PAUL DEEPAK RAJARATNAM Vs. SURGEPORT LOGISTICS PRIVATE LIMITED

JUDGEMENT

(1.) This is an appeal filed under Sec. 37(2)(b) of the Arbitration and Conciliation Act, 1996 (for brevity "the Act") challenging the order dtd. 16/12/2024 (for brevity "the impugned interim award") passed by the learned arbitrator under Sec. 17 of the Act in the arbitration matter titled as "Surgeport Logistics Private Limited & Anr. v. Paul Deepak Rajaratnam & Anr.".

(2.) The brief facts of the case as per the appellants are that the appellants No. 1 and No. 2 are seasoned professionals with approximately 25 years of experience in the logistics and freight forwarding industry. Appellant No. 1, an Indian citizen, was a former Director and minority shareholder of respondent No. 1, holding a 12% equity stake under the Shareholders' Agreement dtd. 28/4/2018 (for brevity "the SHA"), until his termination via a notice dtd. 25/7/2023. Similarly, appellant No. 2, a Sri Lankan citizen, was also a Director and minority shareholder of respondent No. 1 with a 12% equity share and was terminated by the same notice.

(3.) Appellant No. 3 is a partnership firm incorporated on 18/7/2018, engaged in various logistics services, such as shipping, freight forwarding, warehousing, packaging, distribution, national and international transportation, container freight station operations, customs clearance, supply chain management related services. The firm was formed by appellants No. 1 and No. 2 with the full knowledge and consent of the respondents to support the business expansion of respondent No. 1.