Hemant Gupta, J. - (1.) CM No. 25052 -CII of 2010
(2.) EXEMPTION is allowed as prayed for. CM No. 25053 -CII of 2010 Petitioner herein invoked the jurisdiction of this Court under Section 11 (4) of Arbitration and Conciliation Act 1996 for appointment of an Arbitrator in respect of the disputes arising out of an Agreement dated 10.9.1993 (Annexure P -2).
(3.) VIDE the aforesaid Agreement, petitioner entered into a Financial Collaboration Agreement with the respondent for starting Multi Oilseed Processing Unit in the State of Punjab. The petitioner invested an amount of Rs. 173 lacs in the equity capital of the Company. Respondent No. 1 had the option to purchase the equity shareholding of Rs. 173 lacs of the petitioner corporation in the Company within a period of 5 years from the date of commencement of commercial production at a price to be determined in terms of the Agreement. The Company started commercial production on 4.12.1997. Therefore, in terms of the Agreement, the petitioner sought that the Respondent is to purchase equity shareholding of the petitioner. Since, the dispute arose in respect of purchase of equity shareholding of the petitioner, the petitioner appointed Shri Rakesh Khurana, AGM, PAIC as its Arbitrator in terms of Clause 35 of the said Agreement which is reproduced below: 35. All differences and disputes between the parties hereto on any clause or matter herein contained or their respective rights, claims or liabilities hereunder or otherwise, howsoever, in relation to or arising out of this agreement, shall be referred to arbitration by two Arbitrators (one to be appointed by each party) who shall, before proceeding with the reference, appoint an Umpire and such Arbitration shall be governed by the Indian Arbitration Act, 1940 or any modification or re -enactment thereof for the time being in force.;