- (1.) The petitioners have prayed for appointment of an arbitrator to resolve the disputes between the petitioners and the respondent company in the following factual background.
(2.) The petitioners are individuals and private limited companies who had entered into an agreement dated 14.1.1988 with the respondent Associated Cement Company (hereinafter referred top as "ACC") for taking over the landed properties, plant and machineries and other assets of the respondent company on long term lease on agreed terms and conditions. Case of the petitioners is that the respondent ACC was desirous of disposing of its assets which the petitioners wanted to purchase. However, the stamp duty burden being substantial under advise, they devised a method under which such properties were given on lease for a period of 999 years. This was thus a lease in perpetuity as other terms and conditions of lease would also suggest.
(3.) Pursuant to such agreement dated 14.1.1988, separate six registered lease deeds dated 28.4.1992 were also executed between the petitioners and the respondent. Since then the petitioners have been enjoying exclusive possession of the properties in question.;