The Bombay High Court passed an order in the Anugrah Stock Broking issue in a series of petitions filed on behalf of investors u/s 9 of Arbitration Act invoking NSE Arbitration

The bombayhighcourt passed an order on friday in the Anugrah Stock Broking issue in a series of petitions filed on behalf of investors u/s 9 of Arbitration Act invoking NSE Arbitration . In his earlier order of Aug 31, Justice G S Patel passed an injunction against Anugrah from disposal of assets, use of client securities.

In the latest order, Justice Patel raises questions on provenance of funds of Anugrah provided in its asset disclosure in view of their Reply stating it has negligible liquidity. He also observes that the financial securities held by Anugrah are almost worthless. Rejecting Anugrah’s request for submitting additional material in a sealed content, he has clearly stated that all material submitted would be made available to all parties and sought a clean copy of the Affidavit by Anugrah.

Regarding apprehensions of officials fleeing the country, officials of Anugrah and Teji Mandi (made Respondent 2 in all petitions) can leave the country only with prior permission of the Court and after giving the petitioners a notice of 4 working days.

The petitions have been posted for Oct 5, 2020.