Hyderabad, Aug 20 (SocialNews.XYZ) Chief Justice of India N.V. Ramana on Friday stressed the need for arbitration, mediation, and conciliation as investors want "ease of doing business" and the proposed International Arbitration and Mediation Centre in Hyderabad would go a long way in helping both domestic and foreign investors in settling their disputes as early as possible.
He also described former Prime Minister P.V. Narasimha Rao as the father of economic reforms in the country, noting that the reforms started during the Congress leader's rule. "You know the father of the economic reforms in the country is none other than P.V. Narasimha Rao, 'Telangana Bidda' (son of Telangana). Under his leadership, in India for the first time, economic reforms started," he said.
In his address at a function organised at the residence of the Telangana High Court's Chief Justice Hima Kohli, where a trust deed was registered for the proposed arbitration centre, he said that everybody should participate in this arbitration movement, to resolve disputes and to strengthen the judiciary.
"It is a burden; you know, once you come to the court... how many years it takes and of course, hierarchy starting from civil courts to Supreme Court. How many years it takes... we have eminent arbitrators in this country, some of the international arbitrators, who are world famous, also willing to participate in this arbitration centre," he said.
He noted that in the Indian culture, all our disputes are sorted through mediation, negotiation and conciliation.
"Every day in our family, we negotiate with our children, wife, brother, friends and everybody. Mediation also takes places between friends and family members also," he said.
He emphasised that investors, both foreign and domestic, want ease of doing business and they do not want litigation, and if they are involved in litigation, then it should be resolved peacefully.
Chief Justice Ramana said dispute resolution would cost less for investors in India, unlike other international arbitration centres spread across the world. He said that the proposed centre would not exclusively decide international arbitration, but it will also help the domestic investors too. He added most of the investors seek to first avoid litigation, and if it became inevitable, they want an early resolution on their dispute.
About the Centre, he said: "It is having an efficient administration of resolving the dispute by technically expert people, so not to create any future complication. There are clear rules and quality of arbitrators are of international excellence... this will be supervised by very senior and eminent people."
Justice Ramana said Supreme Court judge's Justice L. Nageswara Rao and former top court judge Justice Ravindra will be the life trustees of the arbitration centre and they will co-opt some more members in future.
He thanked the Telangana Chief Minister K. Chandrasekhar Rao for the promise to provide infrastructure and financial support, and added that he was happy that his dream for such a centre in Hyderabad came to fruition within three months of assuming the office of the Chief Justice of India.
The other speakers at the function included Supreme Court judges R. Subhash Reddy, and Nageswara Rao and Telangana Minister K.T. Rama Rao.
Source: IANS
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