https://www.taxtmi.com/caselaws?id=783286 A Bombay HC decision upheld an arbitral award finding that a broker also acted as depository participant when client securities were moved from the investor's account and pledged through a misuse of power of attorney. The court held that this was a plausible factual finding within the depository framework, and the resulting statutory indemnity liability was not shown to be perverse or patently illegal. It also rejected the argument that the tribunal had decided the dispute on equitable principles, holding that the award was grounded in statutory liability and negligence findings rather than ex aequo et bono reasoning. No ground for interference under Section 34 was made out. en-us Mon, 01 Dec 2025 00:00:00 +0530 Sat, 13 Dec 2025 08:28:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783286 A Bombay HC decision upheld an arbitral award finding that a broker also acted as depository participant when client securities were moved from the investor's account and pledged through a misuse of power of attorney. The court held that this was a plausible factual finding within the depository framework, and the resulting statutory indemnity liability was not shown to be perverse or patently illegal. It also rejected the argument that the tribunal had decided the dispute on equitable principles, holding that the award was grounded in statutory liability and negligence findings rather than ex aequo et bono reasoning. No ground for interference under Section 34 was made out. Case-Laws SEBI Mon, 01 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783286