(1.) By this petition filed under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the said Act"), the petitioners have impugned the order dated 8th March 2016 passed by the arbitral tribunal (as decided by the majority) directing the petitioners herein to produce various documents to the respondents and also granting various interim measures. The petitioners have also prayed for stay of the operation and implementation of the time -table contained in the order no.7 dated 3rd February 2016 passed by the arbitral tribunal and also stay of all further proceedings before the arbitral tribunal. By consent of parties, this petition is heard finally at the admission stage. Some of the relevant facts for the purpose of deciding this arbitration petition are as under : -
(2.) The petitioner no.1 is a company registered under the Indian Companies Act, 1956 and is a joint venture company between the petitioner nos.2 and 3 along with others currently holding 44% of the share capital of the petitioner no.1 and the respondent no.1 which currently holds 56% of the share capital of the petitioner no.1. The respondent no.1 and the respondent no.2 are the companies incorporated under the laws of Germany.
(3.) The dispute arose between the parties in relation to the Shareholders' Agreement, Technical Know -How Agreement, Supplementary Shareholders' Agreements, Supplementary Technical Know -How Agreement, Agreed Principles and Intellectual Property Licensing Agreement. By an order dated 14 February 2014, Supreme Court referred all the disputes between the parties in relation to aforesaid agreements to arbitral tribunal. The petitioners nominated Mr. Justice R.V. Raveendran, a former Judge of Supreme Court. The respondents nominated Mr. V.V.Veeder, Q.C. as a nominee arbitrator. Supreme Court appointed Lord Hoffmann as a Presiding Arbitrator. Supreme Court clarified that the present arbitration was to be conducted in London and it was an arbitration with its seat in India and governed by Part I of the said Act. Consequent to the said judgment dated 14th February 2014