KATRA HOLDINGS LIMITED Vs. CORSAIR INVESTMENTS LLC
HIGH COURT OF BOMBAY
Katra Holdings Limited
Corsair Investments Llc
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K.R.SHRIRAM, J. -
(1.) Petitioner has approached this Court challenging a Final Award dated 11th September 2015 by which Petitioner's claims against respondents were dismissed. The claims against Respondent Nos. 1 and 2 were dismissed as not having been established and against Respondent Nos. 3 to 6 were dismissed on the ground that the said Respondents were not parties to the Arbitration Agreement.
I Background And Brief Facts :
(2.) The dispute is in respect of equity shares in Tamil Nadu Mercantile Bank Limited ("TMB"). The counsel for Petitioner submitted that he is challenging the Award only under Section 34(2)(ii)(b) of the Arbitration and Conciliation Act, 1996 that the Award is against Public Policy.
(3.) This relates to a dispute resolution provision of an amended and Restated Escrow and Transaction Settlement Agreement dated 12th May 2007 between Petitioner and Respondent Nos. 1 and 2. The Escrow Agreement is one of a number of documents that relate to a complex series of transactions involving shares of TMB, a commercial bank based in southern India (collectively, the "Transaction"). The Transaction began with an Agreement for Assignment dated March 2, 2006, pursuant to which one Mr. M.G. M.Maran, on behalf of himself and Mr. B. Ramachandra Adityan, assigned the rights they had acquired to 95,418 TMB shares (33.6% of the issues and paid-up equity shares) that previously were owned by what is referred to as the "Sterling Group" of Indian investors under an earlier Sale Agreement. Messrs. Maran and Adityan assigned their rights to Katra India (defined to include "its parent, associates, affiliates, legal heirs, assignees, nominees, administrators, receivers and successors") and agreed to attempt to obtain and assign an additional 17% of TMB's shares to Katra India ( for a total of 50.6 %).;
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