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IN THE HIGH COURT AT CALCUTTA
SUGATO MAJUMDAR
Priyanka Gupta – Appellant
Versus
Anil Chowdhury – Respondent
JUDGMENT :
Sugato Majumdar, J.
The Court: G.A.3 of 2022 is filed by the Defendant No.3 being M/s Asian Tea & Exports Ltd., a company registered under the Companies Act, 1956, praying for referring the instant dispute to arbitration.
The sum and substance of the application may be summarized as follow :
i. A Share Transfer Agreement was executed on 12/09/2014 between Late Devrat Gupta (the original Plaintiff No.1, who left for heavenly abode during pendency of the suit), Smt. Kashmira Gupta (Plaintiff No.4), Sri Devansh Gupta (Plaintiff No.3), Smt. Priyanka Gupta (Plaintiff No.2) and Smt. Mridula Gupta (Plaintiff No.5), who were the Sellers, on the one hand and M/s Asian Tea & Exports Ltd. (Defendant No.3) and Sri Hariram Garg (Defendant No.4), on the other hand, who were the Buyers. This agreement was executed for transfer by the Sellers in favor of the Buyers 9,50,000 number of fully paid up equity shares of Rs.10/- each in the Defendant.5, namely, M/s Indong Tea Comp. Pvt. Ltd.
ii. In course of transfer of shares, an escrow account was required to be created appointing Escrow Holders. The Defendant Nos.1 & 2 were appointed as the Escrow Holders in terms of the Escrow Agreement dated 1
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