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C) Pursuant to the directions issued by the petitioner from time to time, respondent carried out various transactions through the trading account and respondent was maintaining a statement of account of all the transactions. In respect of the transactions carried out by the petitioner, respondent issued electronic contract notes, which were duly forwarded on the petitioner's email ID.

D) Respondent forwarded the statement of account for a sum of Rs.2,30,776.51/- to the petitioner and demanded the payment of the amount due in terms of the said statement in respect of the transactions carried out from 01.04.2010 to 14.03.2012 but petitioner failed to pay the outstanding amount.

20. Petitioner has not denied the opening of the trading account. He has, in fact, admitted that he used to do trading on MCX platform through the respondent. He has mentioned that he used to deposit the margin money through cheque. The award was passed by the Arbitrator on the basis of the statement of account, wherein, the transactions carried out by the petitioner were duly reflected. The Arbitrator took note of the fact that electronic contract notes were forwarded to the petitioner. The electronic contract notes were sent at the registered email of the petitioner. The Arbitrator took into account that the statement of account was duly dispatched to the petitioner. At no point of time, petitioner lodged any complaint about the trade transactions reported on his email. Respondent was maintaining a running account of the petitioner wherein the transactions done by him were duly reflected. The payments received from the petitioner were also reflected in the said account. Taking note of all these facts, the Arbitrator passed the award. The provisions of arbitration and conciliation have been put in place to expedite the process of adjudication specially in commercial matters. The Arbitrator award can not be set-aside merely because one of the parties did not participate in the arbitration proceedings even through, every effort was done to ensure its presence. In case, the arbitration award is set-aside merely because it was passed ex-parte, it would amount to rewarding a party, who managed to remain absent during the arbitration proceedings. That could not be the intention of the legislature in enacting the Act.