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1. Pristine Logistics & Infra Projects Private Limited (hereafter „Pristine‟) and Kanpur Logistics Park Private Limited (hereafter „Kanpur Logistics‟) have filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter „the Act‟) impugning the arbitral award dated 06.11.2015 (hereafter „the impugned award‟) made by the sole arbitrator, Justice (Retired) S.N. Dhingra, in relation to the Shareholders Agreement dated 30.04.2011 (hereafter „Second SHA‟).

2. By the impugned award, the arbitrator has awarded sums aggregating to `7,10,00,000/- in favour of respondent No. 1, M/s Freightstar Private Limited (hereafter „Freightstar‟); Pristine was directed to pay a sum of `2,62,70,000/-; Aeren R Logistics & Infrastructure Private Limited (hereafter „Aeren‟) was directed to pay `92,30,000/-; and Kanpur Logistics was directed to pay a sum of `3,55,00,000/-. The arbitrator has further awarded interest at the rate of 15% per annum on the awarded amounts from the date of the award till the date of realization, if the same are not paid within a period of 30 days from the date of the award. The aforesaid amounts were computed on the basis of the amounts received by the respective parties and interest at the rate of 12% per annum from 06.05.2012, till the date of the award.

5. Briefly stated, the necessary facts to consider the aforesaid controversy are as under:-

5.1 Pristine and Aeren are companies which are engaged in the business of logistics and infrastructure development. At the material time - in the year 2011 - Pristine and Aeren were jointly setting a rail linked container terminal for EXIM and domestic cargo at Panki, Kanpur, Uttar Pradesh. The said project was being set up under Kanpur Logistics - a private company held by Pristine and Aeren in the ratio of 74: 26.