Hrim Finance And Securities Private Limited v. Gasesonline India Private Limited

1/6 Digitally signed by Gauri A.

Gaekwad Date:

2021.02.26 18:26:35 +0530 Gauri A.

Gaekwad

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.239 OF 2018 HRIM Finance and Securities Pvt. Ltd.

....Petitioner V/s.

Gasesonline India Private Limited ....Respondent ---- Mr. Karl Shroff a/w. Mr. Zain Mookhi, Ms. Sheetal Prakash and Ms. Palak Patel i/b. Mansukhlal Hiralal and Company for petitioner. Mr. Cherag Balsara a/w. Mr. Asadali Mazgonwala i/b. Kartikeya and Associates for respondent.

---- CORAM : K.R.SHRIRAM, J.

DATED : 26th FEBRUARY 2021 P.C. :

Parties have entered into consent minutes of order dated 26th February 2021. The consent minutes of order signed by the director of petitioner, authorised signatory of respondent and their respective advocates is taken on record and marked "X" for identification. The counsel for respondent states that the signatory Mr. Ghanshyam Sharma has been authorised by the Director Mr. Sharad Lohia to sign the consent minutes of order and within one week from today, they shall file a resolution ratifying the authority by the company authorising Mr. Ghanshyam Sharma to sign this consent minutes of order and copy thereof shall also be provided to petitioner's advocates. Statement accepted as undertaking to this Court by Mr. Ghanshyam Sharma on behalf of respondent.

2/6 For ease of reference, the consent minutes of order is scanned and reproduced hereinbelow :

3/6

4/6 Accordingly, the Award dated 19th September 2013, by consent, is quashed and set aside.

5/6 Order in terms of the consent minutes of order. The dispute between the parties is referred to arbitration before Mr. Gautam Ankhad, an Advocate practicing in this Court. Mr. Balsara and Mr. Shroff state that the parties will not raise objection of res judicata or principles analogous to res judicata and will participate in the arbitration proceedings as if the disputes were never referred to any arbitration. Mr. Shroff and Mr. Balsara state that parties have agreed to the appointment of Mr. Gautam Ankad as the Sole Arbitrator knowing the fact that Mr. Ashwin Ankad, father of Mr. Gautam Ankad, is on the Panel of Arbitrators of National Stock Exchange and the parties shall not raise this as an objection at any stage. Statement accepted as undertaking to this Court. The Arbitrator shall file his disclosures as required under Section 11 (8) read with Section 12 (1) of the Arbitration and Conciliation Act, 1996 directly with the parties.

The fees to be fixed by the Arbitrator, administrative expenses, typing charges and venue charges to be shared equally between the parties, i.e., 50% by petitioner and 50% by respondent and the same shall be subject to cost in the arbitral proceedings.

The procedure to be followed will also be decided by the Arbitrator as per the National Stock Exchange bye-laws and what is not prescribed under the National Stock Exchange bye-laws, the Arbitrator will apply the principle of natural justice and treat both the parties with equality.

6/6 I would hasten to add that the Court has not gone into the merits of the matter and all rights and contentions of the parties are kept open.

The National Stock Exchange to furnish copies of the trade log of respondent for the financial year 2011 and 2012 to the Arbitrator Mr. Gautam Ankad within three weeks of receiving a communication to that effect from the Arbitrator either directly or through any of the parties to the arbitration proceedings.

Petition accordingly stands disposed.

All to act on authenticated copy of this order. (K.R. SHRIRAM, J.)