JUDGMENT :

Heard learned Senior Advocate Mr.Prakash Jani assisted by learned advocate Mr.Shivang Jani for the petitioners, learned Additional Solicitor General Mr.Devang Vyas for the respondent Nos.1 and 2 and learned advocate Mr.Tirthraj Pandya for the respondent No.3.

1. Rule, returnable forthwith. Learned Additional Solicitor General Mr.Devang Vyas waives service of notice of rule for the respondent Nos.1 and 2 and learned advocate Mr.Tirthraj Pandya waives service of notice of rule for the respondent No.3.

2. Respondent Nos.4 and 5, though served, have chosen not to appear pursuant to the notice issued by this Court and that respondent No.4 is similarly situated person to that of respondent No.3 for which learned advocate Mr.Pandya appears and respondent No.5 is an Arbitrator appointed by the respondent No.2 and as such, they are formal parties and no notice of Rule is required to be served upon them.

3. Having regard to the controversy in narrow compass, with the consent of the learned advocates for the respective parties, the matter is taken up for hearing today.

4.1. At the outset, learned advocate Mr.Pandya raised preliminary objections which he has raised at the time of issuanc