The main legal point established in the judgment is the recognition of an arbitration agreement, determination of ownership of shares, and the effect of dissolution on the rights of the partners.

Heard finally by consent of the parties.

2. The petitioner, who is a partner of a firm called "M/s.Muktanandan Corporation" (for short, the firm), after dissolving it by a notice 16.04.2009, has invoked Section 9 of the Arbitration & Conciliation Act, 1996 (for short, the Act) and seeking various interim measures/protection against the respondents.

3. A Registered Partnership Deed dated 17th September, 1975 entered into between one Rajinder Singh (husband of respondent no.2 and father of respondents 3 to 5) and late Smt.Gurdev Kaur (mother of the petitioner, respondent no.1 and Mr.Rajinder Singh) and thereby constituted the firm. Rajinder and Gurdev (now both deceased) had equal share in the profits, losses, assets and liabilities of the firm. The partnership was at Will.

4. As averred, the firm had purchased or acquired out of the funds 33,24,400 equity shares of Rs.10/- each of one Mukat Pipes Limited (the Company), during the period 1991-2001 in the name of the deceased Rajinder Singh. As alleged, he held those shares in his fiduciary capacity and/or as Trustee for and on behalf of the firm. Those shares were purchased on behalf of the firm out of the funds paid from the Bank account of the partnership, but in the name of Rajinder as the partnership firm is not "a person" within the meaning of Section 41 of the Companies Act, 1956 and, therefore, cannot be a member and as the name of partnership firm also cannot be entered as a shareholder in the record of the company. Rajinder Singh, during his lifetime, as a partner had signed the balance-sheet and the profit and loss accounts of the firm, from time to time. The equity shares of Mukat Pipes Ltd. had been shown as an asset and an investment of the firm in the balance-sheet for the year ended 31.03.1991. The annual accounts of the firm for the year ending 31.03.2001 and 31.03.2002, had been admittedly signed by the deceased Rajinder. This shows that the shares were treated as an asset and investment of the said partnership firm at the relevant time. The balance-sheet for the year ended 31.03.2003 of the partnership firm showing the said shares as an investment of the partnership firm was also signed by Rajinder as a partner of the firm. The income received by way of dividends in respect of the shares had been reflected as an income of the firm in the Profit and Loss Account read with Schedule of the other income for the year ended 31.03.2002. The assessment order dated 14.01.1999 passed by the Income Tax Department for the year 1996-1997 also shows the income received by the firm as and by way of dividend from Mukat Pipes Limited to the tune of Rs.53,19,014/-had been assessed as an income of the firm. From 1992 till the year 2001, the partnership has received an aggregate sum of around Rs.3,80,00,000/- (Rupees three crore eighty lacs) towards dividend and had been accordingly credited as an income of the firm. In the individual income tax return of deceased Rajinder the income from dividends were never shown in his personal annual returns or books of account. There is nothing on record to show that Rajinder had paid the amount to purchase those shares and, therefore, become sole and exclusive owner.

5. On 02.04.2003, without dissolving the partnership firm was re-constituted by a Supplementary Deed of Partnership dated 02.04.2003 (the last/supplementary deed) whereby the deceased Rajinder and Gurdev, the petitioner and respondents 1 and 2 agreed to have a 20% share in the profits, losses, assets, liabilities including capital of the said partnership firm., As per clause 5, the capital should be introduced by the parties thereto or any of them as and when required either equally or otherwise on such terms and conditions as may be mutually agreed upon by and between the partners. Clause 8 of the Supplementary Deed, all other terms and conditions of the earlier Deed were incorporated by reference. The arbitration clause contained in clause 15 of 17th September 1975