Prafulla Lalit Shah vs Central Depository Services India Ltd. — Arbitration | Bombay HC (2026)

Prafulla Lalit Shah vs Central Depository Services India Ltd. — Arbitration | Bombay HC (2026)

What the court decided

AI extract

Outcome

Constitution of the Arbitral Tribunal by consent: Ms. Shreya Parikh appointed as nominee Arbitrator of the Applicants alongside CDSL's already-nominated nominee; the two nominee Arbitrators directed to appoint a Presiding Arbitrator; proceedings to follow CDSL bye-laws with arbitrators free to fix fees; all contentions, including CDSL's limitation objection, expressly kept open.

Issue for consideration

Whether arbitral tribunals should be constituted/reconstituted for the Applicants, who filed the Applications with grievances about non-constitution of arbitral tribunals. +2 more

Court's answer

With consent of the parties, Ms. Shreya Parikh, an Advocate of this Court, is appointed as nominee Arbitrator of the Applicants.

Ratio / Principle

Respondent-CDSL has already nominated its nominee Arbitrator; if that nominee expresses difficulty in acting as such, CDSL would be at liberty to nominate another person as its nominee Arbitrator.

Key takeaways

Nominee Arbitrators of both the sides shall appoint a Presiding Arbitrator.ratio¶39
The Arbitrators would be at liberty to fix fees of Arbitration, and the Arbitration proceedings shall be conducted in accordance with the bye-laws of the CDSL.ratio¶40
All contentions of the parties, including the issue of limitation sought to be raised by Respondent-CDSL, are expressly kept open.ratio

Detailed headnote1 paragraphs

High Court of Bombay (Ordinary Original Civil Jurisdiction) [Sandeep V. Marne, J.] disposed of seven analogous Arbitration Applications (Nos. 325, 310, 358, 359, 368, 456 of 2025 and (L) No.1421 of 2026) filed under Section 11 of the Arbitration and Conciliation Act, 1996 for constitution/reconstitution of arbitral tribunals, with grievances about non-constitution and unilateral appointment arising from compulsion to choose nominees only from the CDSL-curated panel. On CDSL's concession that Applicants could nominate an arbitrator outside its curated panel, the court, with consent of parties, appointed Ms. Shreya Parikh as nominee Arbitrator of the Applicants; noted CDSL had already nominated its nominee (with liberty to substitute upon difficulty); directed the two nominees to appoint a Presiding Arbitrator; permitted the arbitrators to fix fees and mandated conduct of proceedings per CDSL bye-laws. All contentions, including the limitation issue sought to be raised by CDSL, were expressly kept open.

2026:BHC-OS:1689

Megha 905_arbap_325_2025.docx

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION APPLICATION NO.325 OF 2025

Ketan Lalit Shah ...Applicant

V/s.

Central Depository Services (India) Ltd. ...Respondent WITH ARBITRATION APPLICATION NO.310 OF 2025

Kamal R. Bulchandani ...Applicant

V/s.

Central Depository Services (India) Ltd. ...Respondent WITH ARBITRATION APPLICATION NO.368 OF 2025

Prafulla Lalit Shah, wife of late Lalit Popatlal Shah ...Applicant

V/s.

Central Depository Services (India) Ltd. ...Respondent WITH ARBITRATION APPLICATION NO.358 OF 2025

Ketan Lalit Shah, Karta of Lalit Popatlal Shah HUF

...Applicant

V/s.

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Megha 905_arbap_325_2025.docx

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

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.

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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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.

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

P.C.:

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.

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

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

(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 :

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

(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.

(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.

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

(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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1. All contentions of the parties, including the issue of limitation sought to be raised by Respondent-CDSL, are expressly kept open.

1. With the above directions, the Application are disposed of.

[SANDEEP V. MARNE, J.]

Signed by: Megha S. Parab Designation: PA To Honourable Judge Date: 22/01/2026 10:48:42

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