Property dispute: Power of lawyer served on members of the family, Supreme Courtroom tells Lalit Modi

Last year, the Supervisory Committee refused to lift the suspension of the arbitration it had initiated in Singapore.

The Supreme Court on Monday asked former IPL chairman Lalit Modi’s attorneys to perform the Power of Attorney (PoA) he executed to file the complaint with the opposing parties in the property dispute.

A bank headed by Justice Ashok Bhushan gave Modi a week to forward the PoA to the parties involved in the case, including his mother Bina Modi, after their attorney Kapil Sibal objected, noting that “the PoA is not attached is. He (Lalit Modi) cannot come to India as a refugee. We would like to know what type of PoA the petition was submitted with. This is a critical issue. “

Modi, who has been in London for a number of years after the Enforcement Directorate (ED) in India opened an investigation into him over money laundering allegations, has challenged a Delhi Supreme Court ruling calling for his mother, Bina Modi, to be ruled Responsible is the appeal against the arbitration proceedings initiated by him in Singapore because of a property dispute with her and her two siblings Charu Bharti and Samir Modi.

Last year, the Supervisory Committee refused to lift the suspension of the arbitration it had initiated in Singapore. The mother and the two siblings reject the arbitration on the grounds that fiduciary matters under Indian law cannot be settled through arbitration abroad.

On the grounds that “the Restated Trust Deed admittedly contains an arbitration clause,” Lalit informed the SC that the disputes that arose after the settler’s death were not of the kind that could not be resolved through arbitration and that the Trust also own immovable property. In the absence of registration of the Restated Trust Deed, the provisions of the Indian Trusts Act 1882 do not apply.

In February of last year, Modi took immediate action under the ICC rules before the ICC International Court of Arbitration, which had set Singapore as the place of arbitration.

He said that the London-executed Restated Trust Deed of April 9, 2014 provided that the assets, businesses and investments contributed to and accounted for in the trust would be subject to sale and distribution unless unanimous control and management of the KK Modi was made family business within 30 days of the death of KK Modi.

He alleged that following the death of his father on November 2, 2019, due to a lack of unanimity among the trustees, a sale of all assets of the trust had been triggered and the distribution to the beneficiaries had to take place within one year. He went on to claim that his mother not only excluded him from all trust fund claims, but also refused to adhere to family agreements.

It is the arbitral tribunal, which obviously does not have jurisdiction, and not this court, which has inherent jurisdiction to determine whether the disputes are arbitral, that the HC Department Bank held on December 24th and submitted the two civil claims for further processing remanded the single judge. On March 3 last year, the single judge rejected the pleas of Bina Modi, the wife of the late KK Modi, and her two other children against the initiation of arbitration proceedings in Singapore by their estranged son.

Get live stock quotes from BSE, NSE, US market and current net asset value, portfolio of mutual funds, read the latest IPO news, best performing IPOs, calculate your taxes with the Income Tax Calculator, you know them Top gainers, top losers and best equity funds in the market. Like us on Facebook and follow us on Twitter.

Financial Express is now in the telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.

Comments are closed.