• PIL to call off Kotak MCX deal

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.
Asked 1 year ago in Business Law from bangalore, Karnataka
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.
Devajyoti Barman
Advocate, Kolkata
5189 Answers
54 Consultations
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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
Ajay Sethi
Advocate, Mumbai
23206 Answers
1218 Consultations
5.0 on 5.0
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.
Devajyoti Barman
Advocate, Kolkata
5189 Answers
54 Consultations
4.9 on 5.0
cost of suit differs from lawyer to lawyer. It would be better of you approach the lawyer, you choose, personally.
Devajyoti Barman
Advocate, Kolkata
5189 Answers
54 Consultations
4.9 on 5.0
legal fees vary . it can cost you around Rs 75000 to file PIL
Ajay Sethi
Advocate, Mumbai
23206 Answers
1218 Consultations
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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.
Ashish Davessar
Advocate, Jaipur
18088 Answers
448 Consultations
5.0 on 5.0
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.
Ashish Davessar
Advocate, Jaipur
18088 Answers
448 Consultations
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The cost will be the fees of your lawyer which he alone can tell.
Ashish Davessar
Advocate, Jaipur
18088 Answers
448 Consultations
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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.
Krishna Kishore Ganguly
Advocate, Kolkata
12104 Answers
230 Consultations
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1. yes, apparently you have a valid gorond,

2. File the SLP after discussing with your lawyer.
Krishna Kishore Ganguly
Advocate, Kolkata
12104 Answers
230 Consultations
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The cost for filing SLP varies from lawyer to lawyer.
Krishna Kishore Ganguly
Advocate, Kolkata
12104 Answers
230 Consultations
5.0 on 5.0

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