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Showing contexts for: Intraday in Religare Securities vs . Sanjay Kumar Gupta & Ors. on 2 May, 2011Matching Fragments
because of the negligence of the respondent. So far as the claim of damages is concerned, the claimant was awarded the damages of Rs. 1,55,760/ by the Ld. Arbitrator which was the difference between the price of the shares and the lower price on which it was sold and the arbitrator has further awarded an interest of 12 % interest per annum on the awarded amount till the date of the payment.
The petitioner has challenged the award of the arbitrator on the ground that the award of the Ld. Arbitrator is bad in the eyes of law. It is further contended by the petitioner that respondent no. 1 had himself opted for Intraday Trading on 04.01.2008 and as per the standard procedure respondent no.1 was required to close out his intraday pending positions by 3 p.m on the trade date itself which he failed to do so without any reason. It was further stated that the Ld. Arbitrator has failed to appreciate that there was no merit in the allegation of the respondent no. 1 that he could not square off his intraday pending positions because of technical problems at about 2:30 in view of the fact that the applicant herein had provided the proof of contract notes from which it is evident that at about 2:30 p.m. Respondent no.1 had successfully done other trades. It is further stated that the respondent no.1 was aware of his pending intraday position on 04.01.2008 itself and the same is evident from the fact that the respondent no.1 was provided contract notes on his email id and it was further claimed that the respondent no.1 being an internet enabled client was provided the facility to view all his account details online and the respondent no.1 himself had admitted that he had checked his account online and came to know about nil exposure in his account thus, the respondent no.1 was aware about his pending intraday positions. It was further claimed by the petitioner that the respondent no. 1 had the knowledge of status of his pending intraday positions but he himself continued to speculate on his pending positions and his pending positions which were continued into delivery were sold on 07012008, 09012008 and 11012008 as per his Contd....Page..1....... of 4 Religare Securities Vs. Sanjay Kumar Gupta & Ors.