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MTNL had alleged fraud at play on the part of CanFina, a subsidiary of Canara Bank. Recently, the Delhi High Court<\/a> stayed the arbitral award ordering MTNL to refund an amount of Rs 160 crore along with interest amounting to Rs 282.69 crore to CanFina subject to a condition that MTNL should deposit the entire award amount along with interest in a fixed deposit. The total amount effectively runs to around Rs 442.69 crore.
Last week, a single-judge bench of Justice Prateek Jalan passed the order on an application moved by the MTNL under Section 36(2) of the Arbitration and Conciliation Act, 1996. \"I am not persuaded that MTNL is entitled to an unconditional stay of the award. MTNL has not been able to demonstrate prima facie that the contract which is the basis of the award, was induced by fraud or corruption,\" said the court.
The court noted that certain observations have undoubtedly been made in the committee reports relied upon by MTNL, which support its allegation of irregularities in CanFina's transaction at the relevant time.
\"However, the contemporaneous correspondence does not establish a case of fraud or that MTNL was not aware of the nature of the transactions. The learned arbitrator drew upon some of this correspondence to arrive at a conclusion that the transactions were not vitiated by fraud, and I see no reason to disagree, at least at this stage of proceedings,\" said the court.
Senior advocate Chinmoy Pradeep Sharma represented the Canara Bank, senior advocate Santosh Paul represented CanFina, and Additional Solicitor General Balbir Singh represented MTNL.
According to MTNL, the transactions were affected by a wide-ranging scam in the Indian stock market and that the arbitral award should be stayed as there was fraud at play on the part of CanFina.
Singh submitted that the findings of the impugned award to the effect that the bank and CanFina had not been indicted for fraud, and that the securities were held by CanFina on behalf of MTNL, are ex facie erroneous. Sharma contested that no prima facie case of fraud or corruption has been made out.
Justice Jalan said: \"Having regard to.......the facts of the present case, I do not consider this an appropriate case to record a prima facie finding of fraud having induced or effected the transactions.\"
In conclusion, he said: \"I, therefore, do not accept MTNL's request for an unconditional stay of the award. The application is disposed of with the direction that enforcement of the impugned award will be stayed, subject to the following conditions: - MTNL depositing with the learned Registrar General of this court, an amount of Rs 160 crore and interest thereupon, at the awarded rate of 6 per cent per annum from October 20, 1993 until March 31, 2023. The deposit be made by April 15, 2023.\"
The bench further added that the amount deposited be kept in fixed deposit, initially for a period of one year, and extended from time to time during the pendency of the present petition under Section 34 of the Arbitration and Conciliation Act, 1996.
The bench added: \"It is made clear that the observations contained in this judgment are prima facie observations for the purpose of disposal of the application. They are not intended to prejudice the rights and contentions of the parties at the final hearing of the Section 34 proceedings.\"
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读到
MTNL涉嫌欺诈在玩CanFina的一部分,Canara银行的子公司。最近,德里高等法院待仲裁裁决下令MTNL退款一笔160卢比连同利息总计282.69卢比CanFina受到条件MTNL应该存款整个奖数量随着兴趣定期存款。有效地运行总量约442.69卢比。
上周,一个公正的法官板凳Prateek道路通过下订单在一个应用程序感动MTNL节36(2)的仲裁和调解法案》,1996年。“我不相信MTNL有权无条件保持的奖。MTNL未能初步证明合同的基础奖,是由欺诈或腐败”,法院说。
法院指出,某些观测无疑取得了依赖的委员会报告MTNL CanFina中的违规行为支持其主张的事务相关的时候。
“然而,同时代的信件不建立一个欺诈或MTNL不知道交易的性质。学会了仲裁员引用了一些对应的得出一个结论,事务被欺诈,没有污浊,我认为没有理由不同意,说,“至少在这个阶段的诉讼法院。
高级提倡Chinmoy Pradeep Sharma表示Canara银行高级主桑托什保罗CanFina表示,和额外的副检察长Balbir辛格MTNL表示。
据MTNL交易影响广泛的骗局在印度股市,仲裁裁决应该保持有欺诈CanFina的玩。
辛格提交的研究奖,打击了银行和CanFina没有被控欺诈,这代表MTNL CanFina持有的证券,从表面看是错误的。Sharma争议,没有初步的欺诈或腐败了。
正义的道路说:“考虑到.......事实的情况下,我不认为这一个适当的情况下记录初步发现的欺诈有诱导或影响事务。”
总之,他说:“因此,我不接受MTNL要求无条件保持的奖。应用程序处理的方向执行打击奖会呆,应当具备下列条件:- MTNL沉淀的学习总登记官法庭,于是一笔160卢比和兴趣,在获得每年6%的速度从10月20日,1993年到2023年3月31日。存款由2023年4月15日。”
板凳上进一步补充说,保持存入定期存款,最初一段一年,期间不时和扩展悬而未决的请愿下34节的仲裁和调解法案》,1996年。
板凳上补充道:“这是明确表示,这个判断是初步的观察中包含的观测为目的的应用程序的处理。他们不打算偏见的权利和主张的当事人在34节的最后听证程序。”
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