First, whether in the facts and circumstances of the case there was a unilateral reference to arbitration of the 574 two arbitrators Mr. Prem Chand and Mr. P.S. Khambete or having regard to the terms and conditions of the Contract Notes which included an arbitration clause in very wide terms to which the respondent had become a party by signing the Contract Notes and the relevant Rules Regulations and Bye laws of the Exchange the respondent could be said to have accorded his consent to the actual Reference to arbitration of the two arbitrators? In other words whether a fresh assent on his part was necessary at the stage when the reference came to be made to the two arbitrators in accordance with the relevant Bye laws of the Exchange? And the second, whether the Full Bench has properly appreciated the true scope and effect of the relevant observations made by this Court in Seth Thawardas Pherumal 's case (supra)? It is true that the defines the two expressions "arbitration agreement" and "reference" separately.