(1.) The present petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act') inter alia seeking to partially set aside the arbitral award dated 26.12.2016 (hereafter 'the impugned award') to the extent that the claim of the petitioners for refund of US$ 9.72 million as pro-rata reduction of consideration paid for the non-availability of two out of nine cricket series (Claim no. 1) was not accepted.
(2.) The Board of Control for Cricket in India (hereafter 'BCCI') entered into an agreement dated 25.09.1999 (hereafter 'the BCCI Agreement') granting exclusive and full rights and licence to Prasar Bharti to telecast cricketing events worldwide comprising of domestic and international matches played in India and conducted by BCCI for a period of five years with effect from 01.10.1999.
(3.) Pursuant to the BCCI Agreement, Prasar Bharti invited bids for the marketing of airtime in India and abroad of the Cricketing Events. The bid of the petitioners was accepted and Prasar Bharti issued a letter of acceptance dated 04.02.2000. Thereafter, parties entered into an agreement dated 19.02.2000 (hereafter 'the Agreement') whereby the petitioners were accorded the sole and exclusive global marketing rights including radio rights for all territories outside India (except radio rights in the United Kingdom and internet rights) in respect of the Cricketing Events to be conducted by BCCI in the country. Thus, in terms of the Agreement, the petitioners acquired the bundle of rights for a total consideration of US$ 43.75 million.