w w w . L a w y e r S e r v i c e s . i n



Morgan Securities & Credits Pvt. Ltd. v/s Videocon Industries Ltd. (Through)


Company & Directors' Information:- VIDEOCON INDUSTRIES LIMITED [Active] CIN = L99999MH1986PLC103624

Company & Directors' Information:- INDIA SECURITIES LIMITED [Amalgamated] CIN = L99999TN1984PLC075902

Company & Directors' Information:- INDIA SECURITIES LIMITED [Not available for efiling] CIN = L99999TN1984PLC016521

Company & Directors' Information:- J. P. MORGAN INDIA PRIVATE LIMITED [Active] CIN = U67120MH1992FTC068724

Company & Directors' Information:- T T G INDUSTRIES LIMITED [Active] CIN = U27209TN1987PLC014169

Company & Directors' Information:- V I P INDUSTRIES LIMITED [Active] CIN = L25200MH1968PLC013914

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U14100DL1996PLC129067

Company & Directors' Information:- S R K INDUSTRIES LIMITED [Active] CIN = L17121MH1991PLC257750

Company & Directors' Information:- S R INDUSTRIES LTD [Active] CIN = L29246PB1989PLC009531

Company & Directors' Information:- F E INDUSTRIES PRIVATE LIMITED [Active] CIN = U36100PB2003PTC026482

Company & Directors' Information:- MORGAN INDUSTRIES LIMITED [Active] CIN = L93090TN1989PLC036273

Company & Directors' Information:- N K INDUSTRIES LIMITED [Active] CIN = L91110GJ1987PLC009905

Company & Directors' Information:- T S I INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U18101HR1997PTC034478

Company & Directors' Information:- B L A INDUSTRIES PRIVATE LIMITED. [Active] CIN = U10200MH1964PTC162314

Company & Directors' Information:- N D A SECURITIES LIMITED [Active] CIN = L74899DL1992PLC050366

Company & Directors' Information:- K K SECURITIES LIMITED [Active] CIN = U74899DL1994PLC060238

Company & Directors' Information:- M K SECURITIES LIMITED [Active] CIN = L67120TG1994PLC018455

Company & Directors' Information:- H G I INDUSTRIES LIMITED [Active] CIN = L40200WB1944PLC011754

Company & Directors' Information:- R P INDUSTRIES PRIVATE LIMITED [Active] CIN = U27100GJ2011PTC075812

Company & Directors' Information:- S B SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1996PTC098105

Company & Directors' Information:- D D INDUSTRIES LIMITED [Active] CIN = U74899DL1974PLC007169

Company & Directors' Information:- A G INDUSTRIES PVT LTD [Active] CIN = U27300HR1991PTC031378

Company & Directors' Information:- A TO Z SECURITIES LIMITED [Active] CIN = U74899DL1994PLC063412

Company & Directors' Information:- H. J. INDUSTRIES (INDIA) PRIVATE LIMITED [Active] CIN = U17120GJ2010PTC060769

Company & Directors' Information:- G R S INDUSTRIES LIMITED [Active] CIN = U00000PB2005PLC029159

Company & Directors' Information:- S S SECURITIES LIMITED [Strike Off] CIN = U67120GJ1994PLC023477

Company & Directors' Information:- T S L INDUSTRIES LIMITED [Active] CIN = L65999WB1994PLC065255

Company & Directors' Information:- M F B INDUSTRIES LIMITED [Active] CIN = U31401TN1989PLC018274

Company & Directors' Information:- V S P INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ2005PTC011820

Company & Directors' Information:- M N INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100TG2012PTC079737

Company & Directors' Information:- G I INDUSTRIES PRIVATE LIMITED [Active] CIN = U15312PB2010PTC033806

Company & Directors' Information:- E T C INDUSTRIES LIMITED [Active] CIN = U31200MP1995PLC009281

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Active] CIN = U74899DL1991PTC045572

Company & Directors' Information:- S R V E INDUSTRIES LIMITED [Active] CIN = U03210TZ2006PLC012577

Company & Directors' Information:- P AND P INDUSTRIES LIMITED [Strike Off] CIN = U21010MH1992PLC068885

Company & Directors' Information:- W & F SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB1997PTC086188

Company & Directors' Information:- N G INDUSTRIES LTD [Active] CIN = L74140WB1994PLC065937

Company & Directors' Information:- S J SECURITIES LIMITED [Active] CIN = L65923GJ1995PLC025086

Company & Directors' Information:- S L INDUSTRIES P. LTD. [Active] CIN = U15331WB1989PTC047543

Company & Directors' Information:- AMP INDUSTRIES LIMITED [Active] CIN = L51909AS1985PLC002332

Company & Directors' Information:- R R SECURITIES LTD [Active] CIN = L67910GJ1993PLC020169

Company & Directors' Information:- T R A T INDUSTRIES LIMITED [Active] CIN = U25199KL1996PLC010148

Company & Directors' Information:- K R SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059298

Company & Directors' Information:- B. N. SECURITIES LIMITED [Active] CIN = U67120WB1994PLC110809

Company & Directors' Information:- B R INDUSTRIES LIMITED [Active] CIN = U74899DL1995PLC067120

Company & Directors' Information:- D U SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC060800

Company & Directors' Information:- B M SECURITIES LIMITED [Strike Off] CIN = U67120AP1994PLC018732

Company & Directors' Information:- N M INDUSTRIES PRIVATE LIMITED [Active] CIN = U74120DL2008PTC175664

Company & Directors' Information:- H J SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1998PTC117076

Company & Directors' Information:- J V S SECURITIES PVT LTD [Active] CIN = U67120WB1994PTC066278

Company & Directors' Information:- S N L INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U17115RJ1994PTC008053

Company & Directors' Information:- D H SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2000PTC123636

Company & Directors' Information:- N E C C SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1991PTC044908

Company & Directors' Information:- J V INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC057081

Company & Directors' Information:- A R INDUSTRIES PVT LTD [Active] CIN = U27101HR1995PTC032569

Company & Directors' Information:- D V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049221

Company & Directors' Information:- V G SECURITIES LIMITED [Strike Off] CIN = U65993TG1995PLC020179

Company & Directors' Information:- N B S SECURITIES PRIVATE LTD [Active] CIN = U65921WB1996PTC079346

Company & Directors' Information:- C D INDUSTRIES LIMITED [Active] CIN = U27100MH1996PLC101277

Company & Directors' Information:- G V INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U74900TG2014PTC096387

Company & Directors' Information:- G S M INDUSTRIES PRIVATE LIMITED [Active] CIN = U02001DL2002PTC117443

Company & Directors' Information:- B G INDUSTRIES LTD [Active] CIN = U26921ML1980PLC001830

Company & Directors' Information:- P K INDUSTRIES PRIVATE LIMITED [Active] CIN = U51900DL2012PTC241654

Company & Directors' Information:- B J SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB2000PTC092061

Company & Directors' Information:- M D INDUSTRIES PRIVATE LIMITED [Active] CIN = U91110GJ1994PTC022025

Company & Directors' Information:- L F C SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2004PTC149792

Company & Directors' Information:- R R CREDITS PVT LTD [Amalgamated] CIN = U51109WB1991PTC050932

Company & Directors' Information:- L C INDUSTRIES PRIVATE LIMITED [Active] CIN = U15122UP2013PTC055697

