This conduct of the Applicant in returning the shares before the Settlement being arrived at adversely affects the case of the Applicant as to why would the Applicant return the shares, a valuable security, when the shares were treated as collateral securities and they had a claim against the Respondents for Rs.84,58,688.20 Ps. This conduct of the Applicant therefore creates a doubt in our mind as to what was the real intention of the parties which regard to the transaction between the Applicant and the Respondent why would the Applicant forego a claim of Rs.60,58,688.20 Ps. returned the shares and only claimed a sum of Rs.24,00,000/- from the Respondent. This arrangement as recorded in the Settlement and the return of 30000 shares of Cosmic Films on 20.2.2008, without a settlement being arrived at creates a doubt in the mind of the Arbitral Tribunal with regard to the nature of the transactions and what in fact was the arrangement between the Applicant and the Respondent. This situation, therefore, makes us question the conduct of the Applicant as to whether the Applicant is justified to claim the amount and in the absence of any reasonable explanation from the Applicant with regards to settlement and return of shares despite the settlement not having materialized, we are of the opinion that the Applicant is not able to justify his claim
