KAMAL KHOSLA Vs. VIDYA SAGAR SAREEN

JUDGEMENT

(1.) The present petition has been filed by the petitioners under Section 11(6)(a) of the Arbitration and Conciliation Act, 1996 seeking appointment of Arbitrator calling upon the respondents to adjudicate the disputes in terms of Clause 14.8 of Share Purchase Agreement dated 14.12.2018 (hereinafter referred as 'the Agreement').

(2.) According to petitioner, respondents No. 1 and 2 jointly approached the petitioners to purchase their entire shareholding being 41.12% in respondent No.3 i.e. Tratec Engineers Private Limited, for mutually agreed consideration of Rs. 6,16,62,485/-. On 14.12.2018, the Agreement was executed, according to which respondents No.1 and 2 promised to buy 41.12% shareholding of respondent No.3 which was held by petitioners.

(3.) Respondent No. 1 (through its associated ventures) purchased 2% of shareholding by paying a sum of Rs. 30,00,000/- on 14.12.2018.