New Delhi, Aug 21 (ILNS)The Chief Justice of India N. V. Ramana on Friday urged the foreign investors to invest in India without the fear of delay, as our legal system is much simpler and quicker and equipped with a world class International Mediation and Conciliation Centre now, which will resolve their disputes much faster and in an easy way.
The CJI, today Signed a Trust Deed for an upcoming world class ‘International Arbitration and Mediation Centre’ at Hyderabad. The Trust was signed at the offocial residence of Chief Justice of Telangana High Court Justice Hima Kohli.
Chief Justice NV Ramana said that the proposed International Arbitration and Mediation Centre at Hyderabad will have efficient administration to resolve the disputes with technically expert members. This would not only help the investors abroad, but also those in India, who would be able to settle their disputes in the shortest possible time.
The CJI urged the foreign investors to come and participate in the International Mediation and Conciliation Centre. The CJI, listed the benefits that the investors could derive from international mediation and conciliation in India. The CJI said, “India is going to be very vibrant with huge potential for further growth. The important thing is that compared to the foreign currency, the amount that they will have to spend in this country is very less. So it is another very encouraging factor for the foreign investors and foreign people to come and participate in the International Mediation and Conciliation Centre.”
Justice Ramana said that everyone should ensure their participation in the arbitration movement to resolve the disputes amicably and strengthen the judiciary as well.
The quality of Arbitrators is excellent and everyone should participate. It’ll be supervised by senior eminent people and some more trustees will be included shortly in the trust Board, he added.
“Litigation is a very costly, tedious and more time-consuming thing. The arbitration centre resolves the disputes and you need not go and spend time in Courts,” added the CJI. “This is the reason why we all should participate in this Arbitration movement to enable us to dissolve the disputes and strengthen the judiciary,” he said.
Talking about foreign investors, the CJI said that they requested only one thing. they were ready to invest in India, but were afraid of the lengthy litigation. The foreign investors are concerned about the long time it takes to resolve a dispute in the Indian courts.
How many years the litigation takes place in India, we don’t know was the concern of the foreign investors, CJI Said, They say when they buy any property in India they have to buy litigation also with it. So they feel reluctant to invest in India, the CJI said.
The Prime Minister in 1996 initiated a new law, Arbitration and Conciliation Act, 1996. It came into force and thereafter momentum started for Arbitration, Conciliation. The reason is industries and investors don’t want litigation, but the ‘Ease of Doing Business’, the CJI said.
In case by any chance, if a foreign investor gets involved in litigation, they want to resolve it easily, amicably and without any time lag so that their investment is saved, the CJI said. “It is not a new thing that we have invented. You know that in our Indian Culture we solve majority of disputes through mediation, negotiation and conciliation. Even in our family, we negotiate with our children, wife and brothers. Mediation also takes place between friends and family members, CJI said.
The Event was organised at the offocial residence of Justice Hima Kohli, The chief Justice of Telangana High Court. As Justice Hima Kohli’s name has been recommended by the Collegium to be alleviated as the Supreme Court Judge this event was organized at a short notice. Others who attended the event were Supreme Court judges Justice L Nageshwar Rao and Justice R Subhash Reddy, former Supreme Court judge Justice RV Raveendran, , Minister of Forest and Environment and S & T, Endowments and Law Allola Indrakaran Reddy, and Taraka Rama Rao, Minister of MA & MD, Industries & Commerce, ITE & C./ILNS/SNG/