Company & Directors' Information:- G. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15435MH2005PTC151817

Company & Directors' Information:- P A S INDUSTRIES INDIA PRIVATE LIMITED [Active in Progress] CIN = U17121TZ2005PTC012171

Company & Directors' Information:- A N SECURITIES PRIVATE LIMITED [Active] CIN = U65999WB1997PTC084741

Company & Directors' Information:- B AND H SECURITIES PRIVATE LIMITED [Active] CIN = U74999MH1974PTC017380

Company & Directors' Information:- V AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1990PTC039251

Company & Directors' Information:- M K J INDUSTRIES PRIVATE LIMITED [Active] CIN = U19111UP1989PTC010468

Company & Directors' Information:- S S F INDUSTRIES LIMITED [Active] CIN = U25190BR1988PLC003160

Company & Directors' Information:- P B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29120MP1994PTC008840

Company & Directors' Information:- R & M INDUSTRIES PRIVATE LIMITED [Active] CIN = U24297TN1972PTC006185

Company & Directors' Information:- A M INDUSTRIES LTD [Active] CIN = U21012WB1977PLC030854

Company & Directors' Information:- A G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65921DL1993PTC052453

Company & Directors' Information:- A AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17117DL1995PTC064137

Company & Directors' Information:- M C INDUSTRIES LTD [Active] CIN = U27106WB1993PLC058995

Company & Directors' Information:- D R INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100WB2011PTC160058

Company & Directors' Information:- M N SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1999PTC102464

Company & Directors' Information:- R. L. F. INDUSTRIES LIMITED [Active] CIN = U51909DL1983PLC015262

Company & Directors' Information:- U K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24241WB1988PTC044355

Company & Directors' Information:- B P SECURITIES (INDIA) PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077411

Company & Directors' Information:- M G I INDUSTRIES PVT LTD [Active] CIN = U27310GJ2006PTC048707

Company & Directors' Information:- A D INDUSTRIES PRIVATE LIMITED [Active] CIN = U18101WB2008PTC131561

Company & Directors' Information:- V J INDUSTRIES PRIVATE LIMITED [Active] CIN = U29253KA2009PTC050226

Company & Directors' Information:- I M SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077356

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PLC039217

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PTC039217

Company & Directors' Information:- G R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U34300PB1996PTC018671

Company & Directors' Information:- M. K. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15549WB2008PTC130116

Company & Directors' Information:- R S V INDUSTRIES PRIVATE LIMITED [Active] CIN = U52399MH2008PTC180489

Company & Directors' Information:- V H SECURITIES LIMITED [Active] CIN = U74899DL1995PLC072918

Company & Directors' Information:- K. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U14220JH2008PTC013409

Company & Directors' Information:- D K INDUSTRIES LIMITED [Active] CIN = U45202CH1994PLC014627

Company & Directors' Information:- D G INDUSTRIES PVT LTD [Active] CIN = U36942WB1946PTC013526

Company & Directors' Information:- R I L INDUSTRIES PRIVATE LIMITED [Active] CIN = U70101DL1993PTC052678

Company & Directors' Information:- I S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29100GJ2009PTC057308

Company & Directors' Information:- B M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17000MH1997PTC109621

Company & Directors' Information:- MORGAN INDIA LTD [Active] CIN = U51109WB1983PLC036027

Company & Directors' Information:- R V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ1995PTC006398

Company & Directors' Information:- B N INDUSTRIES PRIVATE LIMITED [Active] CIN = U67120AS1994PTC004273

Company & Directors' Information:- A J INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2004PTC145040

Company & Directors' Information:- G S SECURITIES LTD [Active] CIN = U67120WB1995PLC073255

Company & Directors' Information:- S. A. A INDUSTRIES PRIVATE LIMITED [Active] CIN = U01549TZ1997PTC007927

Company & Directors' Information:- K K S K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19201TZ1997PTC007687

Company & Directors' Information:- R K SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC064716

Company & Directors' Information:- C R I INDUSTRIES PRIVATE LIMITED [Amalgamated] CIN = U29120TZ2002PTC010129

Company & Directors' Information:- A C T INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018724

Company & Directors' Information:- G B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29220PN2011PTC139883

Company & Directors' Information:- S D B INDUSTRIES LIMITED [Active] CIN = U27107MP1996PLC010394

Company & Directors' Information:- M M INDUSTRIES PRIVATE LIMITED [Active] CIN = U31300CT2008PTC020916

Company & Directors' Information:- A C INDUSTRIES PVT LTD [Active] CIN = U29299WB2006PTC109474

Company & Directors' Information:- K M INDUSTRIES PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74899DL1991PTC043295

Company & Directors' Information:- C J INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U25209MH1998PTC116707

Company & Directors' Information:- N P INDUSTRIES LTD [Strike Off] CIN = U15549PB1989PLC009426

Company & Directors' Information:- VIDEOCON SECURITIES LIMITED [Strike Off] CIN = U85110MH1995PLC187888

Company & Directors' Information:- J. L. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29141MP2008PTC020731

Company & Directors' Information:- I K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100MH2010PTC199474

Company & Directors' Information:- H. D. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U27310MH2011PTC216080

Company & Directors' Information:- R. D. G. INDUSTRIES PRIVATE LIMITED [Active] CIN = U26960DL2008PTC182480

Company & Directors' Information:- R B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U28999DL2008PTC177248

Company & Directors' Information:- H & H INDUSTRIES PRIVATE LIMITED [Active] CIN = U34100DL2010PTC204604

Company & Directors' Information:- M J INDUSTRIES PRIVATE LIMITED [Active] CIN = U15203KA2011PTC060675

Company & Directors' Information:- S S G SECURITIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U67120KL1995PTC009473

Company & Directors' Information:- B R V INDUSTRIES PRIVATE LIMITED [Active] CIN = U32301UP1995PTC018704

Company & Directors' Information:- A. G. INDUSTRIES LIMITED [Strike Off] CIN = U25201UP1994PLC017291

Company & Directors' Information:- B R INDUSTRIES LIMITED [Strike Off] CIN = U15204AS1993PLC003930

Company & Directors' Information:- I P M INDUSTRIES LIMITED [Active] CIN = U25200DL1995PLC068554

Company & Directors' Information:- M R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900UP2008PTC036443

Company & Directors' Information:- R D I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900DL1995PTC065508

Company & Directors' Information:- L N SECURITIES PVT LTD [Active] CIN = U65993WB1992PTC057302

Company & Directors' Information:- M D SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1975PTC007928

Company & Directors' Information:- J G INDUSTRIES LTD [Active] CIN = L15141WB1983PLC035931

Company & Directors' Information:- J B SECURITIES LIMITED [Active] CIN = U74899DL1995PLC066637

Company & Directors' Information:- V G INDUSTRIES PRIVATE LIMITED [Active] CIN = U15139JK2015PTC004570

Company & Directors' Information:- E-2 SECURITIES PRIVATE LIMITED [Active] CIN = U65921DL1991PTC044031

Company & Directors' Information:- MORGAN SECURITIES AND CREDITS PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077623

Company & Directors' Information:- N K SECURITIES PVT LTD [Active] CIN = U67120AS1995PTC004333

Company & Directors' Information:- P K J SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1991PTC044706

