National
CJI calls for timely and cost-effective institutional arbitration
New Delhi, Dec 9 (IANS) Chief Justice of India, Justice Dipak Misra on Saturday called for shift towards institutional arbitration which should both timely and cost effective for making India a sought-after arbitration centre.
He said that there is “need” and “purpose” as well for shifting towards the institutional arbitration.
“…the shift has to be towards institutional arbitration, there is a need and there is a purpose. When you are handling a complex economy, there has to be a structural adjudication of disputes,” Chief Justice Misra said in his inaugural address at the “International Conference: Arbitration in the Era of Globalisation”.
The daylong conference was organised by the Indian Council of Arbitration (ICA) and the Federation of Indian Chambers of Commerce and Industry (Ficci).
“I must say I am in favour of institutional arbitration like ICA, MCA and whatever they are having throughout the country …” he said.
Underlining the importance of arbitration in settling the commercial deputes, Chief Justice said: “In the US, UK and other progressive countries, they have realised and we have also realised that the best way to serve commercial disputes are not the court litigation… there has to be an alternate dispute resolution system.”
He said that India has to grow to have its “own arbitral system” – so that the people from other jurisdictions look towards India for arbitration of their disputes.
However, in a caveat, Chief Justice Misra said that “an essential element of a robust arbitration system would be ensuring minimum interference and maximum executability”.
Pointing to a linkage between timely and efficient arbitration and flow of overseas investments, he said: “A stage has come where investment can come when we can really inculcate faith among the investors that we have a very good, excellent arbitration system.”
In his welcome address, ICA president N.G. Khaitan said that while India has improved in ease of doing business ranking but it still “ranks low on enforcing contracts”.
“The cost of enforcing contracts in India at 31 per cent is way higher than 10 to 15 per cent prevalent in developed nations,” he said.
Echoing the CJI’s views on the need to promote institutional arbitration, Khaitan stressed on having an inbuilt arbitration clause in bilateral investment treaties.
He favoured permitting foreign arbitrators to operate in the country while limiting the number of arbitration cases an arbitrator can take in a year, as this, he said, would help speedy disposal of cases.
In his concluding remarks, Ficci Secretary General Sanjaya Baru said: “We would like to bring whatever (arbitration) is done currently around the world, back home.”
At the same time, we have to grow as an attractive destination for other overseas companies as well, he added.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.