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Sunday, August 01, 2010 (17:33:39) |
| Tags : India, Judicial System, Commercial Jurisprudence |
Commercial arbitration? No thanks! |
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| New Delhi, Aug 1: There are growing concerns over India's judicial system lagging behind in commercial jurisprudence. The legal fraternity believes a sound commercial arbitration mechanism is a sure ticket to billions of dollars.
Senior counsel Harish Salve, speaking at a seminar, said way back in 1992 he had tendered evidence in the case of Sumitomo Heavy Industries versus the state-run Oil and Natural Gas Corp (ONGC). The case was finally decided by the Supreme Court in July 2010, he said.
Another senior counsel, Praveen Parikh, recalled a conversation where in an international banker insisted that the arbitration should take place either in Paris or London. When Parikh asked why not in India, the banker asked: "If arbitration is in my favour, how many years will it take to get the money?" (IANS) |
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