Company & Directors' Information:- V AND U SECURITIES PRIVATE LIMITED [Active] CIN = U67120GJ1995PTC026131

Company & Directors' Information:- S. D. L SECURITIES LIMITED [Active] CIN = U67120PB1995PLC016810

Company & Directors' Information:- S N INDUSTRIES PRIVATE LIMITED [Active] CIN = U29211UP1951PTC002319

Company & Directors' Information:- J M SECURITIES PRIVATE LIMITED [Amalgamated] CIN = U67120MH1989PTC050648

Company & Directors' Information:- R G SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC051476

Company & Directors' Information:- M M SECURITIES LIMITED [Under Process of Striking Off] CIN = U74920BR1995PLC006716

Company & Directors' Information:- K G INDUSTRIES PVT LTD [Active] CIN = U29130WB1951PTC019868

Company & Directors' Information:- N S INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U74120UP2012PTC053986

Company & Directors' Information:- W W I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29300MH1997PTC112589

Company & Directors' Information:- S AND F SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1993PTC054557

Company & Directors' Information:- R. J. SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB2008PTC131387

Company & Directors' Information:- D U INDUSTRIES PRIVATE LIMITED [Active] CIN = U29230GJ2016PTC091588

Company & Directors' Information:- A R S SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1993PTC055638

Company & Directors' Information:- G V SECURITIES LIMITED [Strike Off] CIN = U67120PB1996PLC017506

Company & Directors' Information:- S R P INDUSTRIES LIMITED [Amalgamated] CIN = U00061BR1984PLC002023

Company & Directors' Information:- P G SECURITIES PRIVATE LIMITED [Active] CIN = U67120RJ1995PTC009985

Company & Directors' Information:- S S CREDITS PVT LTD [Active] CIN = U67120CH1989PTC009348

Company & Directors' Information:- C & S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120TN1994PTC028091

Company & Directors' Information:- K AND P SECURITIES LIMITED [Strike Off] CIN = U65910MH1995PLC092715

Company & Directors' Information:- A P S SECURITIES LIMITED [Active] CIN = U74899DL1995PLC065809

Company & Directors' Information:- C P INDUSTRIES PVT LTD [Strike Off] CIN = U29303MP1949PTC000846

Company & Directors' Information:- J B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999MH2013PTC245506

Company & Directors' Information:- S J V INDUSTRIES LTD [Amalgamated] CIN = U15421WB1982PLC035521

Company & Directors' Information:- A J M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1997PTC011202

Company & Directors' Information:- V V INDUSTRIES PVT LTD [Strike Off] CIN = U99999DL1980PTC010427

Company & Directors' Information:- K K INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U65100DL1982PTC013046

Company & Directors' Information:- A & B SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65993TN1995PTC032716

Company & Directors' Information:- P S R SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1996PTC079088

Company & Directors' Information:- A T C INDUSTRIES LTD [Strike Off] CIN = U27109AS1984PLC002201

Company & Directors' Information:- S V SECURITIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U08032BR1995PTC006339

Company & Directors' Information:- N V INDUSTRIES PVT LTD [Active] CIN = U51909WB1953PTC020952

Company & Directors' Information:- G R K SECURITIES PRIVATE LIMITED [Active] CIN = U65923WB1997PTC082582

Company & Directors' Information:- P N SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC070358

Company & Directors' Information:- G. H. SECURITIES PRIVATE LIMITED [Dissolved] CIN = U67120UP1995PTC018049

Company & Directors' Information:- S K B SECURITIES LIMITED [Active] CIN = U65999WB1996PLC082316

Company & Directors' Information:- P K D SECURITIES LTD. [Active] CIN = U67120AS1994PLC004240

Company & Directors' Information:- A TO Z INDUSTRIES PVT LTD [Strike Off] CIN = U31908AS1987PTC002804

Company & Directors' Information:- J AND J SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1998PTC012015

Company & Directors' Information:- L K INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291MH2012PTC233546

Company & Directors' Information:- T K SECURITIES PRIVATE LIMITED [Active] CIN = U67120PB1995PTC016238

Company & Directors' Information:- G S C INDUSTRIES PRIVATE LTD [Active] CIN = U92114DL1956PTC002616

Company & Directors' Information:- A M SECURITIES PRIVATE LIMITED [Active] CIN = U67120KL1997PTC011182

Company & Directors' Information:- P K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061444

Company & Directors' Information:- G G INDUSTRIES PRIVATE LIMITED [Active] CIN = U27320UP1969PTC003282

Company & Directors' Information:- A B SECURITIES PVT LIMITED [Active] CIN = U67120AS1997PTC005177

Company & Directors' Information:- J J SECURITIES LIMITED [Strike Off] CIN = U65993TN1994PLC029598

Company & Directors' Information:- G J SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1998PTC094843

Company & Directors' Information:- K S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31909MH1960PTC011707

Company & Directors' Information:- P H SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120PB1996PTC018608

Company & Directors' Information:- B L K SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1997PTC087427

Company & Directors' Information:- J D V SECURITIES PRIVATE LIMITED [Active] CIN = U67190UP2014PTC067394

Company & Directors' Information:- P R INDUSTRIES PVT LTD [Active] CIN = U21014DL1971PTC005738

Company & Directors' Information:- B H SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2003PTC120184

Company & Directors' Information:- R K I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29190DL2012PTC233413

Company & Directors' Information:- R N SECURITIES PRIVATE LIMITED [Active] CIN = U74900HR2012PTC046023

Company & Directors' Information:- F M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL2009PTC024302

Company & Directors' Information:- R K INDUSTRIES PVT LTD [Strike Off] CIN = U25202AS1988PTC003132

Company & Directors' Information:- U S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC104027

Company & Directors' Information:- N I SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC105518

Company & Directors' Information:- S S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC105232

Company & Directors' Information:- N R. SECURITIES LTD [Strike Off] CIN = U67120CH1995PLC015991

Company & Directors' Information:- S G R INDUSTRIES PVT LTD [Strike Off] CIN = U25199WB1948PTC016397

Company & Directors' Information:- K H SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2001PTC134169

Company & Directors' Information:- G. N. SECURITIES LIMITED [Strike Off] CIN = U74140BR2011PLC017311

Company & Directors' Information:- K R INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U25190KA2012PTC062367

Company & Directors' Information:- J N SECURITIES PRIVATE LIMITED [Active] CIN = U67120TN1999PTC043842

Company & Directors' Information:- MORGAN CREDITS PRIVATE LIMITED [Active] CIN = U67100MH1991PTC293744

Company & Directors' Information:- Y K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19115UP2012PTC051151

Company & Directors' Information:- E S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999TN2012PTC086119

Company & Directors' Information:- I B INDUSTRIES LTD. [Strike Off] CIN = U28992WB1990PLC050469

Company & Directors' Information:- V I INDUSTRIES LTD [Strike Off] CIN = U36934WB1951PLC019890

Company & Directors' Information:- MORGAN CREDITS PRIVATE LIMITED [Active] CIN = U67100DL1991PTC046230

Company & Directors' Information:- MORGAN CREDITS PRIVATE LIMITED [Active] CIN = U74899DL1991PTC046230

Company & Directors' Information:- J M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U05002UP1952PTC002456

Company & Directors' Information:- L F INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291UP2015PTC068602

