Financial Daily from THE HINDU group of publications
Saturday, Jan 19, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 19, 2002 |
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Corporate
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Corporate Disputes Excessive judicial interference blocks arbitration: Jaitley Our Bureau
NEW DELHI, Jan. 18 THE expeditious remedy of arbitration has been defeated by excessive judicial intervention, which has nullified the utility of the 1940 Arbitration Act, according to the Union Minister of Law, Justice and Company Affairs, Mr Arun Jaitley. Inaugurating a two-day annual day conference of the Council of Military Engineering Service (MES) Builders' Association of India here, Mr Jaitley said that the very objective of parties going outside the jurisdiction of courts under arbitration for expeditious remedy had not worked because of excessive judicial interference. The 1940 Arbitration Act lost its utility as judges did not want to be told that they did not have jurisdiction over arbitration. He further said that unless the courts themselves decided not to interfere, the Arbitration and Conciliation Act, 1996 would meet the same fate as the 1940 Act. In this connection, the Law Minister referred to various instances of foreign business and domestic business hampered in India for want of an expeditious remedial platform of arbitration
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