(1.) By the Commercial Arbitration Petition No. 44 of 2016, the Petitioners are seeking setting aside of the impugned Award dtd. 5/4/2016 as corrected vide Sole Arbitrator's letter dtd. 27/5/2016. Both the Commercial Arbitration Petitions are connected and arise from the same impugned Award dtd. 5/4/2016. During the course of arguments, Mr. Sharan Jagtiani, learned Senior Counsel appearing for the Respondents in Commercial Arbitration Petition No. 44 of 2016 and the Petitioner in Commercial Arbitration Petition No. 113 of 2017 on instructions states that the Petitioner in Commercial Arbitration Petition No. 113 of 2017 is not pressing the Commercial Arbitration Petition.
(2.) By the impugned Award dtd. 5/4/2016, the Petitioner Nos. 2 to 4 (referred to hereinafter as "Panchamias"/ "Pachamias Group") and the Petitioner No. 1 (referred to as "Ganatra Hotels"), who were the Respondents in the arbitration proceedings were directed to make payment of sums of money to the Respondents herein and Claimants therein (referred to as "Ganatras"/"Ganatra Group"), and which payment is corresponding to the Ganatra Group's shares in Ganatra Hotels. The impugned Award has thus granted a complete exit to the Ganatra Group from Ganatra Hotels by giving them monetary value of their shareholding and entitlement.
(3.) The brief background of facts are necessary and which are set out as under :-
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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