Company & Directors' Information:- A K S INDUSTRIES PVT LTD [Active] CIN = U27201WB1946PTC013433

Company & Directors' Information:- R L F SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC069597

Company & Directors' Information:- V M V INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U26990GJ2013PTC076945

Company & Directors' Information:- S K INDUSTRIES LIMITED [Under Process of Striking Off] CIN = U29248PN1948PLC001948

Company & Directors' Information:- CREDITS PVT LTD [Strike Off] CIN = U35941WB1958PTC024013

Company & Directors' Information:- S P INDUSTRIES PVT LTD [Strike Off] CIN = U20232AS1980PTC001853

Company & Directors' Information:- A P SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC065651

Company & Directors' Information:- M G SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC058074

Company & Directors' Information:- V N R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U21090AP2012PTC081525

Company & Directors' Information:- A K INDUSTRIES PVT LTD [Active] CIN = U51109WB1944PTC011764

Company & Directors' Information:- C S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1998PTC012664

Company & Directors' Information:- M M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC066511

Company & Directors' Information:- R G R C CREDITS PRIVATE LIMITED [Strike Off] CIN = U74899DL1990PTC039284

Company & Directors' Information:- A K CREDITS PRIVATE LIMITED [Strike Off] CIN = U65923DL1987PTC027860

Company & Directors' Information:- K INDUSTRIES PVT LTD [Strike Off] CIN = U99999KA1946PTC000938

Company & Directors' Information:- G I P INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U52605MH2015PTC263962

Company & Directors' Information:- C. L. INDUSTRIES PRIVATE LIMITED [Active] CIN = U27109RJ2014PTC045306

Company & Directors' Information:- R. A. M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2014PTC254820

Company & Directors' Information:- S. B. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900PN2012PTC144181

Company & Directors' Information:- A & P INDUSTRIES PRIVATE LIMITED [Active] CIN = U36935TG2014PTC095781

Company & Directors' Information:- C & N INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U40200TG2014PTC095187

Company & Directors' Information:- B S B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U45200TG2013PTC088059

Company & Directors' Information:- R A R INDUSTRIES PRIVATE LIMITED [Active] CIN = U74900TG2016PTC103684

Company & Directors' Information:- K S A B INDUSTRIES PRIVATE LIMITED [Active] CIN = U51909WB2012PTC181903

Company & Directors' Information:- S V S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U36100JK2013PTC003808

Company & Directors' Information:- R D M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31100DL2013PTC252294

Company & Directors' Information:- N K J SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC070233

Company & Directors' Information:- N G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC071199

Company & Directors' Information:- INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U00349KA1947PTC000501

Company & Directors' Information:- A V K INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U52100KA2012PTC066761

Company & Directors' Information:- S V INDUSTRIES PVT LTD [Strike Off] CIN = U27104WB1960PTC024715

Company & Directors' Information:- J INDUSTRIES PVT LTD [Strike Off] CIN = U18101OR1960PTC000388

Company & Directors' Information:- P D K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120RJ1995PTC010394

Company & Directors' Information:- S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65993DL1993PTC051885

Company & Directors' Information:- M V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120PB1996PTC018391

Company & Directors' Information:- T & M INDUSTRIES LIMITED [Liquidated] CIN = U99999TN1956PLC002904

Company & Directors' Information:- B. K .SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120TN2007PTC065324

Company & Directors' Information:- M K R SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65990TG2000PTC033675

Company & Directors' Information:- INDUSTRIES (INDIA) PRIVATE LIMITED [Under Process of Striking Off] CIN = U51109BR1946PTC000228

Company & Directors' Information:- K INDUSTRIES LIMITED [Not available for efiling] CIN = U99999MH1946PTC005438

    FAO (OS) (COMM). No. 9 of 2020 & CM. APPL. No. 35917 of 2019

    Decided On, 26 February 2020

    At, High Court of Delhi

    By, THE HONOURABLE MS. JUSTICE HIMA KOHLI & THE HONOURABLE MS. JUSTICE ASHA MENON

    For the Appellant: Simran Mehta, Rohit Puri, Anshul Masih, Advocates. For the Respondent: Arjun Pall, Sadhika Gulati, Advocates.



Judgment Text


Hima Kohli, J.

1. Subject matter of challenge in the present appeal is the judgment dated 7.2.2019, passed by the learned Single Judge in respect of two petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996 (in short, 'A&C Act'), one by the appellant herein (OMP No. 972/2013) and the other by the respondent (OMP No. 665/2013). Both the petitions were directed against an Award dated 1.3.2013, passed by the learned Sole Arbitrator that was subsequently corrected on 29.4.2013. By the impugned judgment, the learned Single Judge has turned down the challenge laid by the respondent herein, Videocon Industries Ltd. (hereinafter referred to as 'Videocon') to the Arbitral Award on two counts, firstly, that arbitration was invoked by the appellant herein, Morgan Securities & Credits Pvt. Ltd. (in short, 'Morgan') against a non-existing company, namely, 'Videocon International' for the reason that as on the date when the demand notice was issued by it i.e. on 10.1.2006, Videocon International had amalgamated with Videocon Industries and secondly, with a grievance against the high rate of interest awarded by the Sole Arbitrator. Both the said pleas have been rejected by the learned Single Judge.

2. As for the appellant/Morgan, it had assailed the impugned Award on the ground that the learned Sole Arbitrator had erred in granting interest @ 18% per annum on the principal amount awarded in its favour from the date of passing of the Award whereas, interest ought to have been granted on the principal sum plus the interest component, taken collectively. It was contended that the learned Sole Arbitrator has awarded interest from the date of the demand notice i.e. 10.1.2006, whereas interest ought to have been awarded from the date the respondent/Videocon had committed a default. Lastly, it was urged that while awarding interest, the learned Sole Arbitrator could not have deviated from the terms of the contract governing the parties whereunder it was agreed that the normal agreed rate of interest for providing bill discounting facility would be 36% per annum.

3. In the impugned judgment, the learned Single Judge has turned down the aforesaid pleas taken by the appellant/Morgan and held that the power of awarding interest was discretionary in nature and stood vested in the learned Sole Arbitrator. In the instant case, since the interest was restricted to 18% per annum on the principal amount, the Court opined that it did not deserve interference. Insofar as pre-reference interest is concerned, noting the fact that the demand notice was issued by the appellant/Morgan after two and a half years reckoned from the date it had extended the facility to the respondent/Videocon, it was held that there were valid and justified reasons for the learned Arbitrator to have restricted the interest on the principal amount to 21% per annum till the date of the demand notice i.e., till 10.1.2006 and to 36% per annum after the date of the demand notice. Observing that the learned Sole Arbitrator could not have assumed that the demand was due on the date when the liability had accrued against the respondent/Videocon unless and until such a demand was raised by the appellant/Morgan, which it did only on 10.1.2006, the learned Single Judge held that the Sole Arbitrator was justified in declining to presume that the amount was outstanding prior thereto.

4. As regards the rate of interest fixed in the Award, the learned Single Judge declined to interfere with the said rate either at the instance of the respondent/Videocon, who claimed that it was on the higher side, or at the instance of the appellant/Morgan whose stand was that the contract stipulated the rate of interest at 36% per annum, which should hold good even for the post Award period.

