NATIONAL INSURANCE CO LTD Vs. SHRIRAM INVESTMENTS LTD

JUDGEMENT

(1.) THIS petition, under Section 34 of the Arbitration and Conciliation Act, 1996, has been filed by the petitioners to challenge the award dated 04.12.2008 passed by the learned arbitrator.

(2.) THE parties to the litigatioin entered into a Memorandum of Understanding (MOU) on 05.03.2002. THE object of the MOU was to permit the respondent to issue cover notes and the petitioner company was to issue regular insurance policies for one year operating from the date of issue of cover notes.

(3.) THE parties also agreed to reconcile the account within one month of the date of cancellation of the MOU.