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HC held that Respondents must deposit USD 1 million (converted to INR at applicable exchange rates) plus 12% statutory interest within two weeks. The court found Respondents breached their obligation to allot shares to Petitioner after receiving investment funds, triggering statutory refund requirements under Companies Act. Petitioner established a strong prima facie case that Respondents improperly benefited from his funds used to discharge SIDBI debt, releasing mortgaged properties and personal guarantees without fulfilling contractual obligations. The interim relief will remain in effect until arbitration concludes, protecting Petitioner's interests under s.9 of the Arbitration and Conciliation Act, 1996.
HC held that Respondents must deposit USD 1 million (converted to INR at applicable exchange rates) plus 12% statutory interest within two weeks. The court found Respondents breached their obligation to allot shares to Petitioner after receiving investment funds, triggering statutory refund requirements under Companies Act. Petitioner established a strong prima facie case that Respondents improperly benefited from his funds used to discharge SIDBI debt, releasing mortgaged properties and personal guarantees without fulfilling contractual obligations. The interim relief will remain in effect until arbitration concludes, protecting Petitioner's interests under s.9 of the Arbitration and Conciliation Act, 1996.
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