Hon’ble Pankaj Mithal, J.—The four petitioners seek reference of their dispute with the three respondents to the sole Arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as an “Act”) in view of arbitration agreement contained in the deed of agreement dated 16.6.2007 entered into between the parties.

2. The company M/s. Bajaj Carpet Industries Limited having its registered office in Amritsar, Punjab and a manufacturing unit in Greater NOIDA and one in Pune is dealing in manufacturing and supply of carpets. The respondents were the shareholders and the directors of the said company. They entered into an agreement dated 16th June 2007 with the petitioners whereunder they agreed to retire as directors and to transfer their rights as shareholders in the above company in favour of the petitioners with the understanding that the petitioners henceforth would take over as shareholders/directors and management control of the company.

3. The aforesaid agreement inter alia provided:

(i) that the respondents would not directly or indirectly compete with the petitioners by setting up similar industry;

(ii) that the responsibility of satisfyi