Rekha Palli,J. - (1.) This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") preferred by Airgate Holdings Ltd., which is a majority shareholder in the respondent no. 3 company, seeking the following reliefs: (a) Suspension of the majority Put Option purportedly exercised by the Respondent No. 1 and Respondent No. 2 vide two notices dated 15 November 2020. (b) Stay of the Put Option notice(s) dated 15 November 2020 issued by the Respondent No. 1 and Respondent No. 2. (c) For costs; and (d) For such further and other reliefs as this Hon'ble Court may deem fit and necessary in the facts and circumstances of the present case
(2.) Primarily, the petitioner is aggrieved by the two put option notices issued by respondent nos. 1 and 2 on 15.11.2020, which require the petitioner to purchase 19.98% shares of the respondent no. 3 company presently held by the said respondents, for a consideration of INR 67,67,85,037.
(3.) Even though no formal notice was issued in the petition, with the consent of the parties, the matter was taken up for final disposal on the basis of the petitioner's pleadings and the documents filed by both sides.;