IAMC Hyderabad gets its first case – the Sanghi Brothers dispute

The recently-inaugurated International Arbitration and Mediation Center (IAMC), Hyderabad, received its first case. The National Company Law Tribunal (NCLT), Hyderabad Bench, referred six cases relating to the Sanghi Brothers dispute.

By Newsmeter Network  Published on  23 Dec 2021 3:05 PM GMT
IAMC Hyderabad gets its first case – the Sanghi Brothers dispute

Hyderabad: The recently-inaugurated International Arbitration and Mediation Center (IAMC), Hyderabad, received its first case. The National Company Law Tribunal (NCLT), Hyderabad Bench, referred six cases relating to the Sanghi Brothers dispute.

Chief Justice of India Justice N.V Ramana had inaugurated IAMC on 18 December.

The disputes have been pending since 2008 (13 years). The Tribunal, after taking the consent of the parties and with the able assistance of the respective counsel, referred the matter for resolution to IAMC.

It is a case of dispute between the members of the Sanghi family which has resulted in the filing of a petition under sections 397 and 398 of the Companies Act 1956. In the course of the hearing, it was stated that two of the brothers reconciled with Ravi Sanghi by way of a settlement. At present, the dispute is between Girish Sanghi and the other brothers.

The NCLT order read, "The company, in this case, is an established corporate entity and this dispute will seriously affect its working in the long run. We are inclined to accept the suggestion and refer the matter for resolution of the dispute in terms of section 89 of the Code of Civil Procedure, Albeau Order dated December 23 2021 in Sanghi Group of Matters 1908 to the new International Arbitration and Mediation Center (IAMC), Nanakramguda, Hyderabad. The learned counsels shall endeavor to be present along with respective parties before IAMC to explore the possibility of resolution of the dispute amicably."

IAMC, the brainchild of Supreme Court Chief Justice N.V. Ramana, was set up by a trust in Hyderabad. It will operate from two floors of a multi-storied building in the Financial District, Gachchibowli. Eventually, it will get its own building for which land has been allotted in Puppalaguda, nearly 12 km from Gachchibowli.

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