IN RE: AMRL INTERNATIONAL TECH CITY LIMITED Vs. STATE

JUDGEMENT

(1.) THIS is an application filed under regulation 44 of the Company Law Board Regulations, 1991 ("the Regulations") read with Section 8 of the Arbitration and Conciliation Act, 1996 ("the Act, 1996) seeking directions against the respondent/petitioner to refer the action brought under Sections 397 & 398 of the Companies Act, 1956 ("the Act") before the Company Law Board, being the subject matter of the agreements entered into between the parties to arbitration, in support of which Shri R. Venkatavaradan, learned Counsel, submitted:

(2.) SHRI T.K. Seshadri, learned Senior Counsel, while opposing the application to refer the parties for arbitration submitted:

(3.) I have considered the arguments of learned Counsel for the parties. The short issue before me is whether the present action brought before the CLB under Sections 397 & 398 be referred to arbitration, in the facts of the present case and in the light of the relevant provisions of the Act, 1996 and the Regulations, 1991.