The panel, headed by retired Justice R S Pathak, met here yesterday for the first time. The panel is likely to announce a decision in 45 days, sources said.
Retired Supreme Court chief justice S P Bharucha represented Essar, while another former judge of the apex court Justice B N Srikrishna appeared for HEL's side.
The merger of BPL with the mobile joint venture HEL had become a bone of contention between Essar group and HEL, with Ruias maintaining that the JV had failed to get Department of Telecom's approval within the stipulated time.
After a prolonged legal battle, the Mumbai High Court had directed both the parties, Essar and Hutchison-Essar, to resolve the dispute through arbitration, while restraining Ruias from selling the BPL (Mumbai) circle to any third party.
Now that shareholding of Hutchison-Essar has undergone a change with HTIL getting into an agreement with Vodafone to sell its 67% stake in HEL, the resolution of this issue has assumed significance.
Essar and Vodafone have already started discussions over the partnership and terms of new shareholders' agreement. When contacted, company officials declined to comment.
