Govt proposes measures for speedier resolution of disputes among corporates
Updated: Jan 14, 2014 02:59:27pm
New Delhi, Jan 14 (KNN) The government proposes to make the Arbitration and Conciliation Act, 1996 more effective in order to make dispute resolution for corporates speedier, cheaper and amicable.
The law relating to arbitration is contained in the Arbitration and Conciliation Act. It provides for domestic arbitration and also enforcement of foreign arbitral awards. It also contains the new feature on conciliation. It proceeds on the basis of the UN Model Law so as to make our law accord with the Law adopted by the United Nations Commission on International Trade Law (UNICITRAL).
“The main objectives of the Act are to comprehensively cover international commercial arbitration and conciliation as also domestic arbitration and conciliation; make provision for an arbitral procedure which is fair, efficient and capable of meeting the needs of the specific arbitration;…..” said a FICCI release.
“The proposed changes in the Act would make the process of dispute resolution smoother and indicate that India is a business-friendly nation,” said Minister of State for Commerce and Industry, Department of Industrial Policy and Promotion, E M Sudarsana Natchiappan.
Speaking during the inauguration of the ‘83rd Annual General Meeting’ of ICC India, he urged Indian business leaders to take full advantage of investment opportunities that National Investment and Manufacturing Zone (NIMZ) projects and the upcoming industrial corridors will open up and thereby repositioning the corporate world and India globally.
ICC India is the Indian affiliate of the Paris based International Chamber of Commerce (ICC). The theme of the AGM was ‘Repositioning India in the evolving global economic scenario’.
The Minister also advised corporate leaders to tap the opportunities for investments that are expected to open up following the rollout of Food Security Act (FSA). “The process of procurement of food grains and its ultimate delivery for the public distribution system would require development of the entire agri-value chain from food processing to multi-modal transportation and building of modern warehouses. This will require huge doses of investment by the private sector,” he said.
Referring to the Land Acquisition, Rehabilitation and Resettlement Act, Natchiappan urged Indian business to arrive at a negotiated settlement for acquiring land from the owners. “This would require convincing the land owners about the advantages of setting up an industrial project for which a fair compensation should be thought out,” he said.
During his Presidential Address, Rajan Bharti Mittal, said that the contribution India can make and the role it can play in the realm of economy at the global level are clear, it is important to note that this will be possible only if our perception of a strong and fast growing nation is maintained at the global level. In the last 12 to 18 months, some sheen has been taken off the India growth story and we may be perceived as a nation that is losing its economic plot. Therefore at this point in time we need to reflect and act in those areas that are holding us back and which could bereft India of the rightful role that it can play on the global stage.
“Our government has tried to improve the business climate with a flurry of decisions in the recent past. These have had some impact, but what we need is basic consensus across polity on the larger economic agenda for the nation if growth has to head back to the 8-9 per cent mark,” he said.
Meanwhile, President Elect, ICC India, Rajiv Memani, appreciated the government’s efforts for striving to balance the interests of business in difficult times. He concurred with the Minister that the Indian economy had the resilience to overcome the hurdles and bounce back to high levels of growth. (KNN/ES)
The law relating to arbitration is contained in the Arbitration and Conciliation Act. It provides for domestic arbitration and also enforcement of foreign arbitral awards. It also contains the new feature on conciliation. It proceeds on the basis of the UN Model Law so as to make our law accord with the Law adopted by the United Nations Commission on International Trade Law (UNICITRAL).
“The main objectives of the Act are to comprehensively cover international commercial arbitration and conciliation as also domestic arbitration and conciliation; make provision for an arbitral procedure which is fair, efficient and capable of meeting the needs of the specific arbitration;…..” said a FICCI release.
“The proposed changes in the Act would make the process of dispute resolution smoother and indicate that India is a business-friendly nation,” said Minister of State for Commerce and Industry, Department of Industrial Policy and Promotion, E M Sudarsana Natchiappan.
Speaking during the inauguration of the ‘83rd Annual General Meeting’ of ICC India, he urged Indian business leaders to take full advantage of investment opportunities that National Investment and Manufacturing Zone (NIMZ) projects and the upcoming industrial corridors will open up and thereby repositioning the corporate world and India globally.
ICC India is the Indian affiliate of the Paris based International Chamber of Commerce (ICC). The theme of the AGM was ‘Repositioning India in the evolving global economic scenario’.
The Minister also advised corporate leaders to tap the opportunities for investments that are expected to open up following the rollout of Food Security Act (FSA). “The process of procurement of food grains and its ultimate delivery for the public distribution system would require development of the entire agri-value chain from food processing to multi-modal transportation and building of modern warehouses. This will require huge doses of investment by the private sector,” he said.
Referring to the Land Acquisition, Rehabilitation and Resettlement Act, Natchiappan urged Indian business to arrive at a negotiated settlement for acquiring land from the owners. “This would require convincing the land owners about the advantages of setting up an industrial project for which a fair compensation should be thought out,” he said.
During his Presidential Address, Rajan Bharti Mittal, said that the contribution India can make and the role it can play in the realm of economy at the global level are clear, it is important to note that this will be possible only if our perception of a strong and fast growing nation is maintained at the global level. In the last 12 to 18 months, some sheen has been taken off the India growth story and we may be perceived as a nation that is losing its economic plot. Therefore at this point in time we need to reflect and act in those areas that are holding us back and which could bereft India of the rightful role that it can play on the global stage.
“Our government has tried to improve the business climate with a flurry of decisions in the recent past. These have had some impact, but what we need is basic consensus across polity on the larger economic agenda for the nation if growth has to head back to the 8-9 per cent mark,” he said.
Meanwhile, President Elect, ICC India, Rajiv Memani, appreciated the government’s efforts for striving to balance the interests of business in difficult times. He concurred with the Minister that the Indian economy had the resilience to overcome the hurdles and bounce back to high levels of growth. (KNN/ES)
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