https://www.taxtmi.com/caselaws?id=456397 An unconditional stay of an arbitral award under the second proviso to section 36(3) of the Arbitration and Conciliation Act, 1996 requires a prima facie showing of fraud at the threshold, and the fraud must be apparent from the record without detailed enquiry. Alleged non-disclosure did not satisfy that standard because the regulatory and High Court orders did not restrain performance of the contract, and the relevant information was accessible through the respondent's public disclosures. The alleged concealment therefore did not establish fraud under section 17 of the Contract Act, 1872, and the matter also fell within the exception to section 19 because the truth could have been discovered with ordinary diligence. Security-based stay remained the operative relief. en-us Thu, 29 Feb 2024 00:00:00 +0530 Mon, 22 Jul 2024 20:36:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456397 An unconditional stay of an arbitral award under the second proviso to section 36(3) of the Arbitration and Conciliation Act, 1996 requires a prima facie showing of fraud at the threshold, and the fraud must be apparent from the record without detailed enquiry. Alleged non-disclosure did not satisfy that standard because the regulatory and High Court orders did not restrain performance of the contract, and the relevant information was accessible through the respondent's public disclosures. The alleged concealment therefore did not establish fraud under section 17 of the Contract Act, 1872, and the matter also fell within the exception to section 19 because the truth could have been discovered with ordinary diligence. Security-based stay remained the operative relief. Case-Laws Indian Laws Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456397