JUDGMENT - KARNIK D.G., J.:---Heard the learned Counsel for the parties.

2. This is a petition under section 9 of the Arbitration and Conciliation Act, 1996 (for short "the Act"). The facts giving rise to the disputes between the parties are briefly stated below.

3. The petitioner No. 1 is an Advertising Agency and so is the respondent No. 2. The respondent No. 1 is a cricketer who has acquired a celebrity status. On 1st November, 2000, the petitioner and the respondent No. 1 entered into a contract titled as "Promotion Agreement" which was valid initially for a period of three years commencing on 30th October, 2000 and expiring on 29th October, 2003. Under the contract, the respondent No. 1 retained services of the petitioner and appointed him as a sole and exclusive agent to manage market and render various consultancy services and other activities set out in Annexure A to the agreement. Clause No. 31 of the agreement provides for negotiation atleast 60 days prior to the expiry of the terms of the contract for its renewal. In the event the agreement is not renewed, the clause also gives a right to the petitioner of first refusal. Clause No. 32(g) of the agreement provided for resol

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