JUDGMENT :

R. SUBBIAH, J.

Prayer: Original Side Appeal (O.S.A.) filed under Order XXXVI Rule 9 of the Madras High Court Original Side Rules, read with Clause 15 of the Letters Patent, against the order and decree dated 15.10.2019 passed by the learned Single Judge in Application (Appeal) No. 6896 of 2019 in E.P. No. 75 of 2018 on the file of the learned Master, High Court (Original Side), Madras.

1. This Original Side Appeal (O.S.A.) is filed as against the order dated 15.10.2019 passed by the learned Single Judge in Application (Appeal) No. 6896 of 2019 in E.P. No. 75 of 2018, whereby the said application seeking to set aside the order dated 28.08.2019 passed by the learned Master of this Court, was dismissed, thereby, confirming the arrest of the second appellant as ordered by the learned Master on 28.08.2019 passed in E.P. No. 75 of 2018.

2. Brief facts which are necessary to decide the issue involved in this appeal are as follows:

(a) An arbitration case was filed by the respondent-Company as against the first appellant-Company for breach of terms and conditions of the agreement, dated 02.02.1995 for recovery of the full consideration for 5,40,000 Optionally Fully Convertible Debentures (OFCD) valued at Rs. 5,13,00,000/- with interest @ 24% p.a. from the date of redemption till the date of realisation. A Three-member Arbitral Tribunal passed an Award, dated 14.06.2001, directing the first appellant-Company to pay a sum of Rs. 8,10,00,000/- within two months from the date of the Award, failing which, interest thereafter @ 15% per annum has to be paid till the date of realisation.

(b) The first appellant-Company filed Arbitration Petition No. 499 of 2001 under Section 34 of the Arbitration and Conciliation Act, before the Bombay High Court to set aside the said Award. By order dated 27/28.11.2001, a learned Single Judge of the Bombay High Court had set aside the said Award holding that the Award is opposed to public policy. Aggrieved by the same, the respondent-Company filed Arbitration Appeal No. 284 of 2002, before a Division Bench of the Bombay High Court under Section 37 of the Arbitration and Conciliation Act. The appeal was allowed by the Division Bench of the Bombay High Court on 07.08.2002 and the Award dated 14.06.2001 was restored. Aggrieved by the judgment rendered by the Division Bench of the Bombay High Court, a Special Leave (Civil) Petition (SLP) was filed by the first appellant-Company before the Supreme Court and the Supreme Court converted the SLP (Civil) into Civil Appeal No. 6495 of 2003. Ultimately, by order dated 07.09.2010, the Civil Appeal was dismissed by the Supreme Court. Thus, the Award has become final and conclusive between the parties thereto on 07.09.2010.

(c) After the Award was confirmed by the Apex Court, the respondent-Company preferred O.A. No. 991 of 2010 before this Court under Section 9 of the Arbitration and Conciliation Act, seeking for an order of interim injunction restraining the first appellant-Company, its officers, members, servants and agents and any person or any staff acting at its behest from in any manner, alienating, transferring or encumbering its assets, both movable as well as immovable. This Court, by order dated 17.09.2010, allowed the said O.A. No. 991 of 2010.

(d) Thereafter, the respondent-Company filed an Execution Petition in E.P. No. 15 of 2012 before this Court for attachment of the movable properties belonging to the first appellant-Company. In the said E.P., the respondent/decree-holder filed application in A. No. 6900 of 2014 under Order 21 Rule 41 of the Civil Procedure Code (CPC) to direct the Managing Director/Company Secretary of the first appellant-Company to appear before this Court and be orally examined so as to disclose as to whether the first appellant- Company has any other property or means of satisfying the Award, dated 14.06.2001 and to this effect, to produce such books or documents before this Court. The learned Master of this Court, by order dated