MS Shoes came out in February 1995 and was fully underwritten by 267 Underwriters. The Public Issue devolved on the underwriters due to under subscription. As per law, notices were issued to the underwriters who failed to bring in subscriptions within sixty days of the devolvement.

The entire amount received had to be refunded to the subscribers, which made underwriters liable for the full amount. After ten years in 2007, the High Court of Delhi appointed a Retired Judge as Arbitrator to resolve disputes between MS Shoes and the Underwriters. Awards were passed in favour of MS Shoes under Arbitration Act, 1940.

The suits were filed in 2012 by MS Shoes to pass decree in terms of award and brought twenty-eight cases to contest the award for the last ten years till 2022.