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IN THE HIGH COURT OF DELHI AT NEW DELHI

Pronounced on: 15.12.2023

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O.M.P. 476/2012 & IA No. 5379/2023

MORGAN SECURITIES & CREDITS PVT LTD. .... Petitioner

Through:

Mr. Simran Mehta, Mr. Ankur

Chawla and Mr. Shivam Tandon,

Advs.

versus

SAMTEL DISPLAY SYSTEMS LTD

..... Respondent

Through:

Mr. Jay Savla, Sr. Adv. alongwith

Mr. Sanjay Chhabra, Mr. Satish

Choudhary and Mr. Dhruv Chawla,

Advs.

CORAM:

HON'BLE MR. JUSTICE SACHIN DATTA

JUDGMENT

1.

The present petition under Section 34 of the Arbitration and

Conciliation Act, 1996¹ has been filed assailing the arbitral award dated

06.12.2011 read with order dated 10.01.2012 under Section 33 of the Act.

Factual Background

2.

The factual background in the context of which the present petition

has been filed is briefly enumerated as under:

3.

A company i.e. Samtel Colors Limited (herein referred to as

borrower) availed from the petitioner an Inter-Corporate Deposit (ICD)

facility for a sum of Rs. 1,70,00,00,000/- on 12.02.2007. The same was

granted subject to the borrower furnishing a surety/pledge of 11 lakh shares

held by the respondent in the borrower company, as a security fo