RELIANCE INDUSTRIES LTD Vs. MADAN STORES P LTD

JUDGEMENT

(1.) AN award dated August 31, 2005 passed by the Arbitral Tribunal comprising Justice A.M.Ahmadi (Retd. Chief Justice of India), Justice A.B.Rohtagi (Retd.) and Justice S. Sahay (Retd.) has been upheld by the learned Single Judge vide impugned order dated November 06, 2007.

(2.) WHILE upholding the award, the learned Single Judge has corrected the apparent calculation mistakes and in respect of which there is no dispute between the parties; of course, whether the amount would be payable by the appellant to the respondent as recalculated would be subject to the answer to the main question: Whether the impugned award is contrary to the public policy as per the law declared by the Supreme Court in the decision reported as AIR 2003 SC 2629 ONGC Ltd. v. Saw Pipes Ltd.

(3.) CLAUSE-15(a) of the agreement strikes a discordant note to the general tenor of the agreement. It is this clause which was the focus of debate before the learned Arbitrators and the learned Single Judge. Not its interpretation, but its applicability as the parties implemented the agreement. The clause reads as under:-