Settlement
Ramaprasad
(Querist) 02 February 2014
This query is : Resolved
I had filed for arbitration against a stock broker for unauthorised trades. The award allowed about 50% of my claim. The broker filed an application u/s 34 of the Arbitration Act in the city civil court to set aside the award and claimed the remaining amount also. During the proceedings, it came to light that the broker had knowingly given false information to the arbitrator, which resulted in only 50% of my claim being allowed. I filed an IA to bring on record the fraud.
Now the broker has come forward for a settlement and informed the court accordingly. What precautions should I take during the settlement negotiations? Would be grateful for a reply.
Rama Prasad
Isaac Gabriel
(Expert) 02 February 2014
File cross appeal in the court for the full claim.
Advocate. Arunagiri
(Expert) 02 February 2014
On what grounds the arbitrator awarded only 50% of your claim?
What is the current status of the s.34 petition? Any stay granted?
ajay sethi
(Expert) 02 February 2014
take full amount on filing consent terms in court .
Advocate Bhartesh goyal
(Expert) 02 February 2014
Award passed by Arbitrator is always in final nature,No appeal lies against such award However if you have any grievance, an objection u/s 34 of Arbitration and Conciliation Act 1996 can be filed against the award if limitation allows to you.
Rajendra K Goyal
(Expert) 02 February 2014
If the broker has come forward for settlement, briefly get the terms and after discussion with your lawyer finalize the settlement.
Ramaprasad
(Querist) 02 February 2014
Many thanks to all the experts.
T. Kalaiselvan, Advocate
(Expert) 05 February 2014
If the broker has agreed to pay the balance amount also, accept it or you may go for cross apppeal claiming the balance of 50 % amount too as admitted by the broker himself.
Ramaprasad
(Querist) 05 February 2014
Thanks to all experts! Since the broker had sworn to a false statement with a view to get a favourable judgement, and got such a judgement also as a result of the fraud, is he liable to be proceeded against for perjury or any other criminal provisions?
