MUMBAI : The Madras Excessive Court docket on Friday upheld an arbitration award handed in favour of Gaja Trustee Firm Pvt. Ltd by the Singapore Worldwide Arbitration Centre (SIAC) towards SEPC Ltd (previously Shriram EPC Ltd).
Gaja Trustee is a trustee of Gaja Capital India Fund-I, a Sebi-registered enterprise capital fund.
The excessive courtroom has allowed enforcement of arbitration award value ₹195 crore plus curiosity at 7.24% each year from July 2017.
A bench led by Senthilkumar Ramamoorthy mentioned, “The respondents failed to determine any floor on which the popularity of the International Award ought to be refused.”
The bench additional added,” Consequently, topic to the requirement of acquiring RBI approval earlier than initiating additional proceedings for enforcement, the International Award is acknowledged and held to be enforceable as a decree of this courtroom.”
As per the order, Gaja Trustee started the arbitration proceedings towards Shriram EPC arising out of a share buy settlement (SPA) of 2015.
Underneath the SPA, Shriram EPC was required to buy sure choice shares of Haldia Coke and Chemical compounds held by Gaja for ₹200 crore, within the method set out within the SPA.
In 2017, Shriram EPC didn’t adjust to the obligations, having paid only one tranche of ₹5 crore.
Gaja then initiated arbitration proceedings towards the corporate, claiming damages.
After the award was handed by SIAC in favour of Gaja in 2021, Shriram EPC moved the Excessive Court docket of Singapore for setting apart the arbitral award.
On July 6, 2021, the Singapore Excessive Court docket directed that the set-aside utility be transferred to the Singapore Worldwide Business Court docket.
Obtain The Mint Information App to get Day by day Market Updates & Reside Enterprise Information.
Extra
Much less
Supply: Live Mint