Dear Editor,
I wish to bring to your notice a recent decision of Bombay High Court that will be of interest to your readers.
As you may be aware, in proceedings for oppression and mismanagement filed before the Company Law Board under sections 397 and 398 of the Companies Act, 1956, a question that often arises is whether the disputes which are the subject matter of such proceedings should be referred to arbitration based on an arbitration clause in a shareholders agreement.
Courts tend to consider three factors in determining this question: whether the parties to the company petition and arbitration agreement are common; whether the reliefs sought in the company petition can be granted by an arbitrator; and whether the allegations of oppression and mismanagement can be examined without reference to the shareholders agreement and are beyond its scope.
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