CENTRAL DEPOSITORY SERVICES( INDIA) LTD vs DAKSHA NARENDA BHAVSAR

Judgment text excerpt

Neeta Sawant FC-COMARB-311/2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION PETITION NO. 311 OF 2024. WITH INTERIM APPLICATION NO. 2677 OF 2024 Central Depository Services (India) Limited …. Petitioner/ Applicant : Versus : Daksha Narendra Bhavsar and Another …. Respondents Mr. Ravi Kadam, Senior Advocate with Mr. Rohan Kadam, Mr. Vaibhav Singh, Ms. Radhika Indapurkar, Mr. Rahil Shah & Mr. Pranav Chandhoke i/bVeritas Legal, for Petitioner Mr. Vishal Kanade with Mr. Harsh Moorjani, Ms. Priyanka Chaddha, Mr. Abhay Dhadiwal & Ms. Vidhi Karia i/b Jayakar & Partners, for Respondent CORAM : SANDEEP V. MARNE, J. Judg.Reserved On: 18 November 2025. Judg.Pronounced On:1 December 2025 _________________________________________________________________________ PAGE NOS. 1 OF 45 1 DECEMBER 2025 Neeta Sawant FC-COMARB-311/2024 JUDGMENT THE CHALLENGE 1) The Petition, filed under Section 34 of the Arbitration and Conciliation Act, 1996, (Arbitration Act) seeks invalidation of the Award dated 30 January 2024 passed by the Arbitral Tribunal. By the impugned Award, the Tribunal has allowed the claim of Respondent No.1 to the extent of Rs.86,02,768/- with direction to the Petitioner to pay the awarded sum to the First Respondent, being the value of her lost shares on the date of dispute. The Tribunal has also awarded simple interest at the rate of 9% p.a. on the awarded sum. FACTS 2) The Petitioner-Central Depository Services Ltd. (CDSL) is a company established under the provisions of Companies Act, 1956 and also a Depository under section 12(1-A) of the Securities and Exchange Board of India Act, 1992 (SEBI Act) and a facilitator for holding securities in a dematerialized form. Respondent No.2-BRH Wealth