Connect with us

Top News

Cabinet nod to setting up of more district level commercial courts

Published

on

New Delhi, March 7 (IANS) The Union Cabinet on Wednesday approved a bill that proposes establishment of commercial courts at district level under the jurisdiction of Madras, Delhi, Calcutta, Bombay and Himachