Vls Finance Ltd. vs Bms It Institute Private Limited & … on 1 February, 2016

1. We shall be referring to the parties as : (i) VLS, (ii) BMS, (iii) Gupta
Group, (iv) Jain Group, (v) Navjeevan, (vi) NPMG, and (vii) Southend.
2. VLS is named VLS Finance Ltd. It was the petitioner in OMP (I)
No.114/2015, filed under Section 9 of the Arbitration and Conciliation Act,
1996. The petition was filed after an award dated March 02, 2015 was
pronounced in its favour by an Arbitral Tribunal, as per which the Gupta
Group and the Jain Group were liable to pay to VLS a sum of

FAO (OS) No.295/2015 & conn.matters Page 2 of 20
`84,28,27,987/- (Rupees Eighty Four Crores Twenty Eight Lacs Twenty
Seven Thousand Nine Hundred and Eighty Seven only) together with simple
interest @ 15% on the sum of `24,92,00,000/- (Rupees Twenty Four Crores
and Ninety Two Lacs only) from October 01, 2012 till date of payment.
VLS was to transfer its shareholding in favour of the Gupta Group and the
Jain Group in BMS. BMS is named BMS IT Institute Pvt. Ltd. It is a
company registered under the Companies Act, 1956. The Gupta Group
comprises Dinesh Kumar Gupta and his wife Madhu Gupta. The Jain Group
comprises Kailash Chand Jain, Parul Jain, Ankit Jain, Santosh Kumar Jain,
Subhash Chand (HUF) and Swati Jain. Navjeevan is named Navjeevan
Associates Pvt. Ltd. It is a company registered under the Companies Act,
1956. NPMG is named NPMG Developers Ltd. It is a company registered
under the Companies Act, 1956. Southend is named Southend Infrastructure
Pvt. Ltd. It is a company registered under the Companies Act, 1956.

Source: Indian Kanoon

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