Arbitration award set aside by high court in my favaur.
I entered into an agreement with a share broker on 1.1.2005 and became a client
of the broker (the respondent) who is a member of National Stock Exchange.
I was trading with the respondent till 3.2.2006. On 4.6.2006 the respondent
squared-off all the positions I had in my futures and even sold all collateral
security given in the form of Shares.
On 3.2.2006 I had position in futures for which margin requirement was
Rs. 18,00,000/-.But with cash and collteral security I had a balance of
Rs.12,00,000/-. Hence the net short fall was Rs.6,00,000/-.On 4.2.2006
since the market was going down the broker closed all my future positions and
sold all my collateral security with out my knowledge.
I preferred Arbitration. However, the arbitrator did not agree with my arguments
and passed an Award stating that the action of the broker(respondnet)
is correct and justifiable.
I preferred an appeal in High Court praying to pay Rs.12,00,000/- together
with 24% interest p.a. from 3.2.2006 till date of payment in full and
consequent benefit of dividents and bonus shares on the collateral
security held by me, and set aside the Award.
The court order is as follows. "The cout is of the view that the Award is
liable to be set asside and and accordingly, the petition is allowed
setting asside the award. However, there will be no order as to cost."
I have applied for certified copy of the judgement.Now I wish to know
1.Up to what time the respondent is entitled to go for appeal.
2.If the respondent preferred appeal the appeal should be at High Court
or Supreme Court.
3.What action should I should intitate and when should I intitate action.
4. If the respondent preferred appelal can I take some action to make
the respondent deposite the amount claied by me? If yes what action should I
5. Is there any action that can be taken up with SEBI or NSE authorities to
get the payment fast
6. Approximately,how much time will take from now to get the money,