In the High Court of Punjab and Haryana at Chandigarh C.W.P.No.6919 of 2008 Date of Decision:12-05-2008 Gautam Jindal ---Petitioner vs. Union of India and others ---Respondents Coram: HON'BLE MR. JUSTICE M.M.KUMAR HON'BLE MRS. JUSTICE SABINA Present: Mr. K.S.Behgal, Advocate, for the petitioner M.M.KUMAR, J. The instant petition is directed against order dated 8.11.2007 (Annexure P-6) debarring the petitioner from acting as a client with any of the sub-brokers of Ludhiana Stock Exchange Securities Limited (for brevity 'the LSE Securities Limited'). The petitioner has also been penalised not to be admitted as a member in future and would not be allowed to visit Ludhiana Stock Exchnage premises and also any person dealing with him or allowing him to use the Trading Terminal of LSE Securities Limited would be doing at his/her own risk and such person is to be responsible for the consequences. It has further been decided that action in accordance with law is to be taken against that person by the LSE Securities Limited. The aforementioned order has been challenged before us under Article 226 of the Constitution. However, Bye Laws of LSE Securities C.W.P.No.6919 of 2008 -2- Limited (Annexure P-7) have been framed with the prior approval of the Securities Exchange Board of India. According to Chapter XVII of the Bye Laws of LSE Securities Limited, arbitration of disputes have been provided and the dispute between non-member and a member is covered by bye law 271 of that Chapter. The aforementioned Chapter also deals with constitution of arbitration panel and a number of other things including that the ordinarily the arbitral award should be made within a period of three months from the date of entering upon the reference In view of the fact that the arbitration specifically has been provided for such disputes raised vide impugned order, we are of the considered view that the remedy of the petitioner would be to invoke the arbitration in accordance with the provisions of Chapter XVII of the Bye Laws of the LSE Securities Limited. In view of the above, the writ petition is disposed of with liberty to the petitioner to go for arbitration and raise dispute in accordance the provisions of Chapter XVII of the Bye Laws of the LSE Securities Limited. Any other application including the one for interim relief may be filed by the petitioner before the Arbitrator. (M.M.KUMAR) JUDGE (SABINA) JUDGE May 12, 2008 paramjit