1. This application under Section 34 of the Arbitration and Conciliation Act, 1996 has been taken out by Sri A.Sridhar Lakshman to set aside the award dated 27.6.2001 passed by the Arbitral Tribunal comprising Justice A.Gopala Rao, Justice T.N.C.Rangarajan, former Judges of this Court, and G.Manohar, Advocate.

2. Background facts, in a nutshell, leading to reference of the dispute to the Arbitral Tribunal are:-

M/s.Merbanc Financial Services Limited (hereinafter referred to as "the company") is absolute owner of 1853.80 square yards in Plot No.7, Sector 1, HUDA Techno Enclave in Sy. No.64 of Madhapur village, Sherilingampally, Ranga Reddy District. The applicant approached the company for development of the said plot into a multi-storied building complex. They entered into a development agreement-cum-General Power of Attorney on 6.1.1999 (for brevity, "agreement"). Under the said agreement, the applicant was authorized to construct a multi- storied building complex on the said plot. The company has to secure exemption under the provisions of Urban Land (Ceiling and Regulation) Act, 1976. As per Clause 3 of the agreement, the applicant shall invest his capital and construct