( 1 ) THE award dated 15th November 1989 rendered by the sole arbitrator resolving the disputes pursuant to reference agreement dated 9th October 1989 by the four brothers, is the subject matter of the controversy in these proceedings.

( 2 ) BY award dated 6. 8. 1987, seven sons and one married daughter of late Pt. Kanhaiya Lal Punj were awarded various companies, assets and properties. Subsequent thereto the disputes arose between the four brothers, namely, Virender Prakash Punj, Satya Narain Prakash Punj, Ravinder Prakash Punj and Nilinder Prakash Punj about running of their businesses and the allocation and determination of their respective shares so that they can work independently as far as possible and run their own affairs, also as regards the ownership of the properties. As there could not be any agreement on the terms and conditions for controlling and running the businesses, Reference Agreement dated 9th October 1989 (hereinafter REFERRED TO to as the agreement) admittedly came to be executed by V. P. Punj (respondent No. 1), S. N. P. Punj (respondent No. 5), R. P. Punj (respondent No. 11) and N. P. Punj (respondent No. 16) referring the disputes for resol