For arbitration devpt of corporate culture vital: CJ Ujjal Bhuyan

Hyderabad: Chief Justice of Telangana High Court Justice Ujjal Bhuyan on Tuesday said that the ad-hoc arbitration is bound to play a predominant role; for arbitration out of courts, development of corporate culture is important. The Chief Justice was speaking at a programme organised by the International Arbitration and Mediation Centre (IAMC), Hyderabad, here. He said slowly but surely, IAMC was trying to establish itself as a global centre domestically and internationally. He said conciliation was also a welcome thing.

Justice Bhuyan said businesses in India were still in the shadow of governments. When they come out of the shadows and become corporate in the true sense, then parties would seek institutional arbitration. This will strengthen the economy and contribute to good governance, he said. VK Rajah's interim award in Amazon Future Retail emergency arbitration had lead to SC's decision. This will reduce backlog of Section 9 cases, he added. Minister KT Rama Rao said it was important to address disputes in a time-bound manner. "Don't reinvent the wheel, learn from the best industrial policies like Singapore". He said the government invested in dispute resolution in Hyderabad for businesses. "The IAMC is extremely beneficial. We will continue to endorse it, said Rao urging IAMC to create more awareness, bring in more industry bodies. He said IAMC would help attract investments. The minister had a fireside chat in the event along with various guests.

Rao said while Telangana was on top in ease of doing business, the government started focusing on improving the quality of doing business and reducing the cost of doing business. He said that he had seen countless examples of companies getting into a dispute and litigation which reduces both quality as well as increases the cost. "An institution like IAMC-H can be extremely beneficial in helping the companies get their disputes resolved in an easy manner". he said.

The minister said IAMC-H had made a good beginning and was functioning well. He requested the registrar and other staff to hold more awareness sessions for industry representatives, particularly their general counsels, about the benefits of this centre. He assured to take up awareness whenever the government provides any facilitation to a new industry or IT company on how to make use of this facility.