1999 (12) TMI 783

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....sel for the petitioners submits that Chapter V of the Capital Market Trading Regulations of the National Stock Exchange provides a period of limitation of three months for referring disputes to arbitration. According to the petitioners, the cause of action to the respondents accrued against the petitioners on 23-7-1996 whereas the dispute has been referred to arbitration on 20-12-1998. It is clearly beyond the period of three months. The learned council submits that the Arbitrator has totally misconstrued and mis-appreciated the Bye-laws of the respondent No. 2 to hold that the claim is not barred by limitation. The learned counsel appearing for the respondents, on the other hands, submits that though the cause of action did arise on 23-9-1....

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....inconsistency. Regulation No. 5 reads as under : "5. Arbitration-In case of any claim, complaint, dispute or difference between Trading Members or between Trading Member and Constituent related to trading on NSE Capital Market segment, the party/parties thereto shall resolve such claim, complaint, dispute or difference only by arbitration as per the procedure prescribed in this Chapter within 3 months of the date when it arose. The party/parties shall not have recourse to any other legal avenues except and to the extent specifically stated herein. The procedure prescribed herein is subject to the Bye-laws of the Exchange to the extent not provided herein and in case of any inconsistency the Bye-laws shall prevail." The respondent No. ....