Bombay High Court Quashes ₹4.93 Cr Arbitral Award Against Anand Rathi
The Hon'ble High Court of Judicature at Bombay has quashed and set aside an arbitral award dated January 6, 2022, which had directed Shah Atul P. HUF to pay Anand Rathi Share and Stock Brokers Ltd ₹4,93,54,947.40 plus interest. The dispute involved trading transactions in castor seed contracts on the NCDEX platform during September-October 2019. The High Court ruled that the arbitral tribunal improperly sat in appeal over an appellate tribunal's order, violating judicial discipline and the fundamental policy of Indian law. The judgment does not impose any monetary liability on Anand Rathi and has no adverse financial impact. The company is evaluating legal remedies, including potential fresh arbitration proceedings.
Key Highlights
- Bombay High Court quashed ₹4.93 Cr arbitral award against a client.
- Award was related to castor seed trading transactions on NCDEX.
- Court cited violation of judicial hierarchy and fundamental policy of law.
- No monetary liability or financial impact on Anand Rathi.
- Company evaluating legal remedies, including fresh arbitration.
Price Impact
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