Statutory byelaws brought into effect with the approval of SEBI under sec 9 of SCR Act 1956 prevail over the limitation Act 1963

Last updated: 28 April 2012

Court :
HIGH COURT OF DELHI

Brief :
The present petition under Section 34 of the Arbitration & Conciliation Act, 1996 (‘Act’) is directed against the Award dated 25th January 2006 passed by the learned Arbitrator (‘Respondent No.2’) holding that the claims of the Petitioner in respect of Rs.10,000 and Rs.1 lakh deposited in client’s account were barred by limitation as they were raised after the period of six months prescribed by the bye-laws of the National Stock Exchange (‘NSE’). It was further held that the Arbitral Tribunal set up under the bye-laws of the NSE lacked jurisdiction to deal with the claim of the Petitioner with regard to non-compliance of instructions given by him on 17th June 2005 for transfer of 4114 shares as it was an off-market transaction

Citation :
DEBJYOTI GUPTA..... Petitioner Through: None. Versus INDIABULLS SECURITIES LTD. & ANR. ..... Respondents Through: Ms. Pratibha M. Singh with Mr. Sudeep Chatterjee, Mr. Ashwin Kumar and Mr. Ashutosh Kumar,Advocates.