JUDGMENT - H.L. GOKHALE, J.:---This appeal seeks to challenge the order dated 27th and 28th November, 2001 passed by a learned Single Judge allowing the arbitration petition filed by the respondents thereby setting aside the majority Award dated 14th June, 2001 given by an Arbitral Tribunal of 3 Judges.

2. The facts leading to this appeal are as follows:---

The respondents are a public limited company of Chennai engaged in the business of export of stones, granite slabs, etc. The appellates are engaged in the business of finance and investments. The respondents and the appellants entered into an agreement on 2nd February, 1995 by virtue of which the respondents placed with the appellants 5,40,000 Secured Optionally Fully Convertible Debentures (OFCDs) and the appellants paid a sum of Rs. 5,13,00,000 (Rupees Five Crores Thirteen Lacs) to the respondents. Later on 21st September, 1995 the appellants invoked Article II Clause 2.7 of the agreement and asked the respondents to redeem the OFCDs and sought the redemption proceeds along with the interest. The respondents refused to comply and wrote on 1st November, 1995 that the offer of redemption was not acceptable and asked the appellan

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