I want a PIL to call off Kotak mcx deal. As the parent company of Kotak bank, Kotak has commodity business in name of Kotak commodity. Now the clients of Kotak commodity are denied justice in mcx greviance and arbitration. So for public interest the deal must be called off.
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1. Please provide background details of your query as it lacks details.
2. No writ application lies against private Bank or private contracts/business transactions between two private entities can not be questioned in writ application.
3. Describe in details the nature of denial of justice as mentioned by you.
I have a Kotak commodity account where Kotak has traded in the account without order being placed by me. In arbitration procedure Kotak is given 3 extensions in time where I have to travel taking off from my job from bangalore to Chennai for greviance and arbitration hearings. Now the PIL will do help to clients like me where Kotak member told me over phone that we have bought mcx What they will do to us. As the Kotak bank has bought stake in mcx (FMC india regulated commodity exchange). The parent company of Kotak bank I.e Kotak ltd has Kotak commodity as listed member of mcx. Now the stake owner is indirectly a member also, which may lead to unethical business practice.
1) if kotak had traded in your account without your order you would not be liable
2) in case you have invoked arbitration clause in contract with kotak then arbitrator would decide the dispute .
3) kotak would have to prove that order was placed as per your instructions .
4) you need not remain present on all dates fixed for arbitration .
5) your lawyer would do the needful
6) you can claim costs incurred by you if you succeed before the arbitrator
7) you would not be denied justice in mcx grievance and arbitration if deal proceeds
PIL may be filed against SEBI to implement its regulations more strictly against Kotak.
But no PIL lie directly against Kotak as it is a private incorporated body which is not amenable to writ jurisdiction.
How much cost will incurred to file the PIL against SEBI / FMC.
cost of suit differs from lawyer to lawyer. It would be better of you approach the lawyer, you choose, personally.
legal fees vary . it can cost you around Rs 75000 to file PIL
1. If the clients have a contractual relationship with Kotak then the contractual obligations, depending on the nature of contractual relationship so created, can be enforced against Kotak. To do this you do not need to file a PIL.
2. If the arbitrator has not ruled in your favour then the award of arbitrator can be challenged before the court.
1. A PIL is not a pill for every ill. If Kotak had traded through your account without any order placed by you and you suffered loss as a consequence thereof then you should have sued Kotak for damages. It is not understandable how arbitration could be necessarily invoked when Kotak had acted without authority. Be that as it may, you can challenge the arbitration award in the court.
2. It seems to me that you had a better legal recourse than going for arbitration, but it has been waived by you.
3. You did not have to appear personally in the arbitration proceedings if you were represented by your lawyer.
4. The contractual obligations which have already come into existence are not wiped out due to the deal.
5. Do not rush into filing a PIL. You may have a better legal recourse available to you depending on the outcome of the arbitration proceedings, the right impaired and the consequent damage. Consult your lawyer.
The cost will be the fees of your lawyer which he alone can tell.
1.Engage a lawyer having expertise in the filed of filing PIL before the Aopex court,
2. Discuss with him on the grounds of seeking relief,
3. On being satisfied on the ground, file the said SLP.
1. yes, apparently you have a valid gorond,
2. File the SLP after discussing with your lawyer.
The cost for filing SLP varies from lawyer to lawyer.