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Nirmal Bang Securities Pvt. Ltd., v. Kalyanam Ravishankar

Madras HC5 Jun 2026Arb Appeal(MD)/55/2026

Case brief

AI extract

What is this about?

Arbitration appeal Section 37; Madras High Court Madurai Bench; Nirmal Bang Securities Private Limited; Kalyanam Ravishankar; unauthorised trading; setting-aside petition dismissed in Arb.O.P.No.46 of 2025 by Principal District Judge Thanjavur; Sole Arbitrator award NSE-SB-2024-09-565584; compromise recorded excluding Clause No.7; demand draft under Clause 6(3); appeal disposed of; no order as to costs; connected miscellaneous petitions closed.

What did the court decide?

Appeal disposed of on the recorded compromise terms (all terms other than Clause No.7); no order as to costs; connected miscellaneous petitions C.M.P.(MD)Nos.6818 and 6819 of 2026 closed ¶28

Nirmal Bang Securities Pvt. Ltd., Vs Kalyanam Ravishankar — Arbitration | Madras HC (2026)

What the court decided

AI extract

Outcome

Appeal disposed of on the recorded compromise terms (all terms other than Clause No.7); no order as to costs; connected miscellaneous petitions C.M.P.(MD)Nos.6818 and 6819 of 2026 closed

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Issue for consideration

Section 37 appeal by the appellant against the Principal District Judge, Thanjavur's dismissal of the petition to set aside the arbitral award arising from the respondent's report of unauthorised trading +1 more

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Ratio / Principle

The Court recorded the compromise with respect to all the terms other than Clause No.7; the terms of compromise form part of the order; the appeal stands disposed of accordingly, with no order as to costs and the connected miscellaneous petitions closed.

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Key takeaways

The respondent was agreeable to all the clauses of the proposed compromise other than Clause No.7 and confirmed receipt of the demand draft under Clause 6(3), on which basis the compromise was recorded.ratio¶26

Detailed headnote1 paragraphs

Arb Appeal (MD)No.55 of 2026, Madurai Bench of Madras High Court, V.Lakshminarayanan J., decided 05.06.2026. Filed under Section 37(1)(2) of the Arbitration and Conciliation Act, 1996, the appeal by Nirmal Bang Securities Private Limited lay against the fair and decreetal order dated 13.03.2026 of the learned Principal District Judge, Thanjavur in Arb.O.P.No.46 of 2025, which confirmed the Sole Arbitrator's award in Arbitration Case No.NSE-SB-2024-09-565584 (dated 13.12.2024 per the prayer; the body of the judgment records the award against the appellant on 11.01.2025), arising from the respondent Kalyanam Ravishankar's report of unauthorised trading at the instance of the appellant. The respondent agreed to all compromise clauses other than Clause No.7, stood by his statement that the trading carried on by the appellant was unauthorised, and confirmed receipt of the demand draft under Clause 6(3). The Court recorded the compromise on all terms other than Clause No.7, made the terms of compromise part of its order, disposed of the appeal, made no order as to costs and closed C.M.P.(MD)Nos.6818 and 6819 of 2026. Order copy was noted for issue on 09.06.2026, with communication to the Principal District Judge, Thanjavur.

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Arb Appeal (MD)No.55 of 2026

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BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

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DATED: 05.06.2026

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CORAM

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THE HONOURABLE MR.JUSTICE V.LAKSHMINARAYANAN

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Arb Appeal (MD)No.55 of 2026 and C.M.P.(MD)Nos.6818 and 6819 of 2026

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Nirmal Bang Securities Private Limited, Having its Registered Office Address at 101-701, B Wing, 4^th Floor, Khandelwal House, Poddar Road, Malad (East), Mumbai, Maharashtra, 400 097, Represented by its Authorised Signatory, Mr.S.Arul Sevan, S/o.V.Subbareddy, Office at AV Global House, N.No.10, 2^nd Floor, G.N.Chetty Road, Chennai – 17. ... Appellant

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vs.

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Mr.Kalyanam Ravishankar Plot No.32, Thanga Vilas Nagar, Srinagar Colony, Kumbakonam, Tamil Nadu 612 001, PAN : ATBPS9584R ... Respondent

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PRAYER: Arbitration Petition filed under Section 37(1)(2) of the Arbitration and Conciliation Act, 1996, to call for the entire records pertaining to the fair and decreetal order made in Arb.O.P.No.46 of 2025, dated 13.03.2026 by the learned Principal District Judge, Thanjavur, confirming the Arbitral award passed by the Sole Arbitrator in Arbitration Case No.NSE-SB-2024-09-565584, dated 13.12.2024 and and set aside the same by allowing this appeal.

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https://www.mhc.tn.gov.in/judis

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Arb Appeal (MD)No.55 of 2026

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For Appellant : Mr.Kandarp Trivedi For Mr.R.L.Dhilipan Pandian

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For Respondent : Mr.K.Kaviarasan

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JUDGMENT

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Heard Mr.Kandarp Trivedi for Mr.R.L.Dhilipan Pandian appearing for the appellant and Mr.K.Kaviarasan for the respondent.

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Today, when the matter was taken up, Mr.S.Arul Sevan, the authorised representative of the appellant, was present, and Mr.Kalyanam Ravishankar appeared in person.

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I heard the parties and their respective counsel.

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The arbitration proceedings had been initiated on account of

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the fact that the respondent had reported certain unauthorised trading at the instance of the appellant. It resulted in an award against the appellant on 11.01.2025. The petition to set aside the award came to be dismissed by the learned Principal District Judge, Thanjavur, on 13.03.2026. Aggrieved by the same, the present appeal has been filed invoking Section 37 of the Arbitration and Conciliation Act, 1996.

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https://www.mhc.tn.gov.in/judis

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Arb Appeal (MD)No.55 of 2026

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Insofar as the terms of the compromise are concerned,

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Mr.Kalyanam Ravishankar is agreeable to all the clauses other than Clause No.7. He stands by his statement that the trading carried on by the appellant was unauthorised. However, he wants to put an end to the agony of the litigation, by entering into the terms of compromise. He agrees that he has received the demand draft in terms of Clause 6(3).

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Hence, the compromise is recorded with respect to all the

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terms other than Clause No.7. The appeal stands disposed of accordingly. The terms of compromise shall form a part of this order. There shall be no order as to costs. Consequently, the connected miscellaneous petitions are closed.

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05.06.2026 Index :Yes / No Internet :Yes / No NCC :Yes / No Nsr Note: Issue Order Copy on 09.06.2026. To:

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The Principal District Judge, Thanjavur.

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https://www.mhc.tn.gov.in/judis

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Arb Appeal (MD)No.55 of 2026

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V.LAKSHMINARAYANAN, J.