Sharekhan Limited vs Monita Kisan Khade on 7 September, 2023

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Bombay High Court

Sharekhan Limited vs Monita Kisan Khade on 7 September, 2023

Bench: R.I. Chagla

                                 923,924-ARBP(L) 24535.2023 and ARBP(L) 24549.2023.doc


 Kavita S. J.

             IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                 ORDINARY ORIGINAL CIVIL JURISDICTION

               ARBITRATION PETITION (L) NO.24535 OF 2023

 Sharekhan Limited                              ...Petitioner
           Versus
 Kisan Rajaram Khade                            ...Respondent

                                 WITH
               INTERIM APPLICATION (L) NO.24714 OF 2023
                                  IN
               ARBITRATION PETITION (L) NO.24535 OF 2023

                                 AND

               ARBITRATION PETITION (L) NO.24549 OF 2023

 Sharekhan Limited                              ...Petitioner
           Versus
 Monita Kisan Khade                             ...Respondent

                                 WITH
               INTERIM APPLICATION (L) NO.24723 OF 2023
                                   IN
               ARBITRATION PETITION (L) NO.24549 OF 2023
                                ----------
 Mr. Kunal Katariya a/w Mr. Pulkit Sukhramani, Ms. Vidhi Bhawar, Mr.
 Deepank Anand and Mr. Shourya Tanay i/b JSA Advocates &
 Solicitors, Advocates for Petitioner in both Arbitration Petition.
                                ----------

                                CORAM : R.I. CHAGLA, J.

                                DATE         : 7TH SEPTEMBER, 2023.

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                                       923,924-ARBP(L) 24535.2023 and ARBP(L) 24549.2023.doc


ORDER :

1. Matter on board, mentioned in view of it being urgent.

2. The urgency for mentioning the matter has been made out by the learned Counsel appearing for the Petitioner viz. that an E-mail has been received from the National Stock Exchange ("NSE"), wherein it is mentioned that in view of stay of the Award not having been granted till date, the NSE has initiated the process of releasing the Award amount to the constituent. This is in view of the period given to provide the stay order at the NSE having expired as per the SEBI Circular dated 11th August, 2010.

3. Having considered the E-mail dated 7th September, 2023 issued by the NSE and taking note of the fact that the Interim Application has been taken out in the Arbitration Petition for stay of the Arbitral Award, NSE is directed not to release the awarded amount to the Respondent, pending the hearing and final disposal of the Interim Application. This order shall be communicated by the Advocates for the Petitioner to the NSE forthwith. 2/3 ::: Uploaded on - 07/09/2023 ::: Downloaded on - 08/09/2023 13:19:01 :::

923,924-ARBP(L) 24535.2023 and ARBP(L) 24549.2023.doc

4. The Interim Applications shall be placed on 12th September, 2023, high on board.

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