Helios & Matheson - vMoksha arbitration

Helios & Matheson Information Technology Ltd has announced with reference to the order passed by the Division Bench of the Hon´ble High court, Madras in O.S.A nos. 150 (Mr. Pawan Kumar, Promoter of vMoksha) & 151 (Mr. Rajeev Sawhney, Promoter of vMoksha) of 2006.

The matter was heard by the division bench of Madras High Court, consisting of Hon´ble Chief Justice Mr. A P Shah and Hon´ble Justice Mr. D Murugesan.

After hearing the parties concerned at some length, the division bench passed the order, which reads inter alia as follows:

The parties undertake to participate and co-operate in the expeditious disposal of arbitration proceedings and to furnish their local Indian addresses for service of notices in order to avoid delays in arbitration proceedings.

Pending arbitration, the shares lying with Escrow are to continue with them.

The parties have also agreed not to issue / send any adverse statements to the press and / or media with respect to vMoksha group of companies and M/s Helios & Matheson Information Technology Ltd.

Source : Equity Bulls

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