(1.) Zuari Maroc Phosphate Ltd. ('Zuari') has filed this petition under Sec. 34 of the Arbitration and Conciliation Act, 1996 ('the Act') challenging the majority Award dated 9th May, 2012 passed by a three-member Arbitral Tribunal ('AT'), in the disputes between Zuari and the Respondent, Union of India, Department of Fertilizers, Ministry of Chemical & Fertilizers. Background facts
(2.) The background facts are that Pradeep Phosphate Ltd. ('PPL') was incorporated in 1981 as a Joint Venture ('JV') in the ratio of 51:49 between the Republic of Nauru and the Government of India ('GoI'). Later the GoI acquired the entire shareholding of the Republic of Nauru sometime in 1993-94.
(3.) PPL was referred to the Disinvestment Commission in July, 1998. In 2000-2001, GoI decided to disinvest 74% of its shares in the total restructured equity share capital in PPL to a 'strategic partner'. Deloitte Touche Tohmac India Pvt. Ltd. ('DTT') was appointed as Advisor for the said purpose. In 2001, GoI invited 'Expression of Interest' from various bidders through an International Competitive Bidding Process. On 8th Feb., 2002, Zuari submitted its bid based on the audited account of PPL for the year ending 31st March, 2001. It made an offer of Rs. 151.70 crores (@ Rs. 473.82 per share). As on 31st March, 2001, the net worth of PPL was around Rs. 1.15 crores. Its total liability was approximately Rs. 900 crores.
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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