K VAIDYALINGAM Vs. S K GANESAN AND ORS

JUDGEMENT

(1.) Under consideration are 3 applications filed under section 8 of the Arbitration and Conciliation Act, 1996 (In short, 'Act, 1996') by the same applicant who is the 2nd Respondent in all the Company Petitions. The above applications have been filed based on the Memorandum of Understanding dated 20.07.2011 entered between the applicant group and respondents group, I feel it is appropriate to dispose of the above CAs by this common order.

(2.) The 1st Respondent all the CAs along with other shareholders has filed petitions under section 397, 398, 402 and 403 of the Companies Act, 1956 (the Act, 1956) before this Tribunal alleging various acts of oppression and mismanagement in the affairs of the respective 1st Respondent Companies and sought for the prayers mentioned infra:

(3.) Shri P.H. Arvindh Pandian, the learned Senior Counsel appearing for the Applicants in the instant CAs contended that the companies involved in the dispute are closely held & family companies and the shareholders are from Shri K. Vaithyalingam Group and Shri S.K. Ganesan Group. It is submitted that some disputes arose between the two groups and due to the efforts put forth by the friends and other family members to settle the disputes amicably, a Memorandum of Understanding (MoU) was entered into on 20.7.2011 between Shri K. Vaithyalingam (Respondent 2) and Shri S.K. Ganesan. (1st Petitioner). As per the MoU restructure/reorganize of the ownerships, rights and obligations vis--vis have taken place in all the commercial entities and there by a quietus has been brought to the various disputes/differences.