PACIFFIC SPIRITS PVT. LTD. Vs. MINUS30 PRIVATE LTD.

JUDGEMENT

(1.) Petitioner, by this petition under Sec. 9 of the Arbitration and Conciliation Act 1996 (hereinafter referred to as the Act), seeks a restraint on the respondent from acting contrary to the shareholders agreement dtd. 1/3/2019, inter-alia by inducting any new investor or shareholder without first issuing or allotting shares to the petitioner.

(2.) Learned counsel for the petitioner submits that the respondents have committed a breach of the shareholder agreement and acted contrary to the obligations undertaken by them as per the shareholder agreement.

(3.) This is disputed by the learned counsel for the respondent. She, however, under instructions submits that as of now there is no move by the said respondent for inducting any fresh investor or shareholder, though they are within their rights to do so.