JUDGMENT

D.P. Wadhwa, J.—The Appellants (Harendra H. Mehta & Ors.) are challenging the judgment dated February 24, 1995 of the Bombay High Court enforcing the ‘foreign award’ dated October 31, 1990 on a petition filed by the Respondents (Mukesh H. Mehta & Ors.). It was, however, directed that the enforcement of the same or execution of the decree shall be subject to the res­pondents’ obtaining the necessary permission under Foreign Exchange Regulations Act, 1973 (‘FERA’, for short) as regards the enforcement part in India is concerned. The matter came to this Court on a certificate granted by the High Court under Article 134A read with Article 134(1)(c) of the Constitution. The impugned judgment had been rendered by a single Judge. There was some controversy if a single Judge could grant such a certificate. However, considered the importance of the issue involved, this Court admitted the appeal. The controversy, therefore, does not survive in the present appeal.

2. For convenience, we refer to the appellants as “Harendra” and respondents as `Mukesh’. Both Harendra and Mukesh are brothers. Harendra is elder to Mukesh. They appointed their elder brother Lalit Mehta as arbitrator to div