JAYANT KUMAR AGARWAL Vs. K SUBBA REDDY

JUDGEMENT

(1.) HEARD learned counsel for the parties.

(2.) THIS application under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter called the 'said Act') was filed on 10-12-2007 before this Court. On such petition being filed, this Court issued the notice on 14-12-2007 to the opposite parties. Pursuant to such notice, learned counsel appeared on behalf of the opposite parties and made submissions.

(3.) THE case in the present petition is that the parties have entered into a share-purchase agreement for effecting sale of 50 lakhs equity shares of Rs. 10/- each in the company named M/s. Samleshwari ferrometals Pvt. Ltd. and also the shares to be allotted on the pending applications in respect of the said Company. It was also stated that in terms of the agreement, the opposite parties are required to pay advance of Rs. 2 crores by 30-11-2006 and to pay the entire balance amount by 31-3-2007.