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DELHI HIGH COURT
PRATHIBA M.SINGH
Tommorrowland Limited – Appellant
Versus
Prasad & Co. – Respondent
| Table of Content |
|---|
| 1. factual background of the public issue. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7) |
| 2. details on sebi regulations and responses. (Para 8 , 9 , 10 , 11 , 12) |
| 3. overview of arbitration proceedings. (Para 15 , 16 , 18 , 19) |
| 4. arguments regarding underwriting obligations and damages. (Para 48 , 49 , 55 , 56) |
| 5. final decision regarding damages and interest. (Para 60 , 88 , 107 , 115) |
JUDGMENT
Prathiba M. Singh, J.
1. The present suit is one of 27 connected suits, all of which relate to disputes between the Plaintiff - M/s MS Shoes East Ltd. (now known as Tommorrowland Limited) and various Defendants/Respondents who were Underwriters of a public issue brought out by the Plaintiff-Company in 1995. The background of the cases is the same but the underlying facts vary from case to case, hence separate judgements are being delivered.
Background and Summary of the Proceedings
The background of the disputes is that the Plaintiff had launched a public issue sometime in 1995 for issuance of Fully Convertible Debentures (hereinafter `FCDs') to public in India as well as Non-Resident Indians. The public issue was underwritten by various Underwriters, including the Defendant herein. The pu
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