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HyderabadBe part of arbitration movement: CJI N V Ramana

Be part of arbitration movement: CJI N V Ramana

Published: 20th Aug 2021 10:49 pm

Hyderabad: Chief Justice of India NV Ramana on Friday said that in 1995, when economic reforms were first introduced in the country by former Prime Minister late PV Narasimha Rao, all foreign investors said they were ready to invest in the country but were apprehensive about litigations that stretch into years before resolution.

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Stating that this made the investors reluctant to come to India, the CJI recalled that at that point of time, Narasimha Rao initiated a new law — The Arbitration and Conciliation Act, 1996. Thereafter, arbitration, conciliation and mediation procedure started. Explaining the reason behind it, the CJI said investors, both from India and abroad, were keen on doing business easily and did not want any litigation.

Speaking after signing the Trust Deed for the International Arbitration and Mediation Centre to be set up in Hyderabad, Ramana recalled that in 2015, the Central government sent a delegation, of which he was a member, to Japan and Korea on the invitation of industrialists from these two countries. “We held meetings with industrialists in eight places and everywhere, the first question was about litigation and the time it takes for resolution. It was difficult for us to answer that question,” he said.

However, the delegation assured the industrialists that India was expeditiously resolving issues through arbitration. The first international arbitration centre was set up in Paris, and since then, four or five more such centres have been established across the world. An arbitration centre was established in Dubai too, but not of this scale, he said, adding: “We have now started this (Hyderabad centre) expecting that it will be on par with other international arbitration centres,” the CJI said.

The CJI requested everyone to participate in the arbitration movement and facilitate the resolution of disputes and strengthen the judiciary. “We have eminent arbitrators in the country and some international arbitrators are also willing to participate in this centre,” he said.

Hyderabad takes lead in establishing centre: KTR

Hyderabad: “Hyderabad is the first Indian city to take the lead in setting up an International Arbitration and Mediation Centre,” Industries Minister KT Rama Rao said here on Friday. Speaking at a function where the Trust Deed for the establishment of an International Arbitration and Mediation Centre was signed by Chief Justice of India NV Ramana, the Minister said, “I was interacting with Telangana High Court Chief Justice Hima Kohli and pointed out that three judges from Supreme Court are Telugus and Hyderabad got this opportunity and pride.”

“As a Minister of Industries, Commerce and Information Technology, I need a lot of investors. That is my job. When we go and meet investors, we talk about three things – ease of doing business, incentives we offer, and how Telangana in general and Hyderabad, in particular, are conducive to do business,” he said.

“What I learnt in the last seven years is not just ease of entry into a State or country. It is also ease of exit. When we start a new enterprise, we offer many things. It is equally important that the cost and quality of doing business are taken very seriously by the State and Central governments,” Rama Rao said.

“The cost of doing business will obviously increase significantly if there is no dispute redressal mechanism in place in case of litigation and what we are offering today through this international centre is just that. I believe that under the leadership of Prime Minister Narendra Modi and Telangana under the leadership of Chief Minister K Chandrashekhar Rao will make rapid progress in attracting foreign direct investment and a lot of local investment too,” he said. He thanked the CJI for taking the initiative and discussing with the Chief Minister about the establishment of the Centre.

arbitration movement
Ministers KT Rama Rao and Indrakaran Reddy with Chief Justice of India NV Ramana and Telangana High Court Chief Justice Hima Kohli in Hyderabad on Friday.

Also read:

Hyderabad to house India’s first arbitration centre

 


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