A. K. MATHUR, J.

( 1 ) LEAVE granted.

( 2 ) THIS appeal is directed against the order passed by the division Bench of the Bombay High Court whereby the arbitration award given by the sole arbitrator was affirmed by learned single Judge of the High Court and in appeal affirmed by the division Bench by its order dated 22. 9. 2006. Hence the present appeal by the appellant- Security Printing and Minting corporation of India Limited and another.

( 3 ) BRIEF facts which are necessary for disposal of this appeal are that the appellant No. 2 is the General Manager of india Security Press which is a Government of India Undertaking functioning under the Ministry of Finance. M/s. Gandhi industrial Corporation (hereinafter to be referred to as 'the claimant') is a partnership firm. Prior to 1966, the appellant no. 2 before us (hereinafter to be referred to as 'the security press') was importing its entire requirement of gummed stamp paper from foreign countries. From 1967 onwards the security press commenced purchasing of Ashoka Pillar water mark stamp base paper from Paper manufacturing mills. The base paper was thereafter gummed and super-calendared by the contractor on a job work. In 19