AC Chokshi Share Broker Private Limited vs Jatin Pratap Desai 2025 INSC 174- Ss 16,34,37 Arbitration Act - BSE Bylaws

Arbitration and Conciliation Act -Section 16,34 - When the jurisdictional issue has not been raised in accordance with Section 16, it is deemed that the objecting party has waived his right, in terms of Section 4, to raise the same at a later stage. Such objection cannot be raised for the first time when the party is challenging the award under Section 34. (Para 21)

Arbitration and Conciliation Act -Section 34,37 -The limited supervisory role of courts while reviewing an arbitral award is stipulated in Section 34 of the Act, beyond whose grounds courts cannot intervene and cannot correct errors in the arbitral award.26 The appellate jurisdiction under Section 37 is also limited, as it is constrained by the grounds specified in Section 34 and the court cannot undertake an independent assessment of the merits of the award by reappreciating evidence or interfering with a reasonable interpretation of contractual terms by the arbitral tribunal.27 The court under Section 37 must only determine whether the Section 34 court has exercised its jurisdiction properly and rightly, without exceeding its scope. (Para 22)

Arbitration and Conciliation Act - Bombay Stock Exchange Bye- laws, 1957 -Bye-law 248(a) provides for arbitration between members and non-members of the BSE- An oral contract undertaking joint and several liability falls within the scope of the arbitration clause. (Para 2)