9911796707
TMI Blog2021 (2) TMI 1278X X X X Extracts X X X X X X X X Extracts X X X X ..... the order dated 25th October, 2020 is appealable under Section 37 of the Arbitration and Conciliation Act. This Court is of the clear view that the order dated 25 th October, 2020 is enforceable as an order of this Court under Section 17(2) of the Arbitration and Conciliation Act. This Court is satisfied that immediate orders are necessary to protect the rights of the petitioner till the pronouncement of the reserved order. In that view of the matter, the respondents are directed to maintain status quo as on today at 04.50 P.M. till the pronouncement of the reserved order. The respondents are directed to file an affidavit to place on record the actions taken by them after 25th October, 2020 and the present status of all those actions, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Darius Khambata, Senior Advocates with Mr. Somasekhar Sundaresan, Mr. Ameet Naik, Mr. Raghav Shankar, Mr. Aditya Mehta, Mr. Tushar Hathiramani, Mr. Abhishek Kale, Ms. Madhu Gadodia, Mr. Harshvardhan Jha and Ms. Arshiya Sharda, Advocates, Mr. Rohan Shah and Mr. Nakul Mohta, Advocates O R D E R 1. All the parties have concluded their arguments. Order reserved. 2. Learned senior counsels for the petitioner submits that the respondents have deliberately and wilfully violated and are continuing further with the violation of the order dated 25th October, 2020 of the Emergency Arbitrator and immediate interim order be passed to protect the petitioner s rights till the pronouncement of the reserved order. It is further submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. The petitioner initiated the arbitration proceedings on 05th October, 2020 on the basis of the arbitration agreement contained in Clause 25.2.1 of the Shareholders Agreement dated 22nd August, 2019 which provides for reference and resolution of disputes by arbitration according to the Rules of Singapore International Arbitration Centre. Singapore International Arbitration Centre appointed Mr.V.K. Rajah as the Emergency Arbitrator on 05th October, 2020. On 09th October, 2020, the learned Arbitrator enquired from the respondents whether they were willing to maintain status quo till the adjudication of the application. However, upon failure of the respondents to give any assurance, the learned Emergency Arbitrator proceeded with the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shares held in FRL by the Promoters in any manner without the prior written consent of the Claimant; (d) the Respondents are injuncted from issuing securities of FRL or obtaining/securing any financing, directly or indirectly, from any Restricted Person that will be in any manner contrary to Section 13.3.1 of the FCPL SHA; (e) the orders in (a) to (d) above are to take effect immediately and will remain in place until further order from the Tribunal, when constituted; and (f) the Claimant is to prove within 7 days from the date hereof a cross-undertaking in damages to the Respondents. If the parties are unable to agree on its terms they are to refer their differences to me qua EA for resolution; and (g) the costs of this Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 P.M. till the pronouncement of the reserved order. The respondents are directed to file an affidavit to place on record the actions taken by them after 25th October, 2020 and the present status of all those actions, within 10 days. All the concerned authorities are directed to maintain status quo with respect to all matters in violation of the order dated 25th October, 2020 and shall file the status report with respect to the present status within 10 days of the receipt of this order. The other prayers of the petitioner shall be considered in the reserved order. 10. Copy of this order be given dasti under signatures of the Court Master to counsels for the parties. Copy of this order be also given dasti under signatures of the Court Mas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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