The Bombay High Court has barred IT company Rolta India's founder Kamal K Singh from selling or creating any third party rights in any of the assets owned or controlled by him [Pinpoint Multi-strategy Master Fund v. Kamal K Singh 7 Ors.].Justice Abhay Ahuja passed the order in a suit seeking to enforce a New York contempt judgment against Singh and others for allegedly obstructing recovery of about $188 million (around ₹1,770 crore).The Court restrained Singh from "selling, transferring, alienating, dealing with, disposing of or creating any third party right, title or interest of any nature whatsoever or from parting with possession of any asset" that he owns or controls, whether directly or indirectly.The Court also directed Singh to file an affidavit within four weeks disclosing all his assets in India and abroad, including assets alienated or transferred from the commencement of the New York litigation, along with bank statements and income tax returns for the past three years.The matter will be taken up for hearing on June 22. .The Court passed the order on Cayman Islands-based Pinpoint Multi Strategy Master Fund's enforcement suit against Singh, chairman and managing director of Rolta India Ltd.Pinpoint’s suit sought recognition of two New York judgments dated May 11, 2023 and November 22, 2024 and their enforcement in India. The judgments held Singh personally liable in civil contempt for wilfully obstructing a 2020 order directing Rolta entities to surrender their cash and stock to repay a $222 million default on their offshore bonds. Since the United States is not a ‘reciprocating territory’ under Section 44A of the Code of Civil Procedure (CPC), the Pinpoint did not file an execution plea. Instead, it filed a fresh civil suit on the basis of the foreign judgment. Pinpoint pleaded that it the same is final, conclusive and satisfies Section 13 of CPC. The plaint stressed that the New York court heard extensive evidence, including Singh’s own depositions, rejected his jurisdiction and service objections..During the hearing on May 5, Pinpoint argued that Singh has a history of actively dissipating and concealing assets, including using foreign and private Indian entities. It expressed apprehension that he may similarly frustrate the present enforcement unless immediate disclosure and restraints were imposed..Singh opposed the reliefs, arguing that Pinpoint had delayed approaching the Court and had invoked artificial urgency close to the limitation period for enforcing the foreign judgment.However, Justice Ahuja directed asset disclosure and passed an anti‑alienation order limited to Singh. It granted him time to file a reply in four weeks..Senior Advocate Venkatesh Dhond with advocates Rohaan Cama, Anuj Berry, Shalaka Patil, Saurabh Rath, Shilpa Sengar, Kartikey Bhalotha, Jasleen Virk and Rashmi Raghavan appeared for Pinpoint. Advocates Piyush Raheja briefed by Integram Legal appeared for Singh.[Read Order]
