Lokeshwar Prasad, J.

( 1 ) THE petitioner, named above, has filed the present petition under Section 9 of the Arbitration And Conciliation Ordinance, 1996 (hereinafter referred to as `the Ordinance ). The facts relevant for the disposal of the above mentioned petition, briefly stated are, that the petitioner who is a retired Colonel from the Army is in the aviation business and that in July, 1994 he was approached by the respondent with certain business proposals. It is alleged that though the business proposals did not materialise but the petitioner and the respondent developed a relationship and the petitioner starting trusting the respondent implicitly. The respondent, it is averred, represented to the petitioner that he was running a big airlines company by name `united India Airways and requested the petitioner to be a part of the company and guide and control the business as he needed experienced and financially sound persons for expanding the business. It is averred that the petitioner and the respondent signed a `promoters Agreement which was executed on 7th September, 1994.

( 1a ) IT is further alleged that pursuant to the said agreement the petitioner applied for 2,00,

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