The plaintiff is a financier and distributor of cinematographic films. The defendant No. 1 is a producer of such films and the defendant No. 2 is a director of the defendant No. 1. By an agreement in writing entered into by and between the plaintiff and the defendant No. 1 on February 22, 1957, it was agreed that the defendant No. I would appoint the plaintiff as the sole and exclusive distributor of a Bengali film named 'Bagha Jatin' for exhibition and exploitation. The plaintiff under the said agreement would, from time to time, advance moneys the defendant No. 1 to the extent of Rs. 80,001 and/or spend the same for or on account of the latter and would be entitled to agreed commission realizable from the box office receipts of the film. The said agreement in writing was in the usual form prevalent in the trade and contained an arbitration clause as follows :-

"All questions of differences whatever which may at any time hereafter would arise between the plaintiff and the defendant No. 1 touching the agreement or the subject-matter thereof arising out of or in relation thereto respectively and whether as to construction or otherwise of the said agreement would be referred t