Spouses Held Jointly Liable for Trading Account Debt Under Bye-law 247A Due to Husband's Active Involvement

SC upheld arbitral tribunal's finding of joint and several liability between spouses for debit balance in wife's trading account. The husband's conduct and marital relationship established his involvement, making him liable as a party to arbitration. The adjustment of credit balance from husband's account to wife's account was deemed legal under Bye-law 247A, as joint liability permitted such transfers without requiring written authorization. HC's interference under Section 37 was improper as it reappreciated evidence rather than applying perversity test under Section 34. The arbitral award was reinstated, holding both spouses jointly liable for the debit balance. .....

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