M.R.Krishnan And 2 Others v. Topsgrup Security Limited

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 30/7/2020 C O R A M THE HON'BLE MR.JUSTICE N.SATHISH KUMAR

1. M.R.Krishnan

2. M.R.Narayanan

3. M.R.Subramonian ...

Applicants in both the petitions Vs Topsgrups Security Limited Mumbai.

...

Respondent in both the petitions Applications filed under XIV Rule 8 of Original Side Rules, 1956 r/w. Section 9 of the Arbitration and Conciliation (Amendment) Act, 2015.

For applicants ...

Mr.C.H.Vinay Datha For respondent ...

No appearance - - - - - -

C O M M O N O R D E R These applications have been filed to grant an order of injunction restraining the respondent from invoking the pledge in respect of the Pledged Shares.

2. Today, when the matters are taken up for hearing, learned counsel appearing for the applicants submitted that he has filed a Memo of Compliance, dated 20th July 2020, to show that he has deposited a sum of Rs.4,02,00,000/- (Rupees Four Crores and Two lakhs only) in a National Bank, viz., State Bank of India, as ordered by this Court, on 13/3/2020.

3. Even though name of the respondent is printed in the cause list, there is no representation on behalf of the respondent. In such a view of the matter, interim injunction granted by this Court, on 13/3/2020, is made absolute. It is made clear that applicants shall take steps to initiate arbitration proceedings within a period of three months, from the date of receipt of a copy of this order. Failure to take any

steps, matters may be referred to the Arbitration within a period of three months. Interim injunction already granted by this Court stands vacated, without any reference to this Court.

4. Accordingly, O.A.Nos.163 and 164 of 2020 are closed. 30/7/2020 mvs.

N.SATHISH KUMAR,J mvs.

30/7/2020