5. While the respondent/Videocon has not filed an appeal against the impugned judgment, the appellant/Morgan is aggrieved thereby and has filed the present appeal.

6. Mr. Simran Mehta, learned Counsel for the appellant/Morgan argued that the learned Single Judge has erred in declining to club the interest component with the principal amount while awarding interest in favour of Morgan till the date of issuing the demand notice i.e. till 10.1.2006, which runs contrary to the plain and express words of the written contract between the parties. Citing the provisions of Section 31(7)(a) of the A&C Act, he urged that the learned Sole Arbitrator was under an obligation to grant pre- award interest in terms of the contract. It was his contention that the learned Single Judge has overlooked the fact that the Sole Arbitrator had wrongly placed reliance on the judgment dated 29.1.2010 in State of Haryana & Ors. v. S.L. Arora and Co., reported as II (2010) SLT 298=I (2010) CLT 370 (SC)=(2010) 3 SCC 690, decided by a two-Judge Bench of the Supreme Court, as it was no longer a good law in the light of the judgment of a three-Judge Bench of the Supreme Court rendered on 25.11.2015, in Hyder Consulting (UK) Limited v. Governor, State of Orissa reported as X (2014) SLT 32=(2015) 2 SCC 189.

7. Learned Counsel for the appellant/Morgan has also found fault with the decision of the learned Single Judge of declining to interfere with the impugned Award where the Sole Arbitrator has granted post Award interest @ 18% per annum on the principal sum of the bill discounting facility i.e. a sum of Rs. 5,00,32,656/-, without including the pre-award interest. He placed reliance on Hyder Consulting (supra) to urge that post-award interest is required to be granted on the sum directed to be paid under the Arbitral Award, which necessarily includes the pre-award interest. It was lastly argued that there was no reason to decline interest to the appellant/Morgan from the date the respondent/Videocon had committed a default and the direction issued by the Sole Arbitrator that interest be paid from the date of the demand notice, has unjustifiably caused loss of interest to Morgan for a period spanning over two and a half years.

8. Per contra, Mr. Arjun Pall, learned Counsel for the respondent/Videocon defended the findings returned in the impugned judgment wherein the plea taken by the appellant/Morgan to assail the impugned Award on the aspect of the interest awarded, has been repelled. He referred to the bill discounting facility to the tune of Rs. 5 crores extended to his client vide letter dated 27.1.2003, to state that Videocon had submitted post dated cheques for the payment of the Bills of Exchange to the appellant/Morgan, which it did not encash and instead, it agreed to extend the timeline for making payment of the amount towards the value of the Bills of Exchange. It was canvassed that having adopted the said course of action, which was not contemplated in the contract, the appellant/Morgan cannot insist on demanding interest @ 36% per annum, as stipulated in para 4 of the contract governing the parties.

9. It was further submitted by learned Counsel for the respondent/Videocon that the bill discounting facility was provided by the appellant/Morgan on 27.1.2003, for an amount of Rs. 5 crores for 150 days with interest @ 21% per annum and the due dates fell between June to July, 2003 whereas, the demand notice was issued by the appellant/Morgan only on 10.1.2006 and the notice invoking arbitration was issued on 31.1.2006. As for the plea of the other side that reliance could not have been placed on the judgment in S.L. Arora (supra) pronounced on 29.01.2010, he pointed out that when the appellant/Morgan had filed the Section 34 petition to assail the Award, the said judgment was holding the field and even the appellant had cited the said decision in the grounds of appeal. It was only after one and a half years from the date of filing of the Section 34 petition that Hyder Consulting (supra) was decided by the Supreme Court on 25.11.2015. But the appellant/Morgan did not take any steps to amend its Section 34 petition, which was finally decided by the learned Single Judge on 27.2.2019. Lastly, learned Counsel argued that the grounds sought to be urged by learned Counsel for the appellant/Morgan in the present appeal are all based on appreciation of facts that cannot be gone into by the Court in proceedings initiated under Section 34 or 37 of the A&C Act.

10. To buttress the aforesaid submissions, learned Counsel for the respondent/Videocon has cited the decision of a coordinate Bench of this Court in Bharat Sanchar Nigam Limited & Anr. v. BWL Ltd. reported as 244 (2017) DLT 321 (DB)=2017 SCC OnLine Del 11101 wherein, after taking note of the view expressed by the Supreme Court in Central Bank of India v. Ravindra reported as I (2002) BC 150 (SC)=VII (2001) SLT 400=(2002) 1 SCC 367, Mc Dermott International Inc. v. Burn Standard Co. Ltd. reported as V (2006) SLT 345=(2006) 11 SCC 181 and Hyder Consulting (supra), it was held that only if the Award is silent or did not direct otherwise, would the unamended Clause (b) of Sub-section (7) of Section 31, that specifies interest @ 18% per annum from the date of the Award till the date of payment, would come into play and not otherwise.

11. We have perused the impugned judgment, heard the arguments advanced by learned Counsel for the parties and carefully examined the decisions cited by both sides.

12. Since the focus of the learned Counsel for the appellant/Morgan is on the disinclination of the learned Single Judge in interfering in the impugned Award dated 29.04.2013, on the aspect of the interest granted we may extract below para 92 of the Award for ready reference:

“92. In view of the findings of the Tribunal above, Respondent No. 2 is liable to pay a sum of Rs. 5,00,32,656/- (Rupees five crores thirty two thousand six hundred and fifty six only) to the Claimant alongwith interest at 21% p.a. till the date of demand notice. After the date of the demand notice, i.e. 10.01.2006, the Claimant is entitled to receive interest at the rate of 36% p.a. with monthly rests. Further, in terms of the aforesaid decision in S.L. Arora, the Claimant is entitled to receive to post-award interest at the rate of 18% p.a. only on the principal amount of Rs. 5,00,32,656/-.”

13. A glance at the operative para of the impugned Award as above, shows that the learned Sole Arbitrator has split the period for grant of interest for the pre-reference period into two and held that the respondent/Videocon is liable to pay a sum of Rs. 5,00,32,656/- to the appellant/Morgan alongwith interest calculated @ 21% per annum till the date of the issuance of the demand notice, i.e., till 10.01.2006. For the period after the date of issuance of the demand notice, the appellant/Morgan has been granted contractual interest @ 36% per annum with monthly rests. For the post-award period, the appellant/Morgan has been held entitled to interest @ 18% per annum on the principal sum alone.

14. In the impugned judgment, the learned Single Judge has turned down the plea taken by the appellant/Morgan that it is entitled to claim interest @ 36% per annum from the date when the respondent/Videocon had committed a default in payment, which was over two and a half years prior to issuance of the demand notice as the Court was of the opinion that the restriction imposed by the learned Arbitrator was valid and justified. We do not find any force in the submission made by learned Counsel for the appellant/Morgan that the respondent/Videocon having committed a default in repayment of the amounts due under the bill discounting facility, was liable to pay interest from the date of the default for the simple reason that it was the appellant/Morgan, who took a decision to extend the time for the respondent/Videocon to repay the amounts due.

