Kerala High Court Chief Justice S R Bannurmath addressed the gathering at a national seminar on ' Maritime Arbitration: Techniques and Enforcement' organized by the Indian Council of Arbitration (ICA) and the Kerala Chamber of Commerce and Industry (KCCI).
The following is an excerpt from his speech:
''India was an emerging economy with increase in international commerce. We need to assure that our laws are adapted to the needs of global markets and cross border transactions.'' Stressing the importance of reforms of the Indian Commercial Law, he said '' Our domestic laws cannot provide solutions to problems of international commerce and there was a need for codification and harmonization of uniform rules to provide a neutral legal regime, where parties do not select applicable laws but settle only the most essential terms. Institutional arbitration was an advantageous and appropriate mechanism and it deserves to be accepted. Listing out the advantages, institutional arbitration provides the availability of pre-established rules and procedures, which assure that arbitration, would get off the ground and proceed to conclusions."
Courtesy http://news.chennaivision.com/index.php/2009/06/reform-of-indian-commercial-law-warranted/
The following is an excerpt from his speech:
''India was an emerging economy with increase in international commerce. We need to assure that our laws are adapted to the needs of global markets and cross border transactions.'' Stressing the importance of reforms of the Indian Commercial Law, he said '' Our domestic laws cannot provide solutions to problems of international commerce and there was a need for codification and harmonization of uniform rules to provide a neutral legal regime, where parties do not select applicable laws but settle only the most essential terms. Institutional arbitration was an advantageous and appropriate mechanism and it deserves to be accepted. Listing out the advantages, institutional arbitration provides the availability of pre-established rules and procedures, which assure that arbitration, would get off the ground and proceed to conclusions."
Courtesy http://news.chennaivision.com/index.php/2009/06/reform-of-indian-commercial-law-warranted/
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The Conference was a platform wherein experts in the field of maritime expressed their feelings and shared their experiences. Renowned Senior Advocate Sri Venketeshwaran made noteworthy suggestions on How to make India a preffered destination of Maritime Arbitration. Often he deviated from the topics and expunded the plight of judges unaware of the trends in maritime law or arbitration. He stressed on the need to revamp the old traditional approach of the current maritime law inluding the Adminrality jurisdiction and said that there is a strond need of involving a new law and creating awareness on aspects of maritime law and arbitration.
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