1. This is a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an award passed by a Tribunal comprising of respondents 2 to 4.

2. I have heard Mr. G. Masilamani, learned senior counsel for the petitioner and Mr.Vijay Narayan, learned senior counsel for the first respondent.

3. The brief facts leading to the petition on hand are as follows:-

(i) After becoming successful in a Global Tender floated by the petitioner for the development of Seventh Berth as a Container Terminal and for the Operations and Maintenance of the same for 30 years on Build Operate and Transfer basis, the first respondent herein was granted a license by the petitioner under an agreement dated 15.7.1998. It is relevant to state here that the first respondent is a Joint Venture between the Port of Singapore Authority and two companies by name The South India Corporation (Agencies) Limited and Nur Investment and Trading Private Limited.

(ii) Under Appendix 12 to the agreement, the first respondent was obliged to pay a royalty to the petitioner every year, for a period of 30 years. The royalty was to increase gradually from year to year.

(iii) In the year 2002, the Tariff A