(1) This is a Petition under the Arbitration Act for the determination as to the validity of an Arbitration Agreement.

(2) The petitioner is a member of the Stock Exchange, Bombay, and was at all material times carrying on business as a certified Broker in shares and securities. In the years 1960 and 1961 the respondents employed the petitioners their brokers to effect transaction in shares and securities. The petitioner accordingly effected certain transactions. In the beginning there was no disputes between them, but later in May and June 1961 disputes arose between them. The petitioner made a claim against the respondents for payment of certain amounts but the respondents disputed their liability to pay the same on the ground that the petitioner had failed to carry out certain instructions of the respondents.

(3) The petitioner wanted the said disputes to be decided by arbitration as provided by the Rules. Bye-laws and Regulations of the Stock Exchange, Bombay. Accordingly the petitioner intimated to the Stock Exchange on the prescribed Forms that he had appointed one shah as his Arbitrator and called upon the respondents to appoint an Arbitrator on their own behalf. Ther