Case Note & Summary
The appeal arises from a judgment and order of a learned Single Judge dated 24 April 2015 passed in Arbitration Petition No.846 of 2014. The dispute involves agreements concerning the sale and transfer of shares in M/s. Regency Hotels Private Limited, which owned a plot of land at Village Sahar, Taluka Andheri, Mumbai Suburban District. The respondent-claimant, Suraj Jagtiani, held 45% of the issued share capital. On 6 July 1998, he entered into an agreement to transfer his entire shareholding to the appellant, Haresh Advani, for Rs.5.8 crores payable in installments. An escrow holder was appointed. A supplementary agreement acknowledged Haresh Advani's awareness of a prior Cherish Investment agreement. By 12 January 1999, only part payments had been made, and a further supplementary agreement rescheduled the outstanding payments. Suraj terminated the agreement on 15 September 1999. On 15 November 2000, Suraj entered into a transaction with Accumulate Investments Private Limited, involving a sale of shares and a loan arrangement. Further payments were made by Haresh Advani, and on 5 October 2001, an agreement was executed under which the amounts paid were treated as consideration for 8,563 shares (approximately 35%). On 6 October 2001, a further agreement provided for sale of the remaining shares and gave Suraj an option to acquire a share of the development area. The shares were transferred to Haresh Advani on 7 November 2001. On 30 November 2002, a supplemental agreement varied the 6 October 2001 agreement, under which Suraj opted to receive 8.725% of the gross saleable area in lieu of the balance consideration. Disputes arose, and Suraj was detained in China. Haresh Advani terminated the 2001 and 2002 agreements on 5 July 2005, offering to return 10% shares. The matter proceeded to arbitration, resulting in an award. An arbitration petition was filed, leading to the Single Judge's order, which is now challenged in this appeal. The High Court admitted the appeal and, with consent of parties, disposed it of finally. The judgment text provided does not include the court's final decision, legal reasoning, or the outcome.
Issue of Consideration
APPEAL NO.425 OF 2015