15. Admittedly, the respondent/Videocon had handed over post dated cheques to the appellant/Morgan for the amounts due, but vide letter dated 27.01.2003, addressed to the respondent/Videocon, the appellant/Morgan had agreed not to present the said cheques for encashment and further, offered a bill discounting facility to the respondent/Videocon at a concessional rate of 21% per annum. In this context, para 4 of the letter dated 27.01.2003 addressed by the appellant/Morgan to the respondent/Videocon assumes significance and is reproduced hereinbelow:

“4. The Drawee/Drawer agrees that normal agreed rate for providing Bill Discounting facility is 36% p.a., however as a special case the Discounting Company is providing the Bill Discounting facility at concessional rate of 21% p.a. payable upfront. In case of delay or default in making payment of amount of the Bill of Exchange or overdue bill discounting charges/interest or any part thereof on it's due date, the concessional rate will be withdrawn and the normal rate of bill discounting charges of 36% p.a., monthly rests, shall be payable by the Drawee/Drawer from its due date. Margin @3% p.m. for 3 days shall be deducted at the time of discounting, to be adjusted against delays in repayment, if any.”

16. It is apparent on a perusal of the aforesaid para that the appellant/Morgan had agreed to extend the bill discounting facility to the respondent/Videocon at a discounted rate of 21% per annum instead of the normal rate of 36% per annum, by treating it as a special case. It was further recorded that in the event of any delay or default in making the payment towards the amount of the bill exchange or the overdue bill discounting charges/interest, the concessional rate would be withdrawn and the normal rate of 36% with monthly rests would become applicable. However, the aforesaid para does not mention the cut-off date whereafter the appellant/Morgan would resume charging the normal rate of bill discounting. In other words, the letter dated 27.01.2003 addressed by the appellant/Morgan to the respondent/Videocon is silent on the period during which the concessional rate of 21% per annum would hold good. It was in this background that the learned Sole Arbitrator has awarded interest on the sum of Rs. 5,00,32,656/- @ 21% per annum till the date of issuance of the demand notice, by treating 10.01.2006 as the cut off date whereafter interest has been granted at the contractual rate of 36% per annum.

17. We find merit in the observation made in the impugned judgment that till the date a demand was actually raised by the appellant/Morgan on the respondent/Videocon, there was no reason for the learned Arbitrator to have assumed the amount that had actually become due and payable to the appellant/Morgan. Admittedly, a demand was raised by the appellant/Morgan for the first time only on 10.01.2006. The respondent/Videocon having availed of the bill discounting facility in terms of the Bill Discounting Facility Agreement dated 27.01.2003, on 14.02.2003 and having issued post dated cheques for securing repayment towards the said facility, which the appellant/Morgan elected not to present for encashment, the inference is that it had agreed to water down the terms of the Agreement and continue charging the concessional rate of 21% per annum on the bill discounting facility, till the date of issuance of the demand notice. For the above reason, the appellant/Morgan cannot claim entitlement to a higher rate of interest for a period of almost three years prior to the date of issuance of the demand notice, i.e., 10.01.2006. We find no reason to take a different view from that taken in the impugned judgment.

18. We are also not inclined to accept the submission made by learned Counsel for the appellant/Morgan that the learned Single Judge has failed to appreciate that the Sole Arbitrator had deviated from the terms of contract governing the parties, wherein it was agreed that the rate of interest for providing bill discounting facility would be 36% per annum. Para 4 of the Agreement dated 27.01.2003 is self-explanatory. Once the appellant/Morgan had on its own agreed to apply a concessional rate of interest @ 21% per annum on the bill discounting facility made available to the respondent/Videocon and thereafter, waited for a period of almost three years before issuing a demand notice, the learned Sole Arbitrator was justified in observing that this was not a case where there was any understanding between the parties that on the appellant/Morgan extending the timeline for the repayment, a higher rate of interest @ 36% per annum would be applicable for that period.

19. Coming to the next submission made by learned Counsel for the appellant/Morgan that his client ought to have been granted post-award interest @18% per annum on the principal amount of Rs. 5,00,32,656/- clubbed with the pre-award interest, we may usefully refer to the unamended Section 31(7) of the A&C Act, which reads as under:

“31(7)(a) Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the payment of money, the arbitral tribunal may include in the sum for which the award is made interest, at such rate as it deems reasonable, on the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made.

(b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment.”

20. Post amendment, in terms of Act 3 of 2016 that came into operation on 23.10.2015, the amended Clause (b) of Sub-section 7 of Section 31 reads as under:-

“31(7)(b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of two per cent. higher than the current rate of interest prevalent on the date of award, from the date of award to the date of payment.

Explanation—The expression "current rate of interest" shall have the same meaning as assigned to it under Clause (b) of Section 2 of the Interest Act, 1978(14 of 1978).”

21. In Hyder Consulting (supra), based on a reference order placed before a three Judge Bench of the Supreme Court, for a clarification as to whether the previous decision in the case of S.L. Arora (supra), wherein it was held that award of interest on interest from the date of the Award, is impermissible under Section 31(7) of the A&C Act, is in consonance with the earlier decisions of the Supreme Court, Hon'ble Justice S.A. Bobde, as he then was, had observed in the majority opinion that Sub-section 7(a) contemplates that an award may be passed inclusive of interest for the pre-award period on the entire amount or part amount directed to be paid and the words used, "sum for which the award is made" mean the total amount awarded, which may or may not include interest. His Lordship further held that under Sub-section 7(b), the sum directed to be paid by the Arbitral Award is inclusive of pendente lite interest at a certain rate for the post award period. It has been highlighted that the purpose of enacting the said provision was to encourage early payment of the awarded sum and discourage any delay that accompanies execution of the award, as if it was a decree of the Civil Court. We may usefully extract below, paras 13 and 21 of the majority judgment:

“13. Thus, it is apparent that vide Clause (a) of Sub-section (7) of Section 31 of the Act, Parliament intended that an award for payment of money may be inclusive of interest, and the "sum" of the principal amount plus interest may be directed to be paid by the Arbitral Tribunal for the pre-award period. Thereupon, the Arbitral Tribunal may direct interest to be paid on such "sum" for the post-award period vide Clause (b) of Sub-section (7) of Section 31 of the Act, at which stage the amount would be the sum arrived at after the merging of interest with the principal; the two components having lost their separate identities.

xxxxxx xxx

21. In the result, I am of the view that S.L. Arora case is wrongly decided in that it holds that a sum directed to be paid by an Arbitral Tribunal and the reference to the award on the substantive claim does not refer to interest pendente lite awarded on the "sum directed to be paid upon award" and that in the absence of any provision of interest upon interest in the contract, the Arbitral Tribunal does not have the power to award interest upon interest, or compound interest either for the pre-award period or for the post-award period. Parliament has the undoubted power to legislate on the subject and provide that the Arbitral Tribunal may award interest on the sum directed to be paid by the award, meaning a sum inclusive of principal sum adjudged and the interest, and this has been done by Parliament in plain language.”

22. In his concurring judgment in the captioned case, Hon'ble Justice A.M. Sapre held that grant of pre-award interest is at the discretion of the Arbitral Tribunal, while post-award interest on the awarded sum is the mandate of the Statute, the only difference being in respect of the rate of interest to be awarded by the Arbitral Tribunal. It was observed that if the Arbitral Tribunal has awarded post-award interest payable from the date of the award to the date of payment at a particular rate at its discretion, then it will prevail. Otherwise, the parties will be entitled to claim post-award interest on the awarded sum at the rate specified in Section 31(7)(b) of the Act, which was statutorily fixed at 18%, pre amendment. The observations made in paras 27 and 28 summarise the said position as follows:

“27. Section 31(7)(a) employs the words "... the Arbitral Tribunal may include in the sum for which the award is made interest...". The words "include in the sum" are of utmost importance. This would mean that pre-award interest is not independent of the "sum" awarded. If in case, the Arbitral Tribunal decides to award interest at the time of making the award, the interest component will not be awarded separately but it shall become part and parcel of the award. An award is thus made in respect of a "sum" which includes within the "sum" component of interest, if awarded.

