Rajeshri Aher 1/2 46 ia (l) 13198 of 2023.

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

INTERIM APPLICATION (L.) NO.13198 OF 2023

IN
ARBITRATION PETITION (L.) NO.13125 OF 2023
Axis Securities Limited ….Applicant
IN THE MATTER BETWEEN :
Axis Securities Limited ….Petitioner
Versus
Madan Babani ….Respondent
…..
Mr.J.S. Anand a/w. Jagruti V., Mr.Mosh and Ms.Vanshika i/b.
Mr.Rahul Karnik, Advocate for Applicant / Petitioner.

Mr.Akash Rebello a/w. Nadeem Sharma and Hubab Sayyed, Advocate

for Respondent.
…..
CORAM : RAJESH S. PATIL, J.
VACATION COURT
DATED : MAY 11, 2023
P.C. :

1 The urgency as set out on behalf of Petitioner/Applicant

to move the Interim Applications is that the National Stock Exchange

(NSE) may disburse the amount in favour of Respondent, as the

amount has already been deposited by Petitioner with the NSE, as per

its rules and regulations.

2 In the aforesaid circumstances, till the parties are heard

on the proceedings and appropriate orders are passed, it would be

appropriate that NSE deposits the awarded amount in this Court

within a period of two weeks from today. After such amount is

deposited by NSE, the offce is directed to invest the amount in fxed

deposit with a nationalized bank initially for a period of six months.

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3 Needless to observe that the deposit shall be subject to

the further orders which would be passed by this Court on the

proceedings.

4. The National Stock Exchange shall act on the

authenticated copy of this order, which would be served by the

petitioner on the Competent offcer of NSE.

5 Mr.Rebello states that his client be permitted to

withdraw the said deposited amount with accrued interest. Mr.Anand

states that request of Mr.Rebello can be looked into provided he

furnishes a bank guarantee from a Nationalized Bank.

6 At the request of Mr.Rebello, this Court is permitting the

Respondent after NSE deposits the amount in this Court, to withdraw

the said amount alongwith accrued interest by furnishing a bank

guarantee from a Nationalized Bank to the satisfaction of

Prothonotary and Senior Master. The said withdrawal will be subject

to outcome of this Petition.

7 Stand over to 19th June 2023.

(RAJESH S. PATIL, J.)

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