Edelweiss Financial Services Limited Formerly known as Edelweiss Capital Limited vs PERCEPT FINSERVE PRIVATE LIMITED AND ORS

Judgment text excerpt

2026:BHC-OS:6325 Megha fc_carapl_5187_2026.odt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION APPLICATION (L) NO.5187 OF 2026 Edelweiss Financial Services Limited (Formerly known as Edelweiss Capital Limited)] ...Applicant V/s. 1. Percept Finserve Private Limited 2. PERCEPT Limited (Formerly known as Percept Picture Company Limited), ...Respondents ________________ Mr. Kevic Setalvad, Senior Advocate with Mr. Biju Mattam and Mr. Shalaj Mridul i/b. Ms. Sharon Patole for the Applicant. Mr. Hrushi Narvekar with Ms. Shaheda Madraswala, Ms. Laleh Pandole, Ms. Sharanya Sahadevan i/b. M/s. Vashi & Vashi for Respondent No.1. Mr. Aditya Mapara i/b. M/s. Dhruve Liladhar & Co. for Respondent No.2. ________________ CORAM: SANDEEP V. MARNE, J. DATED: 9 MARCH 2026. Judgment: 1) This is an Application filed under Section 11 of the Arbitration and Conciliation Act, 1996 (the Arbitration Act) for constitution of Arbitral Tribunal for commencement of fresh arbitral proceedings after setting aside of the arbitral Award by the Court. Page No.1 of 20 9 March 2026 Megha fc_carapl_5187_2026.odt 2) Applicant carries on business of financial services including investments, consultancy, and merchant banking. On 8 December 2007 a Share Purchase Agreement (SPA) was executed between the Applicant- Edelweiss Financial Services Limited (Edelweiss) as Investor/Purchaser, Respondent No.1- Percept Finserve Private Limited (Percept) as Seller and Respondent No.2- Percept Picture Company Limited (the Company), under which Applicant purchased 2,28,374 equity shares of the second Respondent -Company representing 9.83% of issued and paid up equity share capital for an aggregate consideration of Rs.20,000,000/-. The SPA was subsequently amended vide Deed