The arbitration tribunal was hearing the case after the Supreme Court in December had directed it to take a call on the sale of Bidvest’s 13.5% stake in Mumbai International Airport (MIAL).
Admitting petitions from (IBF) and top broadcasters, the two-judge bench of justice SC Dharmadhikari and justice RI Chagla, allowed Trai, to respond within a week. The court will hear the matter on January 22.
“Due to paucity of time the matter is adjourned to March 6,” said the division bench in its order, further adding, “In case any ad-interim/interim relief is operating till today, the said order will continue to operate till the next date. If ad-interim/interim relief is not granted for a limited period, the said order will remain unaffected.”
Brothers Dhruv and Manish with their mother Neera Agarwal approached the Hyderabad bench of the NCLT seeking tribunal’s intervention in the affairs of the company. They filed two separate petitions for Gati and TCI Finance, where Mahendra Agarwal is the promoter.
Thapar lost control of his flagship business to a private equity investor and his mortgaged home in Delhi to a private bank. “From day one, I have maintained that I am not a beneficiary to any of the transactions,” he said, denying the allegations of funds being siphoned out of CG Power.
The National Company Law Tribunal (NCLT) also directed Indian Overseas Bank, which filed applications at the tribunal for exemption from payment as they are under Prompt Corrective Action (PCA) restriction to approach the government authorities concerned in this regard.
Legal experts close to the matter said TCS might have decided to postpone the board meeting because it wasn’t expecting to get any hearing before January 9, when it is scheduled to consider thirdquarter results.
Valli Arunachalam, the eldest daughter of late MV Murugappan, is fighting to take her place at the table.
“We are pleased to have Varun join our firm. He will be a great addition to our general corporate practice,” said Cyril Shroff, managing partner of CAM in a statement. Cyril Amarchand Mangaldas is the biggest full-service law firm in India, with over 750 lawyers including over 130 partners.
If India needs to become an international hub for arbitration, then the country needs to allow foreign arbitrators to represent matters related to foreign parties, senior counsel Arvind Datar tells Satish John & Maulik Vyas.
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