Nimish Chandulal Shah vs Central Depository Services India Ltd

ik-38118668 Bombay High Court 23 December 2025 • 53 min read

Judges (1)

Sandeep V. Marne Delivered

Counsel (13)

RHP Partners Firm Trilegal Firm Ananya Sinha Counsel Respondent Janani Sivaraman Counsel Petitioner Kaazvin Kapadia Counsel Respondent Kandarp Trivedi Counsel Petitioner Karl Tamboly Counsel Petitioner Parinaz Bharucha Counsel Petitioner Ravinchandra Hegde Counsel Petitioner Reehan Ajmerwalla Counsel Petitioner Rohan Kadam Counsel Respondent Shourya Bari Counsel Respondent Varuna Bhanrale Counsel Respondent

Parties (2)

Central Depository Services (India) Ltd Respondent Nimish Chandulal Shah Petitioner

Case Significance

Nimish Chandulal Shah vs Central Depository Services India Ltd is a Bombay High Court decision dated December 23, 2025 (citation: ik-38118668). Petitioners, trading members who had Demat accounts with depository participant Anugrah Stock and Broking Pvt. Ltd., challenged an arbitral award that rejected their claim for restoration of securities worth Rs.34.72 crores misappropriated by Anugrah. The court found the arbitral tribunal had rejected the claim on a baseless forum shopping objection raised by CDSL without adjudicating the merits, rendering the award indefensible and liable to be set aside under Section 34 of the Arbitration A The case was heard by Justice Sandeep V. Marne.

Summary

Petitioners, trading members who had Demat accounts with depository participant Anugrah Stock and Broking Pvt. Ltd., challenged an arbitral award that rejected their claim for restoration of securities worth Rs.34.72 crores misappropriated by Anugrah. The court found the arbitral tribunal had rejected the claim on a baseless forum shopping objection raised by CDSL without adjudicating the merits, rendering the award indefensible and liable to be set aside under Section 34 of the Arbitration Act. The petition was allowed, the award was set aside, and CDSL was directed to pay Rs.3 lakhs in costs for raising irresponsible accusations.

What was the outcome of Nimish Chandulal Shah vs Central Depository Services India Ltd?

Petitioners, trading members who had Demat accounts with depository participant Anugrah Stock and Broking Pvt. Ltd., challenged an arbitral award that rejected their claim for restoration of securitie...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-38118668)