The Courts dealing with Sections 34 or 37 proceedings under the 1996 Act have no power to modify the Award | Supreme Court exercises Extra Ordinary Jurisdiction under Article 142 – Sharda Kapur Vs. Angel Broking Ltd. – Supreme Court
A claim petition was filed by the appellant before the sole arbitrator appointed as per the bye laws of NSE for restoration of securities held by the appellant which were allegedly illegally sold by Angel Broking Ltd. and the loss incurred was of Rs.21,70,143/-.
Hon’ble Supreme Court held that as far as legal position is concerned at it stands today, the Courts dealing with Sections 34 or 37 proceedings under the 1996 Act have no power to modify the Award.
Hon’ble Court considering the present age (87 yrs) of the appellant, has exercised Extra Ordinary Jurisdiction under Article 142 of the Constitution of India and directed Angel Broking Ltd. to pay simple interest at the rate of 12% per annum on the amount of Rs.21,70,143/- from the date of the Award of the Appellate Arbitral Tribunal.
