1. By this petition filed under Section 37 of the Arbitration and Conciliation Act, 1996 (for short herein after referred as Arbitration Act 1996), petitioner seeks to challenge an order dated 16th July 2012 passed by the learned arbitrator granting interim measures in favour of the respondents under Section 17 of the Arbitration Act 1996. Some of relevant facts for the purpose of deciding this petition are as under.

2. Some time in the year 1973, the sole proprietary concern of Mr Prakash Mehra i e. Prakash Mehra Production (for short PMP) produced a film ''Zanjeer''. The respondents herein and Mr Amit Mehra are the sons of late Mr Prakash Mehra.

3. On 24th August 2011, the petitioner entered into a Coproduction Agreement for remake of the said film 'Zanjeer' with Flying Turtle Films (FTF) and started working on the script of the remake. In the recitals at page 22 of the said agreement entered into between the petitioner and M/s FTF, it was recorded that the petitioner had represented to FTF that it holds the rights to remake and was desirous of remaking a motion picture viz. ''Zanjeer''. It was recited that the rights of the said film were earlier with the renowned film maker/producer the late Mr Prakash Mehra, who was the father of Mr Amit Mehra, being the Director of the petitioner.

4. On 1st November 2011, an article came to be published in Bombay Times stating that Amit Mehra was planning to remake of the film ''Zanjeer'' and was currently looking to tie up with the right production house for his dream project. On 3rd November 2011, another article came to be published in Hindustan Times Cafe in which Mr Amit Mehra claimed to be holding the remake rights and was remaking the film and was working on the script for over 11 months. It was also stated in the said article that the respondents had given him a go-ahead to remake the said film.

5. By a letter sent by e-mail on 18th November 2011, Mr Puneet P. Mehra (respondent No.2) asked Mr Amit Mehra to immediately cease and desist from making any false claims regarding the respondents' alleged concurrence in his alleged activities to the media.

6. By letter dated 23rd November 2011, Amit Mehra replied the second respondent and agreed to forward his proposal for remake to the respondents for their consideration.

7. By letter dated 24th November 2011, Mr Sumeet Mehra (respondent No.1) requested Mr Amit Mehra to finalize his proposal and present it to the respondents his overall idea on how the deal would be structured. On 26th November 2011, Mr Punieet Mehra replied to e-mail dated 23rd November 2011 of Mr Amit Mehra stating that consent to remake the film would be granted to Amit Mehra only if all terms and conditions were agreed upon between him and the respondents. On 28th November 2011, Mr Amit Mehra sent a letter to Mr Puneet Mehra stating that he had accepted and recognized the rights of the respondents as co-owners of the film. On 16th December 2011, Mr Sumeet Mehra sent an e-mail to Mr Amit Mehra requesting for time to consider his proposal and recording that Amit Mehra had come to the respondents at a delayed stage.

8. By letter dated 16th December 2011, Mr Amit Mehra replied to Mr Sumeet Mehra that if the film was not remade, he would be finished. It is the case of the respondents that at the end of December 2011, the respondents learned about the said agreement between the petitioner and M/s FTF. By letter dated 9th January 2012, Amit Mehra requested the respondents to help him through his difficult time and put forth two alternative offers. In those offers, Amit Mehra agreed that he would not receive any part of the lumsum consideration for any remake rights which would be paid in installments only to the respondents.

9. It is the case of the respondents that on 24th January 2012, the respondents finally agreed to license of remake rights to Amit Mehra and entered into an agreement with the petitioner, granting the petitioner the right to 'remake' the