Unending Arbitration

Unending Arbitration Hansavivek POONA ELECTRICAL AND INDUSTRIAL (formerly Poona Electric) handed over its assets to MSEB as long ago as November 1963 but it is still waiting to get the final payment, estimated to run into an 8-figure sum. The arbitration proceedings in the matter of ation of assets are going on, and there have been numerous sittings of the arbitrators. In terms of the agreement signed in Juno 1963, the work of valuation had to be completed and the final payment made to the company within 9 months of the handing over, that is to say, by August 15; 1964, Year after year, the directors have been telling the shareholders that the arbitration proceedings are in progress. Their latest report for the year ended March 1969 states that the arbitration proceedings continued "throughout the year" and that as at September 17 last, the day it was signed, examina- tion of all the witnesses on behalf of the company was completed. It adds, however, that there are some half a dozen witnesses (engineers and others) cited by the MSEB whose examination is proceeding. It says precious little as to when the proceedings are ultimately likely to come to an end or when the company is likely to get the final payment.