( 1 ) THIS petition under Section 11 (4) of the arbitration and Conciliation Act, 1996 (hereinafter referred, to as "the Act" only) has been filed with a prayer to appoint an Arbitrator on behalf of respondent no. 1 to enter reference and adjudicate upon the matter. No dispute is stated to be existing with respondents no. 3 and 4 and as such no relief is claimed against them but a right is reserved to institute arbitration proceedings against them also upon their failure to honour their obligations under the Subscription cum share holders Agreement dated 28. 2. 2001.

( 2 ) ACCORDING to the petitioner the applicant Company alongwith M/s Citicorp Finance (India) and Intel Capital corporation (hereinafter referred to as Investors No. 1 and 2 respectively) had entered into a subscription cum-Shareholders Agreement dated 28. 2. 2001 with respondent No. 1 and its promoters respondents 2,3 and 4. In terms of this agreement the applicant and investors consented to invest in the equity share capital of respondent No. 1 by subscribing to preferential issue on the basis of certain representations, warranties, undertakings, statements and covenants made by respondent No. 2,3 and 4