D.Y.CHANDRACHUD
Tata Industries – Appellant
Versus
Grasim Industries – Respondent
1. This Petition under Section 34 of the Arbitration and Conciliation Act 1996 raises a challenge to a procedural order of 13 May 2010 of an arbitral tribunal constituted in pursuance of an order passed by a designated Judge of the Supreme Court under Section 11(6).
2. On15 December 2000 a shareholders agreement was entered ’ into between the First Petitioner, the Respondent and the predecessor of the Second Petitioner. On 31 January 2006 a notice of termination was served by the First Petitioner on the ground that there was a breach of the shareholders agreement arising out of the Respondent ’ having applied for a United Access Service Licence for Mumbai Metro Circle in violation of the provisions of Article 3.04(b). This was followed on 27 November 2006 by a second notice by the First Petitioner seeking to terminate the agreement on the ground that there was a breach of the confidentiality clause of the shareholders’ agreement. On 5 May 2006 the First Petitioner issued a formal notice invoking the arbitration agreement between the parties under Section 21 of the Arbitration and Conciliation Act 1996. On 1 June 2006 two share purchase agreements were executed between the
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