DYNASTY STOCKHOLDINGS PRIVATE LIMITED Vs. SILVA LIMITED

JUDGEMENT

(1.) While OA No. 1109 of 2009 is for an interim order of injunction restraining the 7th Respondent and its administrator, viz. the 8th Respondent, from alienating or encumbering the shares held by the 7th Respondent in the 1st Respondent company, the other application OA No. 1110 of 2009 is for an interim order of injunction restraining the 1st Respondent from recognising or registering any transfer of its shares held by the 7th Respondent, in favour of the 9th Respondent or any other person or entity. Both these applications are filed under Section 9 of the Arbitration and Conciliation Act, 1996.

(2.) I have heard Mr. P.S. Raman, learned senior counsel appearing for the applicants, Mr. Sriram Panchu, learned senior counsel appearing for the Respondent Nos. 1, 4 and 5, Mr. H. Karthik Seshadri, learned Counsel appearing for the Respondent Nos. 3, 7 and 8 and Mr. P.V. Balasubramaniam, learned Counsel appearing for the 9th Respondent.

(3.) The applicants herein are private limited companies promoted by one Mr. Jitendra Virwani and they form part of a group known as the "Embassy Group of Companies". These companies are said to be engaged in the business of real estate development in the States of Karnataka, Tamil Nadu and Maharashtra.