ABB INDIA LIMITED Vs. SUNIL HARIRAM JAISINGH

JUDGEMENT

(1.) This is a Petition filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 ("the Act"), challenging an Arbitral Award dated August 6, 2024 ("Impugned Award").

(2.) The Petitioner, ABB India Limited ("ABB") has been directed in the Impugned Award, to reinstate shareholding of the Respondent, Sunil Hariram Jaisingh ("Jaisingh") to the extent of 1,550 shares of ABB and 310 shares of Hitachi Energy India Ltd ("Hitachi") (which had emerged as ABB Power Products & Systems Ltd. pursuant to demerger of an undertaking), within a period of 15 days. Failing such restoration, monetary compensation equivalent to the market value of such shares as of the date of uploading the Impugned Award is to be paid by ABB to Jaisingh.

(3.) The Impugned Award has been passed by a three-member Arbitral Tribunal appointed by an independent online arbitral institution that facilitates and administers online dispute resolution ("ODR"), empanelled with the BSE Limited ("BSE") under the Securities and Exchange Board of India's ("SEBI") ODR framework for disputes in the securities market.