JUDGMENT - DESHMUKH D.K., J.: - The learned Counsel appearing for both sides are agreed that common question of law and facts are involved in these two petitions, therefore, they can be conveniently disposed of by a common order.

2.In Arbitration Petition No. 595 of 2001, award dated 29th May, 2001, which was amended by order dated 20th July, 2001 and 23rd July, 2001, is challenged.In Arbitration Petition No. 594 of 2001, interim award dated 2nd March, 2001 and the award dated 29th May, 2001 is challenged.

3.By the award challenged in Arbitration Petition No. 595 of 2001 the petitioner has been directed to pay an amount of Rs. 16,69,508/- which was reduced by order dated 23rd July, 2001 to Rs. 16,17,799/-. This amount is directed to be paid with interest which is specified in the Award. The respondent No. 1 has been directed, on receiving payment from the petitioners, to deliver certain securities to the petitioner.

By the award which is challenged in the Arbitration Petition No. 594 of 2001, the petitioner in that petition is directed to pay an amount of Rs. 17,13,720/- with interest to the respondent No. 1.

4.Facts that are relevant and material for deciding these two petitions are t

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