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Firms told to abide by global arbitration norms
By Our Legal Correspondent
NEW DELHI, JAN. 31. The Union Law Minister, Arun Jaitley, has advised the Indian business and legal community to abide by international arbitration norms within the country and suggested developing a cadre of matured arbitrators to adjudicate on commercial disputes.
Addressing the Associated Chambers of Commerce and Industry of India (ASSOCHAM) seminar on the `role of the judiciary in economic reforms' here on Wednesday, Mr. Jaitley said Indian lawyers were adopting international norms for arbitration in cases being dealt with in foreign countries and adhering to the strict timeframe for disposal of cases, but were adopting different standards in India.
Quality arbitrators matured in handling commercial matters was imperative as currently, the foreign party to a joint venture or a foreign investor in India insisted on arbitration outside, which was far too expensive and therefore out of reach of Indian companies.
Stressing the need for changes in the outlook of judiciary towards economic reforms, he said the courts after the Supreme Court ruling in the BALCO case, should not interfere in the economic policy domain which was the preserve of the executive.
The former Chief Justice of India, A.M. Ahmadi, who presided, said, ``we need to be wary of public interest litigation in commercial matters'' and get out of the mindset of the pre-liberalised and pre-reform era when economic and commercial considerations for imparting a competitive edge to corporates were secondary to all other issues.
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