Order u/s 34 of arbitration and conciliation act.
I had got an award for Rupees 350000.00 on28.11.2009 on a dispute related to derivative segment of share trading. The broker filled application under section 33 against it. I also filled application u/s 33 for additional award. The award finally remained same for Rupees 350000.00 by an award dated 25.12.2009.
The award debtor broker filled application u/s 34 for reconsideration after set aside of the order dated 25.12.2009. 12 days before the order the broker filled for rectification. It prayed reconsideration of the award dated 28.11.2009 after set aside of it. It said the previous prayer in terms of the award dated 25.12.2009 was wrong.
The Hon'ble court passed the application. The Hon'ble court set aside the award dated 28.11.2009 for violation of evidence and sent it to the Learned arbitrator of the award to reconsider it for elimination of grounds of setting aside.
The broker wrote a letter to me directing me to fill up forms for appointment of new arbitrator since the existing arbitrator refused to reconsider it due to his want of time. I refused the proposal. The broker filled application before the court for a new arbitrator. Till this I represented at the arbitration and at the court myself. Here my lawyer argued that there is no scope to appoint new arbitrator at this stage. The Hon'ble court rejected the broker's plea of a new arbitrator.
The arbitrator said in the award that the broker did not made any evidence in favour of their stand. The dispute was that the broker demanded Rupees 400000.00 by Draft. It made several telephone calls in the morning till 10am and demanded Draft within 1 hour. The broker sold out my positions with the help of this plea for which I had suffered the loss.The previous night SMS for margin call was for Rupees 150000 which I was ready to pay by cheque. The broker denied any such demand of huge amount by draft. The Arbitrator demanded voice record which the broker avoided to submit in favour of their stand. The arbitrator demanded demanded evidence of cheque and bank statement. I showed cheque but my bank statement showed balance Rupees 50000.00 only while I had a cash to deposit for passing the cheque. The Learned arbitrator made the award in my favour.
The broker suppressed the voice record issues while filled section 34. The Hon'ble court made the non implementable order and refused a new arbitrator.
My question is that does the exchange claim set aside of my award 28.11.2009 and the award dated 25.12.2009 with the help of this order? The exchange claimed set aside and paid my award back to the broker.