2. Facts which are relevant for the purpose of the issues need to be
decided by this order are that, on October 20, 1997, ITECL was allotted
a property located at A-II, Sector-62, Noida for a sum of Rs.1.5 Crores
OMP 04/2008 and connected matters Page 3 of 62
paid as allotment money. Mukesh Sharma, Roger Shashoua and the
International Trade Expo. Centre Ltd signed a Shareholders Agreement
on July 1, 1998 whereby ITCEL was restructured as a Joint Venture
Company. The paid up share capital of ITCEL was Rs.3 Crores, divided
into 30 lakh shares. Mukesh Sharma and Roger Shashoua equally held
15 lakh shares each in the ITECL. It is the case of ITECL that in a
Board meeting held on September 30, 1999, Roger Shashoua showed
interest in transferring his share holding in ITECL to a company
Shashoua holdings and subsequently shares were transferred to his
company. As per agreement between Roger Shashoua and Mukesh
Sharma, building plans were submitted and approved and pursuance of
which construction agreement was signed between ITECL and H.S.
Oberoi and company for construction of exhibition convention centre.
The parties, Roger Shashoua and Mukesh Sharma agreed upon an
arbitration clause to provide for a resolution of disputes i.e Clause 14.
The clause reads as under:-
Source: Indian Kanoon