{"id":215480,"date":"2009-06-25T00:00:00","date_gmt":"2009-06-24T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/networth-stock-broking-ltd-vs-b-lakshmi-narayana-on-25-june-2009"},"modified":"2016-05-10T07:07:15","modified_gmt":"2016-05-10T01:37:15","slug":"networth-stock-broking-ltd-vs-b-lakshmi-narayana-on-25-june-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/networth-stock-broking-ltd-vs-b-lakshmi-narayana-on-25-june-2009","title":{"rendered":"Networth Stock Broking Ltd vs B. Lakshmi Narayana on 25 June, 2009"},"content":{"rendered":"<div class=\"docsource_main\">Bombay High Court<\/div>\n<div class=\"doc_title\">Networth Stock Broking Ltd vs B. Lakshmi Narayana on 25 June, 2009<\/div>\n<div class=\"doc_bench\">Bench: Anoop V.Mohta<\/div>\n<pre>                                             1\n\n    skt\/-\n\n\n\n              IN THE HIGH COURT OF JUDICATURE AT BOMBAY\n\n\n\n\n                                                                                  \n                  ORDINARY ORIGINAL CIVIL JURISDICTION\n\n\n\n\n                                                          \n                   ARBITRATION PETITION NO. 284 OF 2009\n\n    Networth Stock Broking Ltd.                                    ...Petitioner.\n\n\n\n\n                                                         \n                 Vs.\n    B. Lakshmi Narayana                                            ...Respondent.\n\n\n\n\n                                                \n    Mr. Dipen Merchant with Mr. Dilip Rai i\/by Aruna Singh for the \n    Petitioner.              \n    None for the Respondent.\n                            \n                               CORAM :- ANOOP V. MOHTA, J.\n<\/pre>\n<p>                               DATED  :- 25TH JUNE, 2009.\n<\/p>\n<p>    JUDGMENT :-\n<\/p>\n<p>    1.        None appeared for the respondent.   An Affidavit of service is <\/p>\n<p>    taken on record. There is an agreement which provides an arbitration <\/p>\n<p>    clause. Based upon Clause 23 of a Member-Client Agreement and as <\/p>\n<p>    agreed, the Court in Mumbai has jurisdiction to decide the dispute or <\/p>\n<p>    conflict   arising   out   of   the   agreement.     The   agreement   deals   with <\/p>\n<p>    buying   and\/or  selling  and  dealing  in   securities  and  trading  on   the <\/p>\n<p>    National Stock Exchange. The business was done accordingly.   The <\/p>\n<p>    amount as claimed is due and payable by the respondents.  Therefore <\/p>\n<p>    the petitioner has filed the present petition under Section 9 of the <\/p>\n<p><span class=\"hidden_text\">                                                          ::: Downloaded on &#8211; 09\/06\/2013 14:42:58 :::<\/span><br \/>\n<span class=\"hidden_text\">                                               2<\/span><\/p>\n<p>    Arbitration and Conciliation Act, 1996 somewhere in February\/March <\/p>\n<p>    2009 before this Court at Mumbai.\n<\/p>\n<p>    2.    The   relevant   Clause   23   of   Client-Member   Agreement   is <\/p>\n<p>    reproduced as under :\n<\/p>\n<blockquote><p>                 &#8220;23.   The member and the constituent declare and<br \/>\n                 agree   that   the   transactions   executed   on   the<br \/>\n                 Exchange   are   subject   to   Rules,   Bye-laws   and<br \/>\n                 Regulations and circulars issued there under of the <\/p>\n<p>                 respective   Exchange   shall   be   deemed   to   be   and<br \/>\n                 shall take effect as wholly made, entered into and  <\/p>\n<p>                 to   be   performed   in   the   city   of   Mumbai   and  the<br \/>\n                 parties   to   such   trade   shall   be   deemed   to   have<br \/>\n                 submitted   to   the   jurisdiction   of   the   Courts   in  <\/p>\n<p>                 Mumbai for purpose of giving effect to the Rules,<br \/>\n                 Byelaws, and Regulations of the relevant exchange<br \/>\n                 segments and also with regards to any claims or<br \/>\n                 matters arising under the terms and conditions set  <\/p>\n<p>                 out in this agreement.&#8221;\n<\/p><\/blockquote>\n<p>    Strikingly, the Agreement between the parties has been approved by <\/p>\n<p>    the SEBI.\n<\/p>\n<p>    3.    The   Apex   Court   in  Rajasthan   State   Electricity   Board   V\/s.