VINEET KHOSLA Vs. VIKRAM BAKSHI & ORS

JUDGEMENT

(1.) In this appeal, the appellant, Mr. Vineet Khosla, acting through his Power of Attorney, Mr. Rajinder Pal Khosla seeks to challenge an order of a Learned Single Judge of this Court dated 16.11.2010 in OMP No. 613 of 2010, whereby the Learned Single Judge granted relief under Section 9 of the Arbitration and Conciliation Act , 1996 ("the Act") to Mr. Vikram Bakshi, the respondent in this appeal.

(2.) Mr. Vikram Bakshi had approached this Court under Section 9 of the Arbitration Act seeking interim relief against, among others, Ms. Sonia Khosla, Mr. R.P. Khosla, Mr. Deepak Khosla and Mr. Vineet Khosla. Mr. Bakshi had entered into a Memorandum of Understanding (MoU) with Mr. R.P. Khosla, Mr. Deepak Khosla and M/s. Montreaux Resorts Pvt. Ltd. ("the Company") on 21.12.2005 to implement a Joint Venture Project involving lands contracted to be purchased in the name of the Company as well as in the names of the members of the Khosla family, which were to be assigned in favour of the Company. The MoU broadly set out the rights and obligations of the parties. Thereafter, Mr. Bakshi also entered into an agreement dated 31.03.2006 with Ms. Sonia Khosla, Mr. R.P. Khosla and the Company.

(3.) Clause 29 of the said agreement provided for arbitration of disputes that arose between the contracting parties. Mr. Bakshi alleged that Ms. Sonia Khosla and Mr. Deepak Khosla were not allowing the arbitration proceedings to proceed and simultaneously were calling for and convening board and shareholder meetings in breach of the agreement dated 31.03.2006 and without his knowledge. Mr. Vikram Bakshi in his Section 9 petition sought, inter alia, relief in terms of restraining the respondents in that petition from giving effect to any resolution passed in any EGM, board or shareholder meeting, till the passing of the award by the arbitrators. Further, he also sought an injunction against holding any board or shareholding meeting of the Company till the award of the arbitrators, restraining Mr. Deepak Khosla from acting as the managing director or shareholder of the Company and furthermore, restraining the Registrar of Companies from accepting any forms from any of the respondents till the passing of the award.