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of <h1>Arbitration Tribunal Confirms Section 29A Award Deadline, Law Firm Tenure Ends 2025, SEBI Reply Due July 2025</h1> <h3>Coffee Day Enterprises Limited, Mysore Amalgamated Coffee Estates Limited Versus Securities and Exchange Board of India</h3> AT recorded that arbitration pleadings were complete and that, under the amended Arbitration Act, the award must be rendered within one year, extendable ... Appointment of Arbitrator pursuant to SEBI’s directions - Pleadings in Arbitration proceedings were completed in September, 2024 - As per the amended provisions of the Arbitration Act the award is required to be pronounced within one year with a provision for extension of six months by consent of parties and thereafter by the Court. As the cross-examination of parties is in progress. In terms of direction at paragraph 73(f), the tenure of the law firm expires three months after completion of three annual general body meetings which is in September 2025. This means that the law firm appointed in consultation with NSE cannot proceed further. Secondly, the other direction for the shareholders to decide the appropriate way forward also needs to be extended until the matter is heard finally continuing the same. For say of SEBI, call on 07.07.2025. The appellant informed the Tribunal that, pursuant to SEBI's directions, an Arbitrator has been appointed and pleadings in the arbitration were completed in September 2024. Under the amended Arbitration Act, the arbitral award must be pronounced within one year, with a possible six-month extension by consent of parties and further extension only by the court. Cross-examination of parties is currently in progress. The appellant contended that, under paragraph 73(f) of the applicable directions, 'the tenure of the law firm expires three months after completion of three annual general body meetings which is in September 2025,' implying that the law firm appointed in consultation with NSE would be unable to continue beyond that date. The appellant also argued that the direction requiring shareholders 'to decide the appropriate way forward' must be extended until final disposal of the matter to maintain continuity. The Tribunal directed that the matter be listed 'for say of SEBI' on 07.07.2025.
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