(1.) THE petitioners have filed the present objections/appeal under Section 34 (2) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") for setting aside the award dated 15th April, 2010 published by the sole arbitrator on the grounds mainly that it is violative of law and against public policy.
(2.) THE petitioner No.1 is a resident of Patna. He had 50% of the paid up capital of Maty Pharmaceuticals Ltd. The petitioner 2 is a company registered under the Companies Act, having its registered office at New Delhi. Respondents No.1 and 2 were the shareholders of the petitioner No.2 company and together had 50% of the total issue share capital.
(3.) IT was agreed between the parties in the agreement that the respondents would sell and transfer all their shares in favour of petitioner No.1 who shall make payments in five instalments by way of issuance of post -dated cheques. As per payment of the consideration, the respondents shall proportionately transfer their shareholding in the company.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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