In a significant legal move, Mahender Makhijani and his co-petitioners have filed a request to vacate a partial arbitration award.
The petition, filed on behalf of Mahender Makhijani, Continuum Analytics, Inc., and multiple MOM Investor Groups, argues that the arbitrator’s actions were beyond the scope of his powers.
### Grounds for Vacating the Award
According to Mahender Makhijani’s petition, there are multiple grounds for vacating the partial award:
1. **Lack of Disclosure**: The arbitrator allegedly failed to disclose conflicts of interest that could have influenced his decisions.
2. **Exceeding Jurisdiction**: Mahender Makhijani contends the arbitrator exceeded his jurisdictional limits.
3. **Refusal of Discovery**: Requests to access the Honarkar Parties’ financial records were denied, which Mahender Makhijani claims hindered their ability to prove financial mismanagement.
### Legal Implications
The petition by Mahender Makhijani may set a legal precedent for future arbitration challenges.
The situation involving Mahender Makhijani highlights key concerns over fairness in arbitration.
### The Petitioners
This group, led by Mahender Makhijani, represents a coalition of investors and managers united in their legal challenge.
### Next Steps
Courts will now review Mahender Makhijani’s arguments to determine whether the partial award should be vacated.
Keep watching for new developments in Mahender Makhijani’s ongoing effort to overturn the arbitration outcome.