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J. B. PARDIWALA, R. MAHADEVAN
I. K. Merchants Pvt. Ltd. – Appellant
Versus
State of Rajasthan – Respondent
JUDGMENT :
R. MAHADEVAN, J.
Leave granted.
2. These appeals are filed against the judgments and orders dated 26.04.2022 and 02.05.2022 both passed by the Division Bench of Calcutta High Court,1[Hereinafter referred to as “the High Court”] in G.A.No.6 of 2020 and A.P.D.No.63 of 2013 in C.S.No.467 of 1978. Vide order dated 26.04.2022, the High Court, while upholding and reaffirming the valuation of shares done by M/s. Ray & Ray at Rs.640/- per share, granted simple interest at 6% per annum on the enhanced valuation of shares, however, rejected the prayer of the appellants for enhancement of interest rates, costs and damages, and accordingly, disposed of the said cases. Subsequently, vide order dated 02.05.2022, the High Court corrected the rate of interest from 6% to 5% per annum. Both the orders are assailed in these appeals, at the instance of the appellants herein.
3. On 25.07.2022, when the appeals were taken up for consideration by this Court, the learned counsel for the appellants confined the prayer made herein to the grant of an appropriate rate of interest, which was also recorded in the proceedings. In view of the same, we proceed to deal with these appeals only to the limited
(1) Rate of interest – Courts have authority to determine appropriate interest rate, considering totality of facts and circumstances in accordance with law – Rate of interest should be determined in ....
The principle of party autonomy in commercial agreements prevails, allowing enforceability of stipulated interest rates unless proven unconscionable or lacking legitimate business purpose.
Court upheld contractual interest of 18% from pre-suit period while awarding 9% future interest post-decree, reflecting equitable considerations of a commercial transaction.
The court upheld the limited scope of interference under Section 34 of the Arbitration and Conciliation Act, affirming the arbitrator's findings on readiness and willingness, and the award of compens....
Section 31(7)(a) of Act deals with grant of pre-award interest.
Company - Valuation of shares - It is fair and reasonable and supported by strong reasons and evidence. Court minded to accept that valuation and thus put an end to this litigation. Respondents/plain....
An arbitral award can only be set aside under Section 34 of the Arbitration and Conciliation Act, 1996 if the appellant establishes that the award is in conflict with the public policy of India, is p....
The main legal point established in the judgment is the limited scope for interference with arbitral awards under the Arbitration and Conciliation Act, 1996, and the discretion of the Arbitrator in a....
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