Morgan Securities are twofold. First, it is submitted that the ld. Arbitrator has wrongly awarded post-award interest @ 18%, only on the principal amount, whereas it ought to have been on the entire awarded amount including interest. It is further submitted that the interest, as per the award, has been awarded only from the date of demand and not from the date of default. According to Mr. Datta, it ought to have been from the date of default. Further, in response to objections raised by the Videocon Industries, it is submitted by ld. counsel appearing for Morgan Securities that the amalgamation of Videocon International and Videocon Industries was not informed to Morgan Securities. In any event, it is submitted that as per the scheme of amalgamation, the company Videocon Industries has taken over the liabilities of Videocon International. In the absence of specific notice of amalgamation being issued to Morgan Securities, the demand notice could not have been issued by Morgan Securities to Videocon Industries, when the facility itself had been availed of by Videocon International. It is further submitted that in the facility agreement, there was an obligation on Videocon International to inform Morgan Securities and take prior permission before entering into any merger/amalgamation. Having breached the said obligation, Videocon International cannot take advantage of the same.
