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Bombay High Court Allows Appeal Under Section 37 of Arbitration Act, Setting Aside Order Refusing Interim Relief in Share Pledge Dispute. Court Holds That Arbitral Tribunal's Refusal to Grant Interim Relief Was Perverse and Contrary to Law, Directing Status Quo on Pledged Shares.

The appeal under Section 37 of the Arbitration and Conciliation Act, 1996, arose from an order of the arbitral tribunal refusing to grant interim reli...

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Bombay High Court Allows Appeal Against Refusal of Interim Relief in Arbitration Dispute Over Share Pledge and Corporate Guarantee — Holds That Prima Facie Case and Balance of Convenience Favored Appellant for Injunction Against Enforcement of Personal Guarantees and Share Pledge Pending Arbitration.

The appellant, Palmview Investments Overseas Limited, a company incorporated in the British Virgin Islands, filed an appeal against an order of the Co...

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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

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Madras High Court Allows Writ Petition of Adopted Daughter Against Cooperative Bank for Release of Pledged Jewels — Adoption Deed Raises Presumption of Validity Under Section 16 of Hindu Adoption and Maintenance Act, 1956, and Adopted Daughter is Class I Heir Entitled to Repay Loan and Redeem Pledge.

The petitioner, P.G. Monika, filed a writ petition under Article 226 of the Constitution of India seeking a writ of mandamus directing the first and s...

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APPEAL NO. 313 OF 2015

These appeals arose from a common judgment and order dated 31st March 2015 passed by a Single Judge of the Bombay High Court in two proceedings: Suit ...

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Bombay High Court Allows Summons for Judgment in Summary Suit for Recovery of Debenture and Deposit Amounts — Acknowledgment of Liability Found in Correspondence. Evidentiary Value of Letters as Acknowledgment Under Section 18 of Limitation Act, 1963, Upheld to Extend Limitation Period.

The Bombay High Court heard a Summons for Judgment in a summary suit filed by Canara Bank and others, as trustees of Canbank Mutual Fund, a trust unde...

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Bombay High Court Adjudicates Section 34 Petition Against Arbitral Award on Termination and Repudiation of Master Asset Purchase Agreement. Arbitrator's Finding of Repudiation by Purchaser and Direction for Refund of Consideration under MAPA Considered.

The dispute arose from a Master Asset Purchase Agreement (MAPA) dated 31st March 2005 between Siddhivinayak Realties Pvt. Ltd. as purchaser and V Hote...