Hyderabad is well placed to have an international arbitration centre, Chief Justice NV Ramana said
Calling former Prime Minister PV Narasimha Rao the father of economic reforms in the country, Chief Justice of India (CJI) NV Ramana Friday said that the country's reforms started during the Congress veteran's rule.
Speaking at the Registration of Trust Deeds of the International Arbitration and mediation Centre in Hyderabad, Chief Justice Ramana said that dispute resolution through negotiations and mediation is part of the Indian culture.
Hyderabad is well placed to have an international arbitration centre and the cost of dispute resolution through the centre would be much cheaper when compared to other countries, he said.
"You know the father of the economic reforms in the country is none other than PV Narasimha Rao, Telangana Bidda (son of Telangana). Under his leadership, in India, for the first time, economic reforms started," the CJI said.
"This (arbitration and mediation) is not a new thing that we innovated. You know that in the Indian culture we sort out all our disputes through mediation and negotiation and conciliation. Every day we negotiate with our children, brothers and friends," he said.
Supreme Court judge Justice L Nageswara Rao and former top court judge Justice Raveendran will be the life Trustees of the Arbitration Centre in Hyderabad and they will co-opt some more members in future, Chief Justice Ramana said.
Earlier, foreign investors were apprehensive about the time taken for the dispute resolution process in the Indian judiciary, he said, adding that after the Arbitration and Conciliation Act came into being in 1996, the momentum for out of court procedures picked up.
He asked the state government and Telangana High Court Chief Justice Hima Kohli to encourage companies to settle their disputes through arbitration and mediation.
The arbitration centre should become an internationally acclaimed one in dispute resolution, he said.
The CJI thanked Chief Minister K Chandrashekhar Rao for acting quickly on his proposal and making necessary arrangements to start the centre.
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