Indiabulls trading account closure form
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Since common issues of fact and law indiabulls trading account closure form in both the proceedings and respondents in the two petitions are husband and wife, the said two petitions with consent of parties are being disposed of by a common order.
Virmani, learned senior counsel for petitioner submitted that the arbitral tribunals had failed to appreciate that the claims filed by the respondents were barred by limitation. In this connection, Mr. The relevant portion of the said Chapter reads as under: In support of his submission, Mr.
Gaggar Suresh reported in 2 SCC wherein it had been held as under:. Virmani further submitted that the arbitral tribunals had not found the petitioner responsible for any breach of contract. He stated that Mr.
The indiabulls trading account closure form undated letters indiabulls trading account closure form by the respondents which according to Mr. Virmani had been written in October, are reproduced hereinbelow: A Authorization letter issued by respondents in favour of their agent Mr. Authorization I hereby authorize Mr. Debjyoti Gupta which is affixed herewith and as also his signatures indiabulls trading account closure form below For all purposes of operations of my account with you, the above account shall be termed as Group Account.
That I hereby authorise you to sell shares standing in my account and to transfer the proceeds of the sale of such shares to the abovementioned accounts to set off outstanding debit amounts in their respective accounts. That I have given the above authority to Orbis Securities Private Limited with my free consent and without any pressure, threat or coercion from any corner whatsoever.
That in future I shall not make any claim from Orbis Securities Private Limited in any manner whatsoever of any amount adjusted from the credit in my account to set off the outstanding debit amounts in the abovementioned accounts and I further state that if anybody on my behalf claims the above said adjusted amount, the said act shall be null and void and shall be ineffective from all corners. That this is my true irrevocable statement and shall remain binding on me. That I hereby undertake to intimate you from time to time of any additions of the Constituents to the said Group Account for the purpose of either allowing them to trade on my behalf or for the purpose adjustment of balance inter se.
The relevant portion of the undated Memorandum of Understanding between the respondents and their agent is also reproduced hereinbelow:.
Virmani further pointed out that Mr. Debjyoti Gupta was an agent of the respondents and if the respondents were aggrieved by any action of their agent, they should take action against him. Virmani relied upon Sections and of Indian Contract Act which read as under: Virmani lastly submitted that the concept of apportionment was unknown to law. He submitted that the concept of contributory negligence could not be applied to a contractual matter.
On the other hand, Mr. He submitted that the claims were within limitation as the time taken to administratively resolve the claims had to be excluded under Chapter XI of the National Stock Exchange of India bye laws. In this connection, he drew my attention to the correspondence exchanged between the respondents and National Stock Exchange and in particular to the letter dated 30th March, issued by the National Stock Exchange wherein the it had been specifically stated that as the National Stock Exchange could not resolve the grievances administratively with the trading member, respondents may, if they so desire take recourse to arbitration.
The relevant portion of the said letter dated 30th March, is reproduced hereinebelow: Abhijeet, also drew my attention to the findings of the arbitral tribunals wherein they had pointed out specific breaches on the part of the petitioner. Abhijeet referred to one of the transaction statement of one of the respondents which reads as under:. Abhijeet further stated that none of the transaction statements had been placed by indiabulls trading account closure form petitioner before the arbitral tribunals.
Abhijeet referred to the finding of the arbitral tribunal in the award dated 26th August, which reads as under: Virmani stated that in one of the arbitral awards dated 26th August,the arbitral tribunal had not even dealt with the petitioner's submissions with regard to limitation. He further stated that as soon as the respondents had requested for change of password, the said change had been carried out by the petitioner. He further pointed out that it was only on 04th May, that the petitioner's received a letter from the respondents requesting them not to allow Mr.
