SUMITOMO CORPORATION versus CDC FINANCIAL SERVICES (MAURITIUS) LTD. & ORS.

SUMITOMO CORPORATION versus CDC FINANCIAL SERVICES (MAURITIUS) LTD. & ORS.

Appeal against any order of the Company Law Board, including refusal to refer parties to arbitration, lies to the High Court within the jurisdiction of which the Registered Office of the company in issue is situated, as per Section 10F read with Section 10(1)(a) of the Companies Act. Section 50 of the Arbitration Act purposively uses 'authorized by law to hear appeals,' and does not override the Companies Act provision. Thus, the Delhi High Court lacks territorial jurisdiction.

Parties
Appellant: Sumitomo Corporation; Respondent No.1: CDC Financial Services (Mauritius) Ltd.; Respondent No.2: South Asia Regional Fund, Mauritius; Respondent No.3: CDC-PTL Holdings Ltd.; Respondent No.4: ACTIS Agri Business Ltd.; Respondent No.5: Punjab Tractors Pvt. Ltd.; Respondent No.6: Swaraj Mazda Limited
Jurisdiction
India
Judgment Date
22 February 2008
Procedural Posture
Civil Appeal / Supreme Court Judgment
Outcome
Appeal dismissed
Legal Topics
Appeals, Territorial Jurisdiction, Oppression and Mismanagement
Company Law Arbitration Appeals Territorial Jurisdiction Oppression and Mismanagement

Case Brief

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Parties

Sumitomo Corporation

Appellant

CDC Financial Services (Mauritius) Ltd.

Respondent No.1

South Asia Regional Fund, Mauritius

Respondent No.2

CDC-PTL Holdings Ltd.

Respondent No.3

ACTIS Agri Business Ltd.

Respondent No.4

Punjab Tractors Pvt. Ltd.

Respondent No.5

Swaraj Mazda Limited

Respondent No.6

Procedural Posture

Civil Appeal / Supreme Court Judgment

Legal Issues

  1. 1 Whether the order of the Company Law Board refusing to refer parties to arbitration under Section 45 of the Arbitration Act is liable to be challenged before the forum under Section 50 of the Arbitration Act or before the forum under Section 10(1)(a) of the Companies Act

Ratio Decidendi

Appeal against any order of the Company Law Board, including refusal to refer parties to arbitration, lies to the High Court within the jurisdiction of which the Registered Office of the company in issue is situated, as per Section 10F read with Section 10(1)(a) of the Companies Act. Section 50 of the Arbitration Act purposively uses 'authorized by law to hear appeals,' and does not override the Companies Act provision. Thus, the Delhi High Court lacks territorial jurisdiction.

Court Disposition

Appeal dismissed

Orders

  • The appeal is dismissed as devoid of merit.
  • The time taken by the appellant in pursuing their appeal before the Delhi High Court and Supreme Court shall be excluded for the purpose of limitation.