The challenge in these proceedings under Section 34 of the Arbitration and Conciliation Act, 1996 is to an arbitral award dated 14th January 2006 of a sole Arbitrator, Mr.Justice A.V.Savant.

The Protocol Agreement:

2. On 2nd October 1974, a Protocol Agreement was entered into between the Petitioner and the Respondent pursuant to which Maharashtra Scooters Ltd. (MSL) was incorporated and registered under the provisions of the Companies’ Act, 1956. MSL is a Public Company and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The Petitioner is an undertaking of the government of Maharashtra. In accordance with the terms of the Protocol Agreement, the Petitioner holds 27% of shareholding of MSL while the Respondent continues to hold 24%. The balance 49% is held by the public. The recitals to the agreement state that the Petitioner was desirous of availing of the experience and know how of the Respondent in the manufacture of two wheeler scooters, for the installation of plant and machinery and the establishment of a Scooter Project. The Respondent agreed to participate in the equity capital of a new manufacturing Company – MSL. The initial a