C.S.Sivanandan (Constituent) v. M/S.Karvy Stock Broking Ltd.
Case brief
What is this about?
The High Court dismissed an application under Section 34 of the Arbitration Act and a writ petition against SEBI, closing both pending without adjudication on merits. It held that since the internal appellate arbitration mechanism was not exhausted, rights and contentions were preserved for the Appellate Arbitral Tribunal.
What did the court decide?
Original petition and writ petition disposed of as closed preserving rights to approach Appellate Arbitral Tribunal and seeking action from SEBI.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 21.09.2020 CORAM: THE HONOURABLE Mr.JUSTICE M.SUNDAR OP.No.594 of 2009 and WP.No.234 of 2014
OP.No.594 of 2009
Mr.C.S.Sivanandan (Constituent), Old No.11, New No.4, South Mada Street, Flat No.1-A Srinagar Colony, Saidapet, Chennai-600 015. ... Petitioner - Vs - 1. M/s.Karvy Stock Broking Ltd (Trading Member), F3, Adyar Business Court, Old No.25, New No.51, Gandhi Nagar, 1st Main Road, Adyar, Chennai-60 020. 2. Mr.Justice S.Jagadeesan (Retired) C/o.National Stock Exchange of India Ltd., 2nd Floor, Ispahani Centre, No.123-124, Nungambakkam High Road, Chennai-600 034.
... Respondents ... Petitioner - Vs -
WP.No.234 of 2014 Mr.C.S.Sivanandan (Constituent), Old No.11, New No.4, South Mada Street, Flat No.1-A Srinagar Colony, Saidapet, Chennai-600 015.
- Securities and Exchange Board of India (SEBI) Rep.by its Chairman, Plot No.C4-A, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051.
- The Regional Manager, Securities and Exchange Board of India (SEBI), “Overseas Towers”, 7th Floor, 756-L Anna Salai, Chennai-600 002.
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Issues for consideration
2 issues framed by the court
Whether the arbitrator could exercise jurisdiction under Section 34 of the Arbitration and Conciliation Act when the petitioner had not exhausted the internal appellate arbitration mechanism provided
Whether the High Court should decide the merits of the writ petition challenging the SEBI order regarding the investigation complaint while pending arbitral proceedings.
Parties & counsel
- petitioner
Mr. C.S. Sivanandan
- respondent
M/s. Karvy Stock Broking Ltd (Trading Member)
- respondent
Mr. Justice S. Jagadeesan (Retired)
- respondent
Securities and Exchange Board of India
Coram
Case details
As recorded by the court registry
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