JAGATJIT JAISWAL Vs. KARAMJIT SINGH JAISWAL

JUDGEMENT

(1.) JAGATJIT Jaiswal and Karamjit S.Jaiswal are real brothers. They are the sons of late Ladli Prashad Jaiswal and his wife Surjit Jaiswal. On March 03, 2000, JAGATJIT Jaiswal and his wife as one group and Karamjit S.Jaiswal and his wife as the other group executed a Memorandum of Family Settlement.

(2.) THE memorandum records that the family of late Ladli Prashad Jaiswal has substantial wealth and assets including direct and indirect holdings in public and private companies and in respect of distribution of the family wealth an oral settlement was arrived in the previous year. THE written memorandum further records that a further oral agreement was arrived at between the parties on March 02, 2000, the object whereof was to avoid disputes and litigation amongst the two brothers and their wives so that peace, harmony and goodwill could be maintained. THE memorandum records that the executants desired to reduce the terms of the oral settlement into a writing as an aid to memory.

(3.) WE are concerned in the instant appeal with clause- 9 of the memorandum and the vexed question debated by learned senior counsel for the parties is: Whether the clause amounts to an agreement between the parties to refer their disputes to arbitration? If yes, what would be the scope and ambit of the subject matter of arbitration?