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Justice PT Asha noted that there were limits to how far a Court can interfere under Section 34 of the Arbitration and Conciliation Act, 1996 when it comes to modifying an arbitral award. In this regard, she cited a 2019 Madras High Court ruling in the case of SG Novasoft Technologies Limited v. Gayathri Balusamy, wherein it was held, “A reasonable interpretation to Section 34 would only lead to an irresistible conclusion that the Court can modify or vary the Award of the Arbitrator if it is contrary to the material evidence adduced by the parties.”
by Sekar Reporter · Published May 26, 2020
Justice R. Hemalatha observed that it could be found that a large network had been involved in the financial racket and many gullible investors were taken for a ride. It was only the tip of the iceberg and unless a freehand was given to the law enforcement agency, the truth will never get exposed especially when the amount involved was running to crores of rupees.
by Sekar Reporter · Published February 22, 2021