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Judgment
THE complainant has filed this complaint in respect of some dispute with the opposite party regarding the transaction of some cheques.
OPPOSITE Party No. 1 is a Broker. The Complainant has prayed for compensation of Rs. 1,50,000/- from the opposite party on various grounds stated in the complaint. Both the parties are represented by their Advocates and it is disclosed before us that the complainant has filed Civil Suit No. 2061 of 1988 in the City Civil Court, Ahmedabad, regarding the said transaction.
The Executive Director and the President of the Stock Exchange are also parties to the present proceedings. During the course of hearing, it came to our notice that there is a provision for arbitration by the Stock Exchange and, by little pursuation, both the parties agreed that they will take the benefit of the arbitration provision through Stock Exchange which body knows the technicalities of the transaction and more competent to decide such nature of dispute.
A joint purshish has been filed by both the parties signed by the concerned party as also signed by their learned Advocates, stating that the Stock Exchange is ready and willing to take necessary action if this matter is referred through Court. We feel that it would be in the interest of the parties if the matter is settled by arbitration. Since the matter is pending before the City Civil Court, we cannot send the same to the Stock Exchange, directly. The parties will, therefore, apply to the said Court to send the dispute to the Stock Exchange so as to resolve the same through arbitration. We have noted the willingness of the parties. We hope that the matter, when referred for arbitration, would be disposed of within the period prescribed by the Rules. The Purshish be taken on record. In view of what is stated above, the complaint shall stand disposed of with no order as to costs. Order accordingly.