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TMI Blog2015 (3) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... g the arbitration clause is in conformity with the settled law. I, thus, find no infirmity with the impugned circular. The writ petition is, accordingly dismissed. - Decided against the appellant. - W.P. (C) NO. 1531 OF 2014 - - - Dated:- 16-10-2014 - VIBHU BAKHRU, J. For The Petitioner : Ashok Kriplani For The Respondent : Neeraj Malhotra, Prithu Garg, Virat K. Anand and Ms. Rajamany K. JUDGMENT VIBHU BAKHRU, J 1. The petitioner impugns the circular No. PR No. 03/2011 dated 06.01.2011 issued by the respondent (SEBI). 2. The grievance of the petitioner is that the impugned circular (PR No. 03/2011) modifies the period of limitation for invoking the arbitration from six months to three years. 3. According to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggrieved by the same, the petitioner preferred an appeal under Section 37 of the Arbitration and Conciliation Act, 1996 before the Single Judge of this Court which was also rejected by an order dated 04.10.2013. 5. In view of the above, the award made by the Arbitrator in respect of disputes between petitioner and IIL have attained finality. It is also relevant to note that the petitioner had specifically challenged the arbitral award on the ground that it was beyond the period of limitation of six months and the subsequent amendment increasing the limitation period to three years could not be given a retrospective effect. The petitioner s contention was rejected by the Additional District Judge in the following words:- 5. Given the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies Limited: 2009 (112) DRJ 512, a Single Judge of this Court had held that Byelaws of the National Stock Exchange of India (NSE) prescribing a limitation period of six months for making a reference of disputes/claims to arbitration were void as the relevant byelaw restricting the period of limitation would run contrary to the provisions of Section 28 of the Indian Contract Act, 1972. 9. In this view, the impugned circular issued by SEBI which advises the recognised stock exchanges to make amendments in their relevant byelaws, rules and regulations only ensures that the period for invoking the arbitration clause is in conformity with the settled law. I, thus, find no infirmity with the impugned circular. The writ petition is, accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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