\n<\/p>\n<p>    Universal Petrol Chemicals Ltd. (2009) 3 Supreme Court Cases 107  <\/p>\n<p>    has reiterated in following words about agreed territorial jurisdiction :\n<\/p>\n<blockquote><p>            &#8221; Para No. 27 :\n<\/p><\/blockquote>\n<blockquote><p>                    The aforesaid legal proposition settled by this Court<br \/>\n            in   respect   of   territorial   jurisdiction   and   applicability   of<br \/>\n            Section   20   of   the   Code   to   the   Arbitration   Act   is   clear,<br \/>\n            unambiguous and explicit. The said position is binding on<br \/>\n            both   the   parties   who   were   contesting   the   present<br \/>\n            proceeding.     Both   the   parties   with   their   open   eyes <\/p>\n<p><span class=\"hidden_text\">                                                            ::: Downloaded on &#8211; 09\/06\/2013 14:42:58 :::<\/span><br \/>\n<span class=\"hidden_text\">                                      3<\/span><\/p>\n<p>     entered   into   the   aforesaid   purchase   order   and<br \/>\n     agreements thereon which categorically provide that all<br \/>\n     disputes   arising   between   the   parties   out   of   the <\/p>\n<p>     agreements   would   be   adjudicated   upon   and   decided<br \/>\n     through the process of arbitration and that no court other <\/p>\n<p>     than   the   court   at   Jaipur   shall   have   jurisdiction   to<br \/>\n     entertain   to   try   the   same.     In   both   the   agreements   in<br \/>\n     Clause 30 of the general conditions of the contract it was<br \/>\n     specifically   mentioned   that   the   contract   shall   for   all <\/p>\n<p>     purposes be construed according to the laws of India and<br \/>\n     subject to jurisdiction only at Jaipur in Rajasthan Courts<br \/>\n     only   and   in   addition   in   one   of  the   purchase   order   the<br \/>\n     expression used was that the court at Jaipur only would <\/p>\n<p>     have jurisdiction to entertain or try the same.\n<\/p><\/blockquote>\n<p>     Paragraph No. 32 :\n<\/p>\n<p>           We may also at this stage appropriately refer to the <\/p>\n<p>     definition   of   the   word   &#8220;court&#8221;   as   appearing   in   Section<br \/>\n     2(c) of the Act wherein the expression &#8220;court&#8221; is defined<br \/>\n     to mean :\n<\/p>\n<p>            &#8220;a   civil   court   having   jurisdiction   to   decide   the<br \/>\n     questions forming the subject matter of the reference if <\/p>\n<p>     the   same   had   been   the   subject-matter   of   the   suit,   but<br \/>\n     does   not,   except   for   the   purpose   of   arbitration<br \/>\n     proceedings   under   Section   21   include   a   Small   Cause<br \/>\n     Court.&#8221;\n<\/p>\n<p>     Paragraph No. 35 :\n<\/p>\n<p>     &#8221;     The parties have clearly stipulated and agreed that <\/p>\n<p>     no  other  Court,  but only the Court  at  Jaipur will have<br \/>\n     jurisdiction to try and decide the proceedings arising out<br \/>\n     of the said agreements, and therefore, it is the civil court<br \/>\n     at Jaipur which would alone have jurisdiction to try and<br \/>\n     decide   such   issue   and   that   is   the   Court   which   is<br \/>\n     competent to entertain such proceedings.  The said Court<br \/>\n     being competent to entertain such proceeding, the said<br \/>\n     Court   at   Jaipur  alone   would  have   jurisdiction   over  the<br \/>\n     arbitration   proceedings   and   all   subsequent   applications<br \/>\n     arising out of the reference.  The arbitration proceedings <\/p>\n<p><span class=\"hidden_text\">                                                   ::: Downloaded on &#8211; 09\/06\/2013 14:42:58 :::<\/span><br \/>\n<span class=\"hidden_text\">                                              4<\/span><\/p>\n<p>             have to be made at Jaipur Court and in no other Court.&#8221;\n<\/p>\n<p>    3.    The petitioner&#8217;s basic  claim is described in the petitioner.   The <\/p>\n<p>    sole   Arbitrator   has   passed   an   Award   on   19th  November   2008   at <\/p>\n<p>    Chennai.     There   is   nothing   to   show   that   the   respondent   has <\/p>\n<p>    challenged the Award.\n<\/p>\n<p>    4.        