O.A.No.794 of 2021 in C.S.No.117 of 2021 (Comm.Div.)

IN THE HIGH COURT OF JUDICATURE AT MADRAS

ORDERS RESERVED ON : 19.01.2022

PRONOUNCING ORDERS ON : 24.01.2022

Coram:

THE HONOURABLE JUSTICE MR.N.ANAND VENKATESH

O.A.No.794 of 2021

in C.S.No.117 of 2021

(Comm.Div)

Amica Financial Technologies Pvt.Ltd.,

Rep.by its Authorised Signatory

Tressa Stalin,

32, 3^rd Floor, Viraj Building

Plot No.124, S.V.Road, Khar West

Mumbai 500 052.

..Applicant/Plaintiff

. Vs.

1. Hip Bar Pvt.Ltd.

7, Kamaraj Avenue, 1st street,

Adyar, Chennai - 600 020.

2. Mr.Prasanna Natarajan

7, Crescent Avenue

Kesavaperumal Puram

Chennai – 600 028.

3. Mrs. Rajalakshmi Natarajan

7 Cresent Avenue, Kesavaperumal Puram

Chennai - 600 028.

4. Sipping Spirits Pvt. Ltd.

No.4 Crescent Avenue

Kesavaperumalpuram

Chennai - 600 028.

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O.A.No.794 of 2021 in C.S.No.117 of 2021 (Comm.Div.)

5. Dreaming Technologies Pvt.Ltd.,

404 Uphar II CHS Ltd.,

Plot No.5 BHD Sanjeeva ENCL, 7 Bunglows

Near Juhu Circle

Mumbai - 400 061.

.. Respondents/Defendants

Prayer in O.A.No.794of 2021: Judge's Summons filed under Order XIV Rule 8 of

Original Side Rules read with Order XXXIX Rules 1 and 2 CPC and Section 151 of the

Code of Civil Procedure, 1908.

a.

This application should not be treated as Urgent?

b.

This Hon'ble Court be not pleased to grant an interim injunction restraining

the defendants and/or anyone acting for, through or under them, from undertaking any

business in connection with the PPI License dated 22.08.2016; and

c.

Pass such or further orders as this Hon'ble Court deems fit and proper in

the circumstances of the case.

For Applicant : Mr.T.K.Bhaskar

for Mrs.Ashwini Vaithialingam

For Respondents : Mr.P.S.Raman

Senior Counsel

for Mrs.Deepika Murali

for R1 and R 5

Mr.Anirudh Krishnan

for R2 to R4

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https://www.mhc.tn.gov.in/judis

O.A.No.794 of 2021 in C.S.No.117 of 2021 (Comm.Div.)

O.A.No.794 of 2021

in C.S.No.117 of 2021

N. ANAND VENKATESH, J.

This application has been filed by the applicant/plaintiff seeking for an order of

interim injunction restraining the respondents/defendants from undertaking any

business in connection with the pre-paid instruments license (hereinafter referred to as

“PPI License”), dated 22.08.2016.

2.The case of the applicant/plaintiff is that they are engaged in the business of

providing technology solutions and services by way of digital based platforms for

payment and card related processes, offering products and services in relation to

savings credit facilities, investment products and financial management to its customers

and providing credit facility to the customers under its brand name and a variety of

financial services.

3.The applicant initiated negotiations with the 1^st and 2^nd respondents to acquire

100% shareholding in the 1^st respondent Company, in August 2021. The applicant was

interested in acquiring the 1^st respondent Company, as a valid PPI License would have

enabled them to carryout business related to payment systems for semi-closed pre-paid

instruments. After negotiations, on 12.08.2021, a Term Sheet was executed by the

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O.A.No.794 of 2021 in C.S.No.117 of 2021 (Comm.Div.)

applicant and the 1^st and 2^nd respondents. Thereafter, this Term Sheet was

superseded by a Binding Term Sheet dated 23.08.2021. According to the applicant,

Clauses 10, 11 and 12 of the Binding Term Sheet specifically dealt with confidentiality,

exclusivity and binding effect of the covenants on the respective parties.

4.The further case of the applicant is that pursuant to the Binding Term Sheet,

the applicant disclosed to the 1^st and 2^nd respondents certain trade secrets which, inter

alia, included business plans and obj