Summary: The Bombay High Court made a decision on a complicated case involving Vikram Jamnadas Kothari and the Dosti Group. The argument was about a 2010 agreement and an unpaid amount of Rs. 10 crores. The court decided to send the matter to the Mumbai Centre for International Arbitration.
This case includes several people and groups: Vikram Jamnadas Kothari, the Dosti Group, Barclays Wealth Trustees, and others. The disagreement is about an agreement related to buying shares from 2010. The Dosti Group agreed to buy shares in a company from Vikram Jamnadas Kothari for Rs. 59 crores, but Rs. 10 crores still haven't been paid.
The agreement was supposed to make sure the payments were made. Barclays was in charge of holding the money, and Lakshdeep Investment & Finance used shares in Sun Pharma as a guarantee. The Dosti Group says they don’t owe the last payment because of different problems, including claims that Vikram Jamnadas Kothari didn’t tell the truth.
"The total amount to be paid for the shares was Rs. 59 crores, to be paid in three parts..."
Vikram Jamnadas Kothari tried to start a settlement process in March 2022, but the Dosti Group argued in court that they didn’t owe any more money. Vikram Jamnadas Kothari then went to court asking for interest on the unpaid amount, saying the agreement didn’t include interest.
"Vikram Jamnadas Kothari started the settlement process on March 11, 2022..."
Judge Somasekhar Sundaresan decided that the case should go to arbitration, rejecting the Dosti Group’s claim that Vikram Jamnadas Kothari had given up his right to settle through arbitration. The judge stressed that arguments like these should be settled by an arbitration panel, not in court.
"The application to proceed with arbitration should be approved..."
The court told the Mumbai Centre for International Arbitration to choose an arbitrator. The Dosti Group and Lakshdeep were told to pay Rs. 2.5 lakhs in costs to Vikram Jamnadas Kothari. The judge mentioned that the long court battle had made the arbitration process difficult.
"The Dosti Group and Lakshdeep are responsible for paying..."
This case shows how complicated arbitration agreements can be and the difficulties in solving business arguments. The court’s decision highlights the importance of using arbitration to settle such disputes quickly.