In   view   of   this,   the   averments   remained   unchallenged <\/p>\n<p>    including the findings given by the Arbitral Tribunal.\n<\/p>\n<p>    5.<\/p>\n<p>          It is settled that while granting any protection or measure, in <\/p>\n<p>    such proceeding under the Act, the Court needs to consider Order 38 <\/p>\n<p>    Rule 5, Order 39 Rule 1 and 2 and Section 14 and 41 of the Specific <\/p>\n<p>    Relief Act, 1963.   In Arbitration Petition (Lodging) No. 324 of 2009 <\/p>\n<p>    dated 2nd May 2009 in Vijay Agarwal V\/s. Lehman Brothers Advisors <\/p>\n<p>    Pvt. Ltd., I have already taken such view relying upon Adhunik Steels  <\/p>\n<p>    Ltd.   V\/s.   Orissa   Manganese   and   Minerals   (P)   Ltd.in   (2007)   7  <\/p>\n<p>    S.C.C. 125) the Apex Court observed  are as under :\n<\/p>\n<blockquote><p>                 &#8220;It is true that Section 9 of the Act speaks of the Court<br \/>\n                 by   way   of   an   interim   measure   passing   an   order   for<br \/>\n                 protection, for the preservation, interim custody or sale<br \/>\n                 of   any   goods,   which   are   the   subject-matter   of   the<br \/>\n                 arbitration   agreement   and   such   interim   measure   of<br \/>\n                 protection  as  may appear to the  court to  be just and<br \/>\n                 convenient.&#8221;\n<\/p><\/blockquote>\n<blockquote><p>                 &#8220;Moreover, when a party is given a right to approach an<br \/>\n                 ordinary   court   of   the   country   without   providing   a  <\/p>\n<p><span class=\"hidden_text\">                                                           ::: Downloaded on &#8211; 09\/06\/2013 14:42:58 :::<\/span><br \/>\n<span class=\"hidden_text\">                                                 5<\/span><\/p>\n<p>                  special procedure or a special set of rules in that behalf,<br \/>\n                  the ordinary rules followed by that court would govern<br \/>\n                  the   exercise   of   power   conferred   by   the   Act.     On   that  <\/p>\n<p>                  basis also, it is not possible to keep out the concept of<br \/>\n                  balance   of   convenience,   prima   facie   case,   irreparable  <\/p>\n<p>                  injury   and   the   concept   of   just   and   convenient   while<br \/>\n                  passing interim measures under Section 9 of the Act.&#8221;\n<\/p><\/blockquote>\n<p>    4.     Having observed above, and as a  prima facie  case is made out <\/p>\n<p>    and   it   is   just   and   convenient   to   grant   the   prayer   of   securing   the <\/p>\n<p>    amount of Award, I am inclined to grant the following order :\n<\/p>\n<blockquote><p>            (a) &#8220;The   respondent   is   directed   to   furnish\/secure   the<br \/>\n            amount as awarded from the date of receipt of the Order<br \/>\n            within eight weeks.\n<\/p><\/blockquote>\n<blockquote><p>            (b) The liberty is granted to the respondent to move for<br \/>\n            settlement, if any.\n<\/p><\/blockquote>\n<blockquote><p>            (c) The parties are also at liberty to raise their respective <\/p>\n<p>            pleas\/defence before the arbitral tribunal, if any.\n<\/p><\/blockquote>\n<p>    6.     Having observed above, there is nothing survive in this petition.\n<\/p>\n<p>    The petition is accordingly allowed to the above extent with liberty.\n<\/p>\n<p>    No order as to cost.\n<\/p>\n<p>                                                        (ANOOP V. MOHTA, J.)<\/p>\n<p><span class=\"hidden_text\">                                                               ::: Downloaded on &#8211; 09\/06\/2013 14:42:58 :::<\/span>\n <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bombay High Court Networth Stock Broking Ltd vs B. Lakshmi Narayana on 25 June, 2009 Bench: Anoop V.Mohta 1 skt\/- IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 284 OF 2009 Networth Stock Broking Ltd. &#8230;Petitioner. Vs. B. Lakshmi Narayana &#8230;Respondent. Mr. Dipen Merchant with Mr. Dilip Rai [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,8],"tags":[],"class_list":["post-215480","post","type-post","status-publish","format-standard","hentry","category-bombay-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Networth Stock Broking Ltd vs B. 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