1. By this application filed under section 11(6) of the Arbitration and Conciliation Act, 1996, the applicants seek appointment of arbitrator.

2. Mr. Madon, learned senior counsel appearing for the respondents raises a preliminary objection about maintainability of this application on the ground that the Memorandum of understanding dated 6th November, 2008 which contains an arbitration agreement, has not been stamped in accordance with the provisions of the Bombay Stamp Act, 1958. It is submitted by the learned senior counsel that the memorandum of understanding is required to be impounded in this proceedings and shall be sent for adjudication.

3. Some of the relevant facts for the purpose of deciding the preliminary objections raised by the respondents are summarized as under:

(a) It is the case of the applicants that the applicants and the respondents entered into a memorandum of understanding dated 6th Nov. 2008. Under the said document the respondents granted development rights of the property described under the said agreement to the applicants inter alia to construct a building on certain part of the property and to obtain TDR in respect of certain area affected as ro