2021 (2) TMI 1278

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....ha, Mr. Priyank Ladoia, Mr. Aman Sharma, Mr. Tanmay Sharma, Mr. Arnab Ray and Mr. Vedant Kapur, Advocates for AZB & Partners. Mr. Pawan Bhushan, Ms. Hima Lawrence, Ms. Ujwala Uppaluri, Mr. Mohit Pandey, Ms. Raka Chatterji, Ms. Manjira Dasgupta, Mr. Aishvary Vikram, Mr. Ambar Bhushan, Mr. Vinay Tripathi, Ms. Anushka Shah and Ms. Neelu Mohan, Advocates For the Respondent: Mr. Vikram Nankani, Senior Advocate with Mr. Sumeet Nankani, Mr. Mahesh Agarwal, Mr. Rishi Agrawala, Mr. Karan Luthra, Mr. Pranjit Bhattacharyya and Mr. Ankit Banati, Advocates, Mr. Harish Salve and Mr. Darius Khambata, Senior Advocates with Mr. Somasekhar Sundaresan, Mr. Ameet Naik, Mr. Raghav Shankar, Mr. Aditya Mehta, Mr. Tushar Hathiramani, Mr. Abhishek Kale, Ms. Madhu....

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.... and never to a Restricted Person, including the Mukesh Dhirubhai Ambani Group ("MDA Group") and respondents No.3 to 13 would continue to remain the controlling shareholders of respondent No.2. The respondents do not dispute that the agreements contain clauses restricting them from transferring the retail assets to the Restricted Person. However, the respondents have taken various steps/actions to transfer the retail assets to the restricted person, namely, MDA Group in violation of the order dated 25th October, 2020 and they are continuing with it. 6. The petitioner initiated the arbitration proceedings on 05th October, 2020 on the basis of the arbitration agreement contained in Clause 25.2.1 of the Shareholders Agreement dated 22nd Augus....

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....ed Transaction, including but not limited to filing or pursuing any application before any person, including regulatory bodies or agencies in India, or requesting for approval at any company meeting: (b) the Respondents are injuncted from taking any steps to complete the Disputed Transaction with entities that are part of the MDA Group; (c) without prejudice to the rights of any current Promoter Lenders, the Respondents are injuncted from directly or indirectly taking any steps to transfer/dispose/alienate/encumber FRL's Retail Assets or the shares held in FRL by the Promoters in any manner without the prior written consent of the Claimant; (d) the Respondents are injuncted from issuing securities of FRL or obtaining/securing any fina....

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....under Section 37 of the Arbitration and Conciliation Act. This Court is of the clear view that the order dated 25th October, 2020 is enforceable as an order of this Court under Section 17(2) of the Arbitration and Conciliation Act. The detailed reasons shall be given in the reserved order. 9. This Court is satisfied that immediate orders are necessary to protect the rights of the petitioner till the pronouncement of the reserved order. In that view of the matter, the respondents are directed to maintain status quo as on today at 04.50 P.M. till the pronouncement of the reserved order. The respondents are directed to file an affidavit to place on record the actions taken by them after 25th October, 2020 and the present status of all those a....