Prescribed arbitration format under depository bye-laws required fresh filing before arbitration could be initiated.

The dispute was held to be referable to arbitration under the depository bye-laws, but the appellant's earlier request was not submitted in the prescribed format required by the bye-laws. The proper course was to file a fresh claim in the prescribed format under clause 22.6.1.1, after which the concerned respondent was to commence arbitration and decide the matter in accordance with law, with an opportunity of hearing, within the time fixed by the order. The operative effect was that arbitration could proceed only upon compliance with the prescribed procedural format.

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Issues: Whether the appellant was entitled to a direction for initiation of arbitration under the depository bye-laws notwithstanding that the earlier request was not filed in the prescribed format.

Analysis: The dispute was referable to arbitration under bye-law 22.6, but the request made by the appellant was not in the prescribed format contemplated by the bye-laws. The appropriate course was therefore to require the appellant to submit a fresh claim in the prescribed format under clause 22.6.1.1. Upon such filing, the concerned respondent was to commence arbitration and decide the matter in accordance with law after granting an opportunity of hearing within the time fixed by the order.

Conclusion: The appellant was directed to file a fresh claim in the prescribed format, and arbitration was to be initiated if such claim was made.

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