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The Madras High Court on Thursday upheld an award passed by Singapore International Arbitration Centre (SIAC) against a listed Shriram Group Company, Shriram EPC (SEPC now), in favour of private equity firm Gaja Capital.
The court permitted enforcement of the arbitral award of about Rs 195 crore plus interest (over Rs 250 crore now) against the Shriram Group. The award was earlier upheld on appeal by the Singapore International Commercial Court.
Arbitration proceedings were initiated by Gaja against Shriram Group arising out of three share purchase agreements (SPAs) dated September 2015. Pursuant to the SPAs, the Shriram Group was required
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