Hyderabad to house India’s first arbitration centre
To help investors, both foreign and domestic, settle disputes in the shortest possible time
Hyderabad: It’s official now! Hyderabad will be home to an International Arbitration and Mediation Centre that would help investors, both foreign and domestic, settle disputes through arbitration in the shortest possible time. This will be the first such arbitration centre in the country.
Chief Justice of India NV Ramana, exuding confidence that the Centre would become operational soon, said it will have an efficient administration to resolve disputes by people who are technical experts. “There are clear rules. The quality of arbitrators would be of international standards and supervised by senior and eminent people,” he said.
The CJI was speaking after signing the Trust Deed of the Centre in the presence of Supreme Court judges Justice Nageswara Rao and R Subash Reddy, Telangana High Court Chief Justice Hima Kohli and IT and Industries Minister KT Rama Rao here on Friday.
Wishing all success to the Centre, he said the place had been identified and even the layout was ready. Chief Minister K Chandrashekhar Rao had also said that infrastructure and financial support would be provided, he said: adding: “The Chief Minister promised us that he would propagate the concept of mediation, arbitration and conciliation not only among industrialists but also the common man.”
“This is not a Centre that would exclusively decide on international arbitration. It will also decide domestic arbitration, differences or disputes between local investors. It’s not a new thing we have innovated. We all know that in Indian culture, we sort out our disputes through mediation, negotiation and conciliation,” the CJI said.
Minister Rama Rao, in his address, said: “Hyderabad becomes the first Indian city to take the lead in setting up an International Arbitration and Mediation Centre. It’s a matter of pride, privilege and honour to have this Centre which is the brainchild of Ramana garu. We will be grateful to him forever for having thought of Hyderabad for this wonderful opportunity.”
“As a Minister of Industries, I need lot of investors. That is my job. When we go and meet investors, we talk about three things – we talk about ease of doing business, we talk about all the incentives we offer and we talk about how Telangana, particularly Hyderabad, is conducive to do business,” the Minister said.
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Be part of arbitration movement: CJI N V Ramana
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