JUDGMENT :

M.R. SHAH, J.

1. Present contempt petition has been preferred by the petitioner herein, alleging wilful, intentional and deliberate disobedience of the directions issued by this Court by the alleged contemnors-respondents herein in not depositing the shortfall amount so as to maintain a balance of USD 60 million in the Corporation Bank account maintained by Avitel Post Studioz Limited (hereinafter referred to as the “Avitel”) a company owned by the alleged contemnors. It is alleged that the alleged contemnors are in wilful breach of two orders of this Court dated 19.08.2020 and 06.05.2021.

2. The facts leading to the present contempt proceedings in a nutshell are as under:

2.1 A Share Subscription Agreement (SSA) was entered into on 21.04.2011 between HSBC-petitioner herein and Avitel and others (original appellants before this Court in Civil Appeal No. 5145/2016). HSBC made an investment in the equity capital of Avitel India for a consideration of USD 60 million in order to acquire 7.8% of its paid-up capital. That the said SSA contained an arbitration clause.

2.2 That thereafter, both the parties entered into a Shareholders Agreement (SHA) on 06.05.2011, which defined the r