Debjyoti Gupta to carry out any transaction on their behalf. Debjyoti Gupta to carry out indiabulls trading account closure form transaction in the petitioner's account. The respondents' letter dated 15th March, received by the petitioner on 04th May, is reproduced hereinbelow:. Virmani also referred to letter dated 31st March, written by Debjyoti Gupta to the petitioner wherein he had indiabulls trading account closure form in writing that he had received all the contract notices and transaction summary for all transactions done till 31st March, Having heard the parties at length and having perused the impugned awards, I am of the view that it would be appropriate to first outline the circumstances in which a Court can interfere in arbitration awards passed under the Act, Sharma and Company, New Delhi reported in 13 SCC 80 after referring to a catena of cases has held that an arbitration award is open to interference by a court under Section 34 2 of indiabulls trading account closure form Act, if it is either contrary to a statutory provision or contractual provision or is opposed to public policy or justice and morality.
As far as the issue of limitation is concerned, I am of the view that immediately on coming to know of misuse of their shares, the respondents had taken steps to administratively resolve the matter. In fact, from the findings arrived at by the Arbitrators, it is apparent that respondents first came to know in the month of May, of alleged embezzlement of their shares. I am also of the view that the six months period of limitation can only be counted from the date when the respondents became first aware that transactions had taken place in their account and not from the date when the actual transactions as alleged are stated to have taken place.
I also find that the arbitral tribunal in the award dated 30 th September, has given reasons for rejecting petitioner's plea with regard to limitation.
The reasoning of the arbitral tribunal as contained in the award dated 30th September, reads as under:. It is pertinent to mention that the said disputes had been administratively raised by the respondents immediately on coming to know of alleged embezzlement of their shares. There is nothing on the arbitral record to show that respondents had knowledge prior to May, of the transactions that had been taken place.
I am further of the view that petitioner's argument that arbitral tribunals had not found the petitioner liable for breach of contract is not correct. In both the awards, the arbitral tribunals have given categorical findings as to why indiabulls trading account closure form how the petitioner herein and respondent before the arbitral tribunals had breached the contract and its obligations as a Share Broking House.
For instance, in the award dated 30th September,arbitrators have concluded as under:. The carelessness, negligence or purposeful disregard of this important information on the part of ISL including their DSA cannot be but viewed extremely seriously. While the latter letter is clearly in reply to NSE's letter dated The anomaly in these two letters is noteworthy.
Debjyoti Gupta is undated. This does reflect well on the Respondent and their risk management policies and measures for protection of the interest of their client and all concerned. The investigation was undertaken apparently in the light of the Complaint made by the Applicant by letter dated However, as stated by the Respondent in their submissions to the arbitrators, Mr.
Debjyoti Gupta, DSA, was stopped from introducing any client from In the other Award indiabulls trading account closure form 26th August,the arbitral tribunal has clearly highlighted indiabulls trading account closure form following breaches on the part of the petitioner herein, who indiabulls trading account closure form the indiabulls trading account closure form before the arbitral tribunal:.
In fact, the petitioner by permitting its Direct Sales Agent, Mr. Debjyoti Gupta to be respondent's agent has, to my mind, breached its duty as a Share Broking House. Moreover, existence of two undated authorisation letters, one in favour of the agent and the other in favour of the petitioner is a contradiction in terms. Clauses indiabulls trading account closure form indemnity in petitioner's favour in the two undated authorisation letters and MOU, as pointed by the arbitral tribunal also arouse suspicion.
In fact, both the arbitral tribunals have arrived at the conclusion that respondents' agent was not entitled to the password of the respondents and that the said document had landed up with the respondents' agent only on account of breach of obligations by the petitioner. Also the admitted position is that without the password the agent could not have traded with the shares of the respondents or transacted any business. In any event, both the arbitral tribunals have taken a view on facts and law which cannot certainly be said to indiabulls trading account closure form implausible and consequently, I find indiabulls trading account closure form ground to interfere in Section 34 proceedings.
But as before me the said apportionment of award has not been challenged by the respondents and in fact the learned counsel for respondents had made a categorical statement that he does not wish indiabulls trading account closure form challenge the apportionment of the award due to old age of the respondents, I do not deem it appropriate to interfere with the impugned awards to that extent.
Accordingly, the present objection petitions and pending applications being devoid of merits are dismissed but with no orders as to costs. Cites 7 docs - [ View All ]. Try out our Premium Member services: Free for one month and pay only if you like it.
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