Reliance Infrastructure has been stopped from selling its stake in BSES Rajdhani Limited and BSES Yamuna Limited by the Delhi High Court till January 27. Admitting a petition filed by Shanghai Electric Group (SEG) Company Limited to secure a claim amount of Rs. 995 crores, a single-judge bench of Justice Talwant Singh asked for “status quo” to be maintained in Reliance Infrastructure’s shareholding in BSES Yamuna Limited and BSES Rajdhani Limited.
Both parties have been asked to file brief written submissions of relevant extracts of the documents in a compilation along with the judgements relied upon by both sides.
The court will hear arguments on maintainability of the petition under Section 9 of the Arbitration and Conciliation Act on January 27. The petition seeks to secure the claim amount in view of an ongoing arbitration before a Singapore based tribunal, for which it wants that Reliance Infrastructure should furnish security of Rs 995 cr before the court till further orders, which it claims is the minimum amount payable as per arbitration.
The petition has sought to know details of Reliance Infrastructure’s movable and immovable assets in India or overseas as on 26 June 2008, which was the date of Guarantee Letter submitted by the company.
Appearing for SEG, lawyers Ashish Bhan and Ketan Gaur submitted that sale of assets by Reliance Infrastructure may threaten realisation of the money which may be awarded by the Singapore arbitral tribunal.