( 1 ) THE petitioner, named above, has filed the present petition under Section 33 of the Arbitration Act 1940 (hereinafter REFERRED TO as the Act ) read with Section 151 of the Code of Civil Procedure, 1908 averring that the Ministry of Posts,telegraphs and Telephone, Kingdom of Saudi Arabia (PTT) awarded the work for outside plants, construction, installation, supply of materials and equipment etc. in Dammam (Saudi Arabia) to Abdul Aziz Zaidan and Partners (hereinafter REFERRED TO as beta ), a Company, incorporated in Saudi Arabia. A contract agreement dated the 14th February, 1985 was signed between PTT and BETA. The petitioner further awarded the sub-contract to the respondent on back to back basis and a sub-contract agreement was executed between the petitioner and the respondent on 21. 3. 85. The sub-contract agreement, executed between the parties, contained an arbitration clause to the following effect :

"if any dispute or difference arises in connection with the Main Contract and such dispute touches or concerns the sub-contract Works, then the decision by the Grievances Board of the Kingdom of Saudi Arabia (as foreseen under the provisions of the Main Co