SHARE SAMADHAN LIMITED Vs. RAVINDRA KATYAL

JUDGEMENT

(1.) A petition under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") has been filed on behalf of the petitioner seeking appointment of the Arbitrator.

(2.) It is submitted in the application that the parties had executed a Consultancy Agreement dtd. 9/3/2021, whereby the petitioner was required to provide its services, for retrieving the investments of the father of the respondent in Equity Shares in 39 listed Companies of the share market of India and the petitioner was to receive Commission based final Consultation Fee upon retrieval of Equity Shares.

(3.) It is submitted that the petitioner worked diligently for the transmission of the Equity Shares which earlier stood in the name of his deceased father, for which new SEBI Circular had to be complied with and the entire new set of documents had to be prepared. The petitioner despite continuously reminding the respondent to do the needful, failed to sign all the documents essential to the transmission process. The respondent owes Rs.26,66,446.00 to the petitioner as per the Clause 6(B) (ii) & (iii) of the Consultancy Agreement dtd. 9/3/2021.