ORDER :

[PRAYER : Arbitration Original Petition is filed under Sections 47 & 49 of the Arbitration and Conciliation Act, 1996, praying to declare that the Arbitration Award in SIAC Arbitration No.376 of 2019 dated 06.10.2021 be enforced as a decree of this Court, as against the respondent and for costs.]

This Arbitration Original petition has been filed dated 08.12.2021 under Sections 47 & 49 of the Arbitration and Conciliation Act,1996 for enforcement and execution of the final Award passed by Foreign Arbitral Tribunal dated 06.10.2021.

2. In brivity, the 1st petitioner “Aapico Hitech Public Company Limited” is herein referred to as “Aapcio Thailand”; the 2nd petitioner “Aapico Investment Private Limited” as “Aapico Singapore” and the 3rd petitioner “Sakthi Global Auto Holdings Limited” as “SGAH” and the respondent, “Sakthi Auto Component Limited” as “SACL”.

3. The brief facts of the case are as follows :

“3.1 Aapcio Thailand” is a public listed company, incorporated under the laws of Thailand. “Aapico Singapore” is incorporated under the laws of Singapore.

3.2 Aapico Thailand holds 100% shares of Aapico Singapore and hence, Aapico Thailand and Aapico Singapore are collectively referred to as “Aapico Group” and its Founder and the President is one Mr. Yeap Swee Chuan (Mr. Yeap). “SGAH” is incorporated under the laws of England and Wales. In 2017-18, Aapico Group invested in SGAH which was then part of the Sakthi Group of Companies (“Sakthi Group”). As on date, as Aapico holds 100% of the shareholding in SGAH, Aapico and SGAH are hereinafter collectively referred to as 'petitioners'.

3.3 SACL/respondent is a public unlisted company incorporated in Coimbatore, Tamil Nadu (India), which is among the Sakthi Group, controlled by Dr. Mahalingam.

3.4 The genesis of the entire dispute between the parties originates from the dealings of two groups, one being “Sakthi Group” and the other being “Aapico Group”.

3.5 Initially, in about 2000, the automative foundry part of Sakthi Group's business was hived off into a separate company, i.e Sakthi Auto Components Limited, viz., SACL, the respondents herein, controlled and managed by Dr. Manickam Mahalingam and family. In 2004, SACL began supplying steering knuckles to General Motors (GM) and expanded its production capcities through various factories in different countries. One such expansion was in USA namely Sakthi Auto Group USA Inc., which is herein referred to “SAGUSA”. In 2012, SAGUSA entered into a Joint Venture (JV) with the Chinese company namely Bethel Automative Safety Systems Co. Ltd (Wehei China), because of an increased demand from the GM. The terms of this JV were eventually set out in an agreement dated 16.02.2019. The JV was carried out through two new companies, viz., namely Wehiei Bethel Sakthi Automative Safety Systems Co. Ltd (WBS) wherein SAGUSA owned 49% and Wehei China 51% and the other one is Wehei Bethal Sakthi Automative Co. Ltd, (Sakthi Bethel) wherein, SAGUSA owned 51% and Wehei China owned 49%. In a simplified outline, WBS produced steering knuckle castings for SAGUSA in China, which SAGUSA then machined in the USA before on-sale as finished products to GM.

4. The background of the present dispute can be stated as under :

4.1 In 2017, SACL and the Aapico Group began a JV agreement dated 10.04.2017. SGAH was formed to be the Joint Venture company. The shares in SGAH were to be held as to 74.9% by ABT Auto, as to 24.1% by Aapico Hitech and as to 1% by Aapico Investment. SGAH was to become the owner of SAGUSA and the owner of a 70% interest in SACL. Both shareholdings were to be contributed by ABT Auto. The Aapico Group's contribution to the Joint Venture was to be financial, in the form of USD 50m in equity and USD 50m by way of loan, secured by guarantees given by Dr. Mahalingam and by ABT Auto.

4.2 In 2018, SAGUSA was experiencing financial problems, these were attributed by Dr. Mahalingam primarily to thefts of castings and to technical issues and by Mr. Yeap primarily to