2006 (12) TMI 228

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.... 3. This appeal is directed against the order passed by the Division Bench of the Bombay High Court in Appeal No. 738 of 2004 on 2-12-2004 whereby the Division Bench of the High Court has, affirmed the order of learned Single Judge. Learned Single Judge in turn has affirmed the order of the Arbitral Tribunal whereby the Arbitral Tribunal has upheld the objection of the respondent that the claim raised by the appellant is barred by limitation as per Bye-laws of the National Stock Exchange of India Limited. 4. A claim was made by M/s. HCG Stock and Share Brokers Limited (hereinafter to be referred to as the "appellant") before the Arbitral Tribunal and it was contested by the present respondent on the ground of limitation. The Arbitral T....

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....owever, after some time the appellant became suspicious and lodged a complaint against the respondent with the Economic Offences Wing on 21-3-2003. The appellant submitted that the cause of action has arisen when it filed the complaint against the respondent with the Economic Offences Wing on 21-3-2003 and therefore, the claim was within time and the same is not barred by limitation. The respondent filed his reply and raised an objection that the claim is barred by time. Apart from other objections which have been raised by the respondent, the respondent raised the plea of limitation and submitted that the time prescribed for filing any complaint arising out of a dispute redressal of which can be sought from the panel of Arbitrators by Nati....

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....6-2-2001. This is more than evident from the contents of the letter dated 8-2-2001 in which it has been clearly mentioned as follows : "The above dues are pending for last one month and you have been already advised by our official from time to time to clear the outstanding dues at the earliest. We once again give an opportunity to you to clear the outstanding debit balance as per the statement of account (once again furnishing the statement of account with dues as on date for your ready reference) on or before 15-2-2001." That means on 8-2-2001 the appellant has already given notice that the outstanding amount of Rs. 49,79,388.17 was due to it towards the trade and transaction but that has not been paid and it should be paid by 15-2-....