JUDGMENT

Dr. AR. Lakshmanan, J.—The above appeals were filed from the common final judgment and order dated 19.12.2003 passed in Appeal No. 1109/2003 in Arbitration Petition No. 514/2003 and Appeal No. 1110/2003 in Arbitration Petition No. 514/2003 by the Division Bench of the High Court of Judicature at Bombay whereby the appeals filed by the appellant against the order of the learned Single Judge were allowed and the arbitration petition filed by the appellant herein before the Single Judge was dismissed.

2. The central issue of importance in this appeal is whether the right of first refusal under clause 31(b) of the permission agreement entered into between the appellant - Percept D. Markr (India) Pvt. Ltd. and the respondent No. 1 - Zaheer Khan is void under Section 27 of the Indian Contract Act, 1872 has been in restraint of trade.

3. It was submitted by learned senior counsel for the appellant - Mr. Ashok H. Desai that the provision such as the right of first refusal is merely regulatory and not in restraint of trade.

FACTS :

4. The appellant is a company incorporated under the Companies Act, 1956 and carries on business, inter alia, of event management, model and celebrity endors