1 903.arbp.162.08.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 162 OF 2008 The Sri Venkatesa Mills Ltd. ... Petitioner Vs. M/s.Sree Radhalakshmi Cotton Pvt. Ltd & Ors. ... Respondents ...... Mr.Birendra Saraf a/w Mr.Vishal Shriyan i/by Legasis Partners for the Petitioner. Mr.R.V.Govilkar i/by Aviraj Tarar for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 6th, 2010. P.C. 1 This is a petition under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside an Award made by the Board of Directors of the East India Cotton Association dated 23rd November 2006. 2 It is clarified that the order does not reflect upon the sole Arbitrator or the Appellate Board. There appears to have been a genuine error in the procedure which has however, led to a flaw in the proceedings. However, with a view not to leave any cause for grievance on the part of either side, the parties have agreed to the petition being disposed of by the following order : (i) The Arbital reference shall be heard afresh by a sole 2 903.arbp.162.08.sxw Arbitrator, to be appointed by the East India Cotton Association and in accordance with the arbitration clause. (ii) The reference will proceed on the basis of agreed terms between the parties before the sole Arbitrator by a new Arbitrator, as stated in the Agreement dated 26th June 2005 (page 61 of this petition). It is clarified that all the awards/orders passed by the sole Arbitrator and the Appellate Board will be set aside. The new Arbitrator, however, shall be entitled to rely upon the record already filed by the parties. (iii) It is agreed that the alleged joint statement may be relied upon for the convenience of calculations by the respondents. However, the contents thereof shall not be binding by themselves upon the Petitioner. The objections of the parties to the alleged joint statements are kept open. 3 The petition is accordingly disposed of. -