relation to the transaction on the Bombay Stock Exchange and the Kambli 2 ARBP553.08 National Stock Exchange, an amount of Rs.1931/- is payable by the Petitioner to the Respondent. The Respondent was dissatisfied with this and therefore he made a reference on 5-4-2008. The Petitioner filed a reply to that and claimed that if the amounts due in relation to the transaction on Bombay Stock Exchange and National Stock Exchange are adjusted nothing is payable by the Petitioner to the Respondent. The Respondent thereafter filed a rejoinder pointing out that the Petitioner has admitted that an amount of Rs. 22,511.63 is due from the Petitioner to the Respondent as on 1-5-2008. The Petitioner did not file any reply disputing this claim made by the Respondent that as on 1-5-2008 the Petitioner has admitted that an amount of Rs.22,511.63 is payable by the Petitioner to the Respondent. The learned Arbitrator has, therefore, made an award on the basis of the admission contained in the letter dated 27-4-2008 from the Petitioner to the Respondent for payment of Rs.22511.63 with interest. Therefore on merits, in my opinion, no fault can be found with the award made by the learned Arbitrator for payment of the aforesaid amount. 2. The learned Counsel appearing for the Petitioner, however, submitted that the statement made in the letter dated 27-4-2008 was in relation to the transaction only on Bombay Stock Kambli 3 ARBP553.08 Exchange and did not refer to the amount due after adjustment. In my opinion, this was not the case of the Petitioner before the Arbitrator. Because had that been the case of the Petitioner before the Arbitrator, an affidavit would have been filed after the Respondent filed his rejoinder on 25-6-2008 and produced letter dated 27-4-2008. It appears that before the Arbitrator it was an admitted position that an amount of Rs.22,511.63 is payable by the Petitioner to the Respondent as on 1-5-2008. 3. The learned Counsel appearing for the Petitioner submitted that the claim of the Respondent is barred by the law of limitation. Because according to Bye-laws of the Bombay Stock Exchange the dispute is required to be filed within a period of six months from the date on which the dispute arose. 4. It is clear from the award of the Arbitrator that demand for the amount due was made by the Respondent from the Petitioner on 11-10-2006. However, as the Petitioner failed to pay the amount, a complaint was made to the Grievances Cell of the Bombay Stock Exchange on 22-6-2007. That complaint was disposed of on 7-12-2007. Therefore, reference to Arbitration was made on 5-4-2008. In my opinion, even if one ignores the admission Kambli 4 ARBP553.08 of liability contained in the letter dated 27-4-2008, which has been relied on by the learned Arbitrator for holding that the dispute is not barred by the law of limitation, in my opinion, if the period which was taken up by the Grievances Cell for disposing of the complaint is excluded, the complaint may not be barred. 5. In my opinion, thus, considering that the amount of claim is small and that there is a clear admission contained, it would be in the interest of justice to interfere with the award of the learned Arbitrator impugned in the petition. Petition is, therefore, rejected. (D.K.Deshmukh, J.)