2002 (1) TMI 1250

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..... on is to the circular issued by the SEBI Board dated 9-7-1999, the relevant portion of which reads thus : "The Stock Exchange should on receipt of the arbitration award, debit the amount of the arbitration award from the security deposit or any other monies of the member (against whom an award has been passed) and keep the amount in a separate account. Thereafter, a confirmation may be obtained .....

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..... rable from the concerned member and the Stock Exchange shall not be liable in this regard". The validity of the circular is assailed mainly on the ground that it is contrary to the provisions of section 36 of the Arbitration and Conciliation Act, 1996. Section 36 lays down that where time prescribed under section 34 to set aside the award has, expired and no application is made therefrom or if i .....

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..... roker and against the constituent. Therefore it is contended that the circular is violative of Article 14 of the Constitution. It is contended that in any event once award is set aside then the amount with accrued interest is liable to be refunded. The circular, however, provides only for refund of the principal amount. 2. In our opinion the challenge to the impugned circular is without any su .....

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