Neeta Ketan Shah vs Central Depository Services India Ltd.

Central Depository Services (India) Ltd. ...Respondent WITH ARBITRATION APPLICATION NO.359 OF 2025 Neeta Ketan Shah ...Applicant V/s. Central Depository Services (India) Ltd. ...Respondent WITH ARBITRATION APPLICATION NO.456 OF 2025 Prafulla Lalit Shah ...Applicant V/s. Central Depository Services (India) Ltd. ...Respondent WITH ARBITRATION APPLICATION (L) NO.1421 OF 2026 Samir Shah ...Applicant V/s. Central Depository Services (India) Ltd. ...Respondent

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Mr. Karl Tamboly with Mr. Ravichandra Hegde, Ms. Parinaz Bharucha, Mr. Kandarp Trivedi & Ms. Janani Sivaraman i/b. M/s. RHP Partners for the Applicant in for the Applicants in ARBAP/325/2025, ARBAP/368/2025, ARBAP/358/2025, ARBAP/359/2025, ARBAP/456/2025.

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Mr. Kandarp Trivedi with Mr. Anurag R. Dubey i/b. M/s. RHP Partners for the Applicant in ARBAP/310/2025.

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Page No. 2 of 5

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20 January 2026

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Megha 905_arbap_325_2025.docx

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Mr. Rohan Rajadhyaksha with Ms. Tine Abraham, Ms. Varuna Bhangale, Mr. Pundrikaksh Mitruka, and Ms. Anaya Sinha Manika i/b. M/s Trilegal for the Respondent.

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CORAM: SANDEEP V. MARNE, J. DATED: 20 JANUARY 2026.

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P.C.:

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Arbitration Application (L) No.1421 of 2026 is not on board. At the request of the learned counsel appearing for the Applicant, same is taken on board for analogous hearing with the other Applications.

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These Applications are filed by the Applicants under Section 11 of the Arbitration and Conciliation Act, 1996 ( the Arbitration Act ) for constitution/reconstitution of the Arbitral Tribunal. The Applications are filed with grievances about nonconstitution of arbitral tribunals due to various factors. The point of unilateral appointment is also raised in the light of compulsion to choose nominee arbitrators only from panel curated by the CDSL. As the hearing of the Applications progressed, Mr. Rajadhyaksha, the learned counsel appearing for the Respondent-CDSL, on instructions, submits that Applicants are free to nominate their own nominee Arbitrator, who is not on the CDSL’s curated panel. He submits that the Respondent -CDSL has already nominated its own Arbitrator and accordingly the two Arbitrators can nominate the Presiding Arbitrator. He further submits that in the event of inability or incapacity of CDSL’s nominee Arbitrator to function as such, substituted nominee

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Page No. 3 of 5

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20 January 2026

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Megha 905_arbap_325_2025.docx

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arbitrator shall be appointed by CDSL in an expeditious manner. Applicants have suggested name of Ms. Shreya Parikh as their nominee Arbitrator.

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Accordingly, with consent of the parties, I proceed to pass the following order:-

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(A) Ms. Shreya Parikh, an Advocate of this Court is appointed as nominee Arbitrator of the Applicants. The contact details of the Arbitrator are as under :

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Office Address :- 908, Arcadia, Nariman Point-400 421 Mobile No. :- 9773596086

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(B) A copy of this order be communicated to the learned nominee Arbitrator by the Advocates for the Applicants within a period of one week from the date of uploading of this order.

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(C) The Respondent-CDSL has already nominated its nominee Arbitrator. In the event CDSL nominated Arbitrator expresses any difficulty in acting as such, the Respondent-CDSL would be at liberty to nominate another person as its nominee Arbitrator.

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(D) Nominee Arbitrators of both the sides shall appoint a Presiding Arbitrator.

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(E) The Arbitrators would be at liberty to fix fees of Arbitration. The Arbitration proceedings shall be conducted in accordance with the bye-laws of the CDSL.

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Page No. 4 of 5

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20 January 2026

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Megha 905_arbap_325_2025.docx

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