28. Therefore, for the purposes of an award, there is no distinction between a "sum" with interest, and a "sum" without interest. Once the interest is "included in the sum" for which the award is made, the original sum and the interest component cannot be segregated and be seen independent of each other. The interest component then loses its character of an "interest" and takes the colour of "sum" for which the award is made.”

(Emphasis added)

23. In essence, Hyder Consulting (supra) has clarified that even if the award is silent on the future interest payable, the same would remain payable on the 'sum' awarded, which figure will encompass the pre-award interest, if so awarded by the Arbitral Tribunal. Even if the Arbitral Award has directed a sum to be paid without specifying the interest payable post- award, then too future interest would be statutorily payable under the aforesaid provision.

24. In the instant case, the Arbitral Award is not silent on the aspect of the post-award interest for attracting the provisions of Section 31(7)(b) of the Act, as contended by learned Counsel for the appellant/Morgan. The learned Sole Arbitrator has held that the appellant/Morgan is entitled to post-award interest @ 18% per annum with a stipulation that interest at the said rate would be pay

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able only on the principal amount of Rs. 5,00,32,656/-. 25. Had the Award been silent on the aspect of the post-award interest, it was a different matter but that is not so in the instant case. The learned Arbitrator has not only given plausible reasons for refusing to grant a higher rate of interest on the sum awarded in favour of the appellant/Morgan for the period prior to issuance of the demand notice, but has awarded the contracted rate of interest i.e. 36% per annum in favour of the appellant/Morgan for the period post the demand notice, i.e., after 10.01.2006. However, for the post-award period, interest has been awarded @ 18% on the sum of Rs. 5,00,32,656/-. We do not find any infirmity in the said approach of the Arbitral Tribunal of rejecting the claim of the appellant/Morgan for grant of a higher rate of interest prior to 10.1.2006 or for claiming that the pre-award interest be clubbed with the actual amount awarded, while granting post award interest and find no reason to interfere in the impugned judgment, upholding the said view. 26. When the Award has specifically granted interest @ 18% per annum for the post-award period on a sum of Rs. 5,00,32,656/- and has confined the rate of interest to 21% per annum for the pre-reference period, prior to the date of the demand notice, it shall have to be assumed that the learned Sole Arbitrator did so with full intent and while doing so, was mindful of the respective claims of the parties, the relevant merits/demerits of the pleas taken before him, the equities required to be balanced between the parties and all other relevant factors for granting the rate of interest, as awarded. Even otherwise, the present appeal is not merited as only questions of law are required to be determined by the Court at this stage. Under the garb of questioning the decision of the learned Single Judge upholding the quantum of interest awarded under the impugned Award, the appellant/Morgan is actually expecting this Court to re-appreciate the evidence, which is impermissible. The view taken by the Sole Arbitrator for granting interest at a particular rate for different periods cannot be treated as patently illegal or perverse so as to go to the root of the matter. 27. In view of the aforesaid discussion, we are of the opinion that the discretion vested in the learned Sole Arbitrator for awarding interest has been exercised in a particular manner, for just and valid reasons that do not deserve any interference. As a result, the impugned judgment is upheld and the present appeal is dismissed as meritless. Appeal dismissed.
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14-07-2020 M/s. Terracon Projects, Represented by its Proprietor S.V. Babu Versus The State of Karnataka, Represented by its Principal Secretary Department of Commerce & Industries, Bengaluru & Others High Court of Karnataka
09-07-2020 M/s. Durga Fabrication Works, Represented by its Proprietor, Prakash Ramu Rathod Versus The State of Karnataka, Represented By Its Secretary, Department of Industries & Commerce, Bengaluru & Others High Court of Karnataka
03-07-2020 Axis Bank Ltd., Ahmedabad Versus Securities and Exchange Board of India SEBI Bhavan, Mumbai & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
03-07-2020 Inventure Growth & Securities Limited Versus Securities and Exchange Board of India SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
01-07-2020 Ishan Chadha Versus Securities & Exchange Board of India SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
01-07-2020 India Ratings & Research Private Ltd. Versus Securities and Exchange Board of India SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
19-06-2020 M/s. Integrated Finance Company Limited rep. by its Legal Officer and duly constituted Attorney A. Hema Jothi Versus Garware Marine Industries Limited Registered Office at Chander Mukhi High Court of Judicature at Madras
19-06-2020 M/s. Virgo Industries (Engineers) Pvt Ltd., Rep. By its Director Reethamma Joseph & Another Versus M/s. Venturetech Solutions Pvt Ltd., Rep. By its Director N. Mal Reddy High Court of Judicature at Madras
17-06-2020 D.D. Industries Ltd., New Delhi Versus Jasmeet Walia & Another National Consumer Disputes Redressal Commission NCDRC
12-06-2020 Principal Commissioner of Income Tax-14 Versus Alag Securities Pvt. Ltd. (Formerly known as Mahasagar Securities and Richmond Securities Pvt. Ltd.) High Court of Judicature at Bombay
11-06-2020 Prakash Industries Limited. Versus Bengal Energy Limited. & Another High Court of Judicature at Calcutta
01-06-2020 Khaleed Pasha & Others Versus State of Karnataka, Represented by its Secretary Department of Commerce & Industries (MSME, Mines & Textile), Bangalore & Others High Court of Karnataka
26-05-2020 Guru Nanak Industries, Faridabad & Another Versus Amar Singh (Dead) Through Lrs. Supreme Court of India
26-05-2020 Tips Industries Ltd. Versus Entertainment Network (Kindia) Ltd. & Another High Court of Judicature at Bombay
22-05-2020 Kuber Securities Ltd. Versus C.R.B. Capital Markets Ltd. (In Liquidation) & Another High Court of Delhi
20-05-2020 M/s. Sun Pharmaceutical Industries Limited, Represented by its Authorised Signatory, Nilesh Mahendra Kumar Gandhi & Another Versus The Assistant Commercial Tax Officer (Check of Accounts) & Others High Court of Andhra Pradesh
15-05-2020 Jayeshkumar Narottamdas Gandhi & Others Versus Securities and Exchange Board of India SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
12-05-2020 Spentex Industries Ltd Versus Quinn Emanuel Urquhart & Sullivan LLP High Court of Delhi
11-05-2020 Nimain Charan Biswal Versus Securities & Exchange Board of India & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
05-05-2020 Mohamed Tanveer Versus The State of Karnataka by Addl. Chief Secretary Department of Commerce & Industries, Bengaluru & Others High Court of Karnataka
01-05-2020 Agricola Enterprises Ltd. & Another Versus Ministry for Primary Industries Court of Appeal of New Zealand
