(1.) THESE petitions are filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an Arbitral Award passed on 16.12.2009.
(2.) I have heard Mr.V.T.Gopalan, learned Senior Counsel and Mr. S.R. Rajagopal, learned counsel appearing for the petitioner and Mr.Arvind P.Datar, learned Senior Counsel for the respondents.
(3.) AN agreement was entered into on 19.7.2004 by and between (i) K.C.Palaniswami, who is the petitioner in O.P.No.98 of 2011 on the one hand and (ii) three companies by name, M/s.Kasturi and Sons Limited, M/s.Sporting Pastime India Limited and Hindcorp Resorts Private Limited on the other hand, with a view to enable K.C.Palaniswami to take over the business, assets and liabilities of Sporting Pastime India Limited. Under the agreement, the issued, subscribed and paid up capital of Sporting Pastime India Limited was to be increased from Rs.3 crores (divided into 30,00,000 equity shares of Rs.10/ - each), to Rs.27 crores (divided into 2,70,00,000 equity shares of Rs.10/ - each). Under the agreement, K.C.Palaniswami was made liable to discharge the liabilities of Sporting Pastime India Limited, to third parties, which were guaranteed by Kasturi and Sons Limited.
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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