Online trading reliance securities
This appeal arises out of an order passed by the Addl. District Judge Delhi in Suit No. Appellant company provides both online trading internet trading as well online trading reliance securities off line trading to its clients as per the terms and conditions of their client member agreement.
Vivek Sharma was one of their clients. As per client agreement dated As per the statement of case put forth by respondent No. It is stated online trading reliance securities the system of appellant co.
It is case online trading reliance securities the respondent No. It is pointed out that there were instances where his instructions were not complied for hours together in the name of deficiencies in systems and its execution. The arbitration proceedings were online trading reliance securities out in Delhi by the sole arbitrator wherein the appellant company also participated throughout the proceedings. After conclusion of hearings of both the sides ld.
Arbitrator passed an award in question as referred to supra. Feeling aggrieved by this award appellant company has preferred these objections in hand.
Detail reply was filed on behalf of respondent No. Taking note of various pronouncements as referred to in the impugned order namely MCD Vs. District Judge that the online trading reliance securities of review under Section 34 of the Arbitration Act is limited and not that of an Appellate Court.
The Court is not required to re-appreciate and re-examine finding online trading reliance securities the fact led and found by the Ld. It has been observed by Ld. District Judge that nothing impermissible in accordance with the provisions contained under Section 34 2 of the Act can be a ground for challenging the arbitral award.
Arbitrator before passing the final award. District Judge online trading reliance securities observed that:. Before this Court also the appellant has again tried to reiterate all the submissions which were made in their objections to the award.
The attempt is contrary to the provisions contained under Section 34 2 of the Act in question inasmuch it is not online trading reliance securities dispute between the parties; any of the parties to the arbitration agreement was under some incapacity; the arbitration agreement was not valid; the party making the application was not given proper notice of the appointment of an arbitrator or that the arbitral award was not dealing with a dispute not contemplated by or not falling within the terms of the submission to arbitration.
Admittedly the appellant themselves is a stock broker. They are having online facility which enables their member-client to directly interact with them. There is no evidence on record that compliance of the directions of the respondent could not be done by them on account of say failure of system of the respondent.
In fact in view of the Circular of SEBI it was for the appellant to keep a system which would have an adequate system capacity for handling data transfer and to arrange for alternative means of communication in case of internet failure. The reasons given by the appellant regarding loss caused to the respondent on account of non-execution of order due to link failure with the bank, non-execution of the order by the exchange despite issuance of a transaction number of SEBI, non-execution of the order due to shut-down of the server because of the technical problem have already been taken into consideration by the arbitrator.
No further benefit can be granted to the appellant. I have heard the submissions made on behalf of the parties and I have also undergone the written submissions filed by the appellant. I find no reason to differ with the view taken by the Addl.
District Judge in the peculiar facts of this case as I am unable to convince myself as to how system failure would be covered by Public Policy of India even though specific directions are given to the relevant authorities to keep the operational and system requirements intact.
The appeal is thus dismissed with no orders as to costs. Interim order passed by this Court on CM stands disposed of. This is an application for vacation of the interim order dated Try out our Premium Member services: Free for one month and pay only if you like it.
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