30-04-2020 Natural Sugar and Allied Industries Limited & Others Versus The State of Maharashtra, Through the Secretary for Co-operation, Marketing & Textile Department, Mantralaya & Others In the High Court of Bombay at Aurangabad
27-04-2020 Bihar State Electricity Board & Others Versus M/s. Iceberg Industries Ltd. & Others Supreme Court of India
24-04-2020 Union of India & Others Versus Exide Industries Limited & Another Supreme Court of India
21-04-2020 Lakshmi Sriniavasa Rice Mills, Rep. by its Partners, K. Kallappa Versus Lakshmi Srinivas Industries, Rep. by its Partners, T. Nageswara Rao, Raichur & Others High Court of Karnataka Circuit Bench OF Kalaburagi
03-04-2020 India Bulls Housing Finance Ltd. Versus Securities Exchange Board of India & Another High Court of Delhi
27-03-2020 Subrata Bhattacharya Versus Securities And Exchange Board Of India & Others Supreme Court of India
20-03-2020 M/s. CJP Industries, Represented by its Managing Partner S. Julius Versus Amitha Bishnoi & Others High Court of Judicature at Madras
19-03-2020 Debasis Padhy & Another Versus Securities and Exchange Board of India, SEBI Bhavan & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
18-03-2020 West Bengal Small Industries Development Corporation Ltd. & Others Versus M/s. Sona Promoters Pvt. Ltd. & Others Supreme Court of India
17-03-2020 A Marine Industries Munambam, Ernakulam, Represented by Its Proprietor, P.T. Francis & Others Versus UCO Bank, Represented by The Chief Manager, Ernakulam & Another High Court of Kerala
17-03-2020 Pooja Vinay Jain Versus Securities and Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
17-03-2020 Susheel Somani & Others Versus Securities & Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
17-03-2020 Oasis Securities Limited, Mumbai & Others Versus Securities & Exchange Board of India, SEBI Bhavan, Mumbai SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
17-03-2020 S. Vaikundarajan Versus The State of Tamil Nadu, Rep., by its Principal Secretary to Government, Industries (MMD.2) Department, Chennai Before the Madurai Bench of Madras High Court
16-03-2020 G.P. Shah Investment Private Limited, Surat & Others Versus Securities & Exchange Board of India, SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
16-03-2020 Highlight Leafins Pvt. Ltd. & Others Versus Securities and Exchange Board of India, SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
16-03-2020 Peps Industries Private Limited Versus Kurlon Limited High Court of Delhi
12-03-2020 Sai Electromech Industries, A Sole Proprietary Concern rep.by Its Proprietor Umangkumar Joshi Versus Sicagen India Limited, Rep.by its Authorised Signatory S. Mahadevan High Court of Judicature at Madras
11-03-2020 Agrocel Industries Pvt. Ltd. Versus United India Insurance Company Ltd. High Court of Judicature at Bombay
10-03-2020 Ramesh Nahar, Proprietor Nahar Credits, Chennai, Rep. himself & Other creditors as leader of the consortium of & Others Versus Land Marvel Homes, A Registered Partnership Firm Rep. by its Managing Partner, M. Veerashekar & Another High Court of Judicature at Madras
06-03-2020 Ritman Infra Ltd. & Others Versus Securities and Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
06-03-2020 M/s. Connectwell Industries Pvt. Ltd. Versus Union of India Through Ministry of Finance & Others Supreme Court of India
06-03-2020 Haresh Ramchandra Posnak Versus Securities & Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
06-03-2020 Ballarpur Industries Limited & Another V/S The State of Maharashtra, through Secretary, Department of Forests, Mantralaya In the High Court of Bombay at Nagpur
06-03-2020 Vinod Kedia Versus Securities & Exchange Board of India SEBI Bhavan, Mumbai & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
06-03-2020 Ravikiran Realty India Ltd. & Others Versus Securities and Exchange Board of India SEBI Bhavan & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
05-03-2020 Electrosteel Steels Limited, Bokaro & Others Versus The State of Jharkhand through Secretary, Department of Industries, Government of Jharkhand, Ranchi & Others High Court of Jharkhand
05-03-2020 BSP Infrastructure & Construction Ltd. (BICL) & Others Versus Securities & Exchange Board of India & Another SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
04-03-2020 M/s. Ramco Industries Ltd., Rajapalaym Versus The Deputy Commissioner of Income Tax, Madurai High Court of Judicature at Madras
28-02-2020 Bank of India V/S M/s. Brindavan Agro Industries Pvt. Ltd Supreme Court of India
28-02-2020 Trans Asian Industries Exposition Pvt. Ltd. & Others Versus Jammu & Kashmir Bank Ltd & Another High Court of Delhi
28-02-2020 Super Cassettes Industries Pvt. Ltd Versus Prime Cable Network & Another High Court of Delhi
25-02-2020 Eurotex Industries and Exports Ltd. Versus Additional Commissioner of Labour-cum-Specified Authority & Others High Court of Judicature at Bombay
25-02-2020 Kamal Encon Industries Limited Through its Authorized Representative Versus Maharashtra Electricity Regulatory Commission Through its Secretary World Trade Centre, Mumbai & Others Appellate Tribunal for Electricity Appellate Jurisdiction
24-02-2020 Panch Tatva Promoters Pvt. Ltd. Versus GPT Steel Industries Ltd. (Through Resolution Professional) & Others National Company Law Appellate Tribunal
24-02-2020 S. Suresh Versus The Management Exide Industries Ltd., Madurai & Others Before the Madurai Bench of Madras High Court
21-02-2020 Jayeshkumar Narottamdas Gandhi & Others Versus Securities & Exchange Board of India Securities and Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
21-02-2020 Sunipa Das Versus Securities and Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
21-02-2020 Dilwar Hossain Versus Securities & Exchange Board of India SEBI Bhavan & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
21-02-2020 Anita Ghosh Chowdhury Versus Securities & Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
21-02-2020 Yogesh G. Gemawat & Another Versus Securities and Exchange Board of India, SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
20-02-2020 Asian Food Industries Versus Union of India & Others High Court of Gujarat At Ahmedabad
20-02-2020 M/s Century Rayon (A division of Century Textile & Industries Ltd.), Maharashtra V/S Maharashtra State Electricity Distribution Company Ltd., Through its, Chief Engineer (Commercial), Maharashtra And Others Appellate Tribunal for Electricity Appellate Jurisdiction
19-02-2020 Dhirajbhai V. Sanghvi HUF & Others Versus Securities & Exchange Board of India SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
19-02-2020 Samruddha Jeevan Foods India Limited & Others Versus Securities & Exchange Board of India, SEBI Bhavan SEBI Securities amp Exchange Board of India Securities Appellate Tribunal
18-02-2020 ITC Limited, Chennai, Rep. by its Constituted Attorney, V.M. Rajasekharan Versus Shree Devi Match Industries, Gudiyattam & Others High Court of Judicature at Madras
18-02-2020 Clay Craft (India) Pvt. Ltd. Through Its Director, Rajasthan & Others Versus Rajasthan Small Industries Corporation Limited (Institution of Rajasthan Government) Through Managing Director, Ugyog Bhawan, Tilak Marg, C-Scheme, Jaipur, Rajasthan National Consumer Disputes Redressal Commission NCDRC
18-02-2020 Securities and Exchange Board of India, SEBI Bhavan Versus Gautam Thapar & Others SEBI Securities amp Exchange Board of India Securities Appellate Tribunal