Chief Justice NV Ramana on Friday described late Prime Minister PV Narasimha Rao because the “father of India’s economic reforms”. He additionally stated that it was Rao who framed a regulation to handle the considerations of international buyers about being caught in infinite litigation – which finally resulted within the Arbitration and Conciliation Act, 1996.
“You all know that the father of economic reforms in this country is PV Narasimha Rao,” the CJI stated whereas addressing an occasion on the event of the registration of the Trust Deed of the International Arbitration and Arbitration Centre, Hyderabad. It was Chief Justice Ramana who proposed such a middle within the metropolis.
Referring to the regulation, he stated it was solely after its implementation that “the momentum for arbitration, conciliation, arbitration processes started.”
The Chief Justice stated that companies, whether or not in India or exterior, don’t want litigation. He stated that even when they get caught within the litigation, they need to settle it peacefully, amicably and with none time hole.
“This (mediation and arbitration) is not a new thing that we have innovated. You know that in Indian culture we resolve all our disputes through mediation and negotiation and conciliation. Every day we interact with our children, brothers and friends,” he stated.
Supreme Court Justices L Nageswara Rao and R Subhash Reddy additionally spoke on the event.
The CJI urged the state authorities and Telangana High Court Chief Justice Hima Kohli to encourage industries to settle their disputes by way of arbitration and arbitration and thanked Chief Minister Ok Chandrashekhar Rao for quick motion on their proposal .
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With inputs from TheIndianEXPRESS
