Hyderabad: Supreme Court Chief Justice NV Ramana stressed the need for arbitration, mediation, and conciliation as investors want ease of doing business on Friday. The proposed International Arbitration and Mediation Centre in Hyderabad would go a long way in helping both domestic and foreign investors in settling their disputes as early as possible.

The CJI in his address at a function organised at the residence of the Telangana High Court Chief Justice Hima Kohli, where a trust deed was registered for the proposed arbitration centre, said that everybody should participate in this arbitration movement, to resolve disputes and to strengthen the judiciary.

He thanked the Telangana Chief Minister K. Chandrasekhar Rao for the promise to provide infrastructure and financial support, and added that he was happy that his dream for such a centre in Hyderabad came to fruition within three months of assuming the office of the Chief Justice of India.

It is a burden; you know, once you come to the court how many years it takes and of course, hierarchy starting from civil courts to Supreme Court. How many years it takes we have eminent arbitrators in this country, some of the international arbitrators, who are world famous, also willing to participate in this arbitration centre, he said.

Justice NV Ramana described former Prime Minister PV Narasimha Rao as the father of economic reforms in the country, noting that the reforms started during the Congress leader’s rule. He noted that in the Indian culture, all our disputes are sorted through mediation, negotiation and conciliation. Every day in our family, we negotiate with our children, wife, brother, friends and everybody. Mediation also takes places between friends and family members also, he said.
CJI emphasized that investors, both foreign and domestic, want ease of doing business and they do not want litigation, and if they are involved in litigation, then it should be resolved peacefully. He said dispute resolution would cost less for investors in India, unlike other international arbitration centres spread across the world. He said that the proposed centre would not exclusively decide international arbitration, but it will also help the domestic investors too.

He added most of the investors seek to first avoid litigation, and if it became inevitable, they want an early resolution on their dispute. Justice Ramana said Supreme Court Judge’s Justice L. Nageswara Rao and former SC Judge Justice Ravindra will be the life trustees of the arbitration centre and they will co-opt some more members in future.

Supreme Court Judges R Subhash Reddy, and Nageswara Rao and Telangana Minister K.T. Rama Rao were participated in the function.