1. By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 (for short the said “Arbitration Act”), the petitioners have impugned the arbitral award dated 9th September, 2011, made by the arbitral tribunal, in so far as claims of the petitioners are rejected. Some of the relevant facts for the purpose of deciding this petition are under:

2. The petitioners were originals claimants, whereas the respondents were original respondents in the arbitral proceedings. The respondents had also filed a counter claim against the petitioners in the arbitral proceedings. The respondents have not challenged the impugned award rejecting the counter claims made by the respondents.

3. For the sake of convenience, the parties are described in this judgment as claimants and the respondents as were described in the arbitral proceedings.

4. In the month of November 2007, the respondents through its managing director Mr.S.S. Bedi @ Bobby Bedi approached the claimants counterpart in India and group company i.e. STAR India Private Limited with a proposal to produce a television serial based on the epic “Mahabharat”.

5. On 7th December 2007 the claimants sent a letter of int