$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 09.05.2025 Judgment pronounced on: 28.07.2025 + ARB. A. (COMM.) 5/2025, I.A. 1730/2025 & I.A. 1731/2025 PAUL DEEPAK RAJARATNAM & ORS. .....Appellants Through: Mr. Vivek Kohli, Sr. Adv.

with Mr. S. Santanam Swaminadhan, Mr. Anindit Mandal, Mr. Kartik Malhotra, Ms. Vasudha Chadha, Advs.

versus SURGEPORT LOGISTICS PRIVATE LIMITED & ANR.

.....Respondents Through: Ms. Rimali Batra, Mr.

Abhishek Lalwani, Mr. K.

Kumar, Advs.

CORAM:

HON’BLE MR. JUSTICE JASMEET SINGH

J U D G M E N T

FACTUAL MATRIX ............................................................................ 3 SUBMISSIONS ON BEHALF OF THE APPELLANTS ................ 11 SUBMISSIONS ON BEHALF OF THE RESPONDENTS ............ 14 ANALYSIS AND FINDINGS ............................................................ 21 Scope of Interference under Section 37(2)(b) of the Act. .................. 21 Ambit of Section 17 of the Act. ........................................................... 25 Whether the Shareholders’ Agreement was Validly Terminated. ..... 27 A. Conduct of the Appellants Inconsistent with Termination. ....... 31 B. Separation from Management ≠ Termination of Con