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TMI Blog2002 (3) TMI 873X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent to appoint an umpire under bye-law No. 248(1) of the Bye-laws, rules and regulations of the Madras Stock Exchange on the failure of the respondent Nos. 3 and 4 to pass an award within the statutory time and pass an award at the earliest dispute that had arisen between the petitioner firm and the second respondent. 2. The petitioner firm is a member of the first respondent Stock Exchang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent on 8-7-1989 filed a counter statement disputing the claim of the petitioner. The arbitrators according to regulation No. 250 have to file the award within four months or within the extended period. On 6-9-1991 since the matter was pending for considerable time, the arbitrators decided to appoint an auditor to scrutinise the statements of accounts, books of Bhuvaneswari Co. and the sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that the respondents 3 and 4, who have been appointed as arbitrators have not passed award till date, even though the arbitrators were appointed as early as 5-5-1989. According to bye-law 248 of Madras Stock Exchange bye-laws, the council of management or the President shall appoint an umpire if from any cause the arbitrators appointed fail within the time (or extended time) prescribed in these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In spite of that no award has been passed by the arbitrators. In these circumstances, an umpire shall be appointed in accordance with bye-law No. 248(1) of the bye laws, rules and regulations of the Madras Stock Exchange. Hence the first respondent is directed to appoint an umpire within a period of two weeks from the date of receipt of copy of this order and the umpire shall pass award within ei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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