1. By this petition filed under section 9 of the Arbitration and Conciliation Act, 1996, petitioner seeks an order and direction against respondents to deposit monies to the extent of the claims of the petitioner under Share Subscription Agreement and Share Holders Agreement including the investment of approximately US$ 60 million and cost and/or in the alternative to provide adequate and satisfactory security in regard to the claims of the petitioner. Petitioner also claims disclosure of all the assets, moneys, bank deposits and accounts held by the respondents singly or jointly and/or severally including but not limited to the accounts with Corporation Bank by an affidavit. Petitioner seeks injunction restraining the respondents from dealing with their assets including bank accounts with Corporation Bank. Some of the relevant facts for the purpose of deciding this petition are as under:-

2 (a) Petitioner is a company incorporated under the laws of Mauritius and has its registered office at Mauritius. Petitioner is a investment holding company for the principal investments Asia Division of HSBC. Respondent no.1 is a company incorporated under the provisions of Companies Act, 1956 and has its registered office at Mumbai. Avitel India is a parent company in the Avitel Group and hold 100% share in Avitel Holdings Limited. Avitel Holdings Limited in turn hold 100% Avitel Post Studioz FZ LLC.

(b) It is the case of the petitioner that the said Avitel Group represented to the HSBC and the petitioner that it was the entity responsible for 95% of the Avitel Group's post firm services and operations. The respondents represented to the petitioner that the Avitel Group was at a very advanced stage of finalising a contract with the British Broadcasting Corporation (BBC) and had in fact already signed a MOU with the BBC to convert the BBC's film library from 2D to 3D which contract was accepted to generate a revenue of US$ 300 million in the first phase. Avitel Group required an investment of US$ 60 million to purchase the equipment for Avitel Post Studioz FZ LLC specially to enable Avitel Dubai to service the BBC Contract, which was required to be in place before execution of the contract.

(c) On 12th December, 2010, Avitel India through Mr. Yogesh Garodia sent a e-mail to Mr. Prateek Garg, former employee of HSBC and attached preliminary due diligence report completed by Avitel India. It was stated that the Avitel was in advanced stages of negotiations with the BBC for the conversion of its existing 2D library to 3D. It was stated that the total size of the said opportunity was estimated between US $ 1 to US $ 1.3 billion, the first phase of conversion was expected to yield revenues of approximately US $ 300 million followed by a second phase of further US $ 300 million.

(d) On 10th January, 2011 respondent no.3 sent an e-mail to Heath Zarin, Managing Director, Head of Principal Investments, Asia-Pacific, Director Avitel India, Director Avitel Mauritius, stating that as far as BBC MoU and e-mail correspondence, he had asked his Dubai office to scan and email it to him so that when he meets the Managing Director of HSBC, he could show it to him on hard copy.

(e) On 11th January, 2011 respondent no.3 sent e-mail to Mr. Zarin of HSBC stating that he had MOU with the BBC and few e-mail correspondence with them and enquired as to when Mr. Zarin would like to see those documents. There were meetings held on 19th April, 2011 between respondent and HSBC and a person claimed to be Mr. John Linwood, BBC's Chief Technology Officer. It is the case of the petitioner that it was subsequently discovered that a person who was introduced to Mr. Anthony Bernbaum of HSBC as Mr.John Linwood of BBC was not with him. According to the petitioner in the said meeting, it was Mr. Anthony Bernbaum concluded that on the basis of the meeting, he approved the deal and recommended his HSBC team to do so as well.

(f) On 21st April, 2011, petitioner, respondent no.1