SATNAM SINGH AHUJA AND 4 ORS vs KARVY FINANCIAL SERVICES LTD.

Judgment text excerpt

Judgement-ARBP-324-2019+ Final(1).doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Digitally ARBITRATION PETITION NO. 324 OF 2019 signed by CHAITANYA CHAITANYA ASHOK ASHOK JADHAV JADHAV Date: 2026.03.05 18:14:06 Satnam Singh Ahuja And Ors. …Petitioners +0530 Versus Karvy Financial Services Ltd. …Respondents WITH ARBITRATION PETITION NO. 337 OF 2019 WITH ARBITRATION PETITION NO. 335 OF 2019 WITH ARBITRATION PETITION NO. 336 OF 2019 WITH ARBITRATION PETITION NO. 338 OF 2019 Mr. Rohan Savant, a/w Prabhakar M. Jadhav, Advocates for the Petitioners in ARBP/324 & 335/2019. Ms. Vilasini Balsubramaniyam, a/w Prabhakar M. Jadhav, Advocates for the Petitioners in ARBP/336 & 338/2019. Mr. Prabhakar M. Jadhav, Advocate for the Petitioners in ARBP/337/2019. Mr. Aseem Naphade, a/w Deepanjali Mishra, Sahil Salvi, Omar Khaiyam Shaikh, i/b Vikas Salvi & Associates, Advocates for Respondent in all Petitions. CORAM: SOMASEKHAR SUNDARESAN, J. DATE: MARCH 5, 2026 Page 1 of 14 March 5, 2026 Chaitanya Judgement-ARBP-324-2019+ Final(1).doc JUDGEMENT: Context and Factual Background: 1. The captioned proceedings are all under Section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”), with the Arbitral Awards having been passed by an Arbitrator, unilaterally appointed by the Respondent, Karvy Financial Services Ltd. (“Karvy”). Although the Learned Arbitral Tribunal was admittedly unilaterally appointed, the Petitioners had not protested against such unilateral appointment throughout the proceedings, and raised the contention only at the stage of these proceedings under Section 34 of the Act. 2. The implications of such conduct of the Petitioners, and whether the Petitioners are deemed to have waived their entitlement to object to the unilateral appoint