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The SC dismisses the appellant's objections under Section 47 CPC and the stay application under Order XXI Rule 29, thereby permitting enforcement of the arbitral award to proceed. On maintainability, the Court considered and decided the objections on merits, finding no prima facie case of fraud or breach of fiduciary duty sufficient to render the award inexecutable. Applying the business judgment rule, the Court held that senior management's decisions fell within a range of reasonableness and were actions a reasonably competent director could adopt; there was no material to infer conduct outside the company's best interests. The objections were held to lack merit and the appeal is dismissed.
The SC dismisses the appellant's objections under Section 47 CPC and the stay application under Order XXI Rule 29, thereby permitting enforcement of the arbitral award to proceed. On maintainability, the Court considered and decided the objections on merits, finding no prima facie case of fraud or breach of fiduciary duty sufficient to render the award inexecutable. Applying the business judgment rule, the Court held that senior management's decisions fell within a range of reasonableness and were actions a reasonably competent director could adopt; there was no material to infer conduct outside the company's best interests. The objections were held to lack merit and the appeal is dismissed.
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