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2008 (8) TMI 803 - SC - Companies LawWhether clauses 13.2 and 13.3 of the Memorandum of Understanding can be construed to be an arbitration agreement? Whether having regard to clause 13.1 of the Memorandum of Understanding indicating that the construction, validity and performance of the agreement would be governed by and constructed in accordance with laws of England and Wales, this Court would have jurisdiction to appoint an Arbitrator under Section 11 of the Arbitration Act, 1996? Held that:- As from the wording of clause 13.2 and clause 13.3 I am convinced, for the purpose of this application, that the parties to the Memorandum intended to have their disputes resolved by arbitration and in the facts of this case the petition has to be allowed. Justice B.N. Srikrishna, is appointed as sole arbitrator to arbitrate upon the disputes which have arisen betweens the parties hereto as set out in sub-paragraphs (a) to (h) of paragraph 19 of the present application. The sole Arbitrator will be entitled to decide upon the procedure to be adopted in the arbitral proceedings, the sittings of the arbitral proceedings and to also settle his fees in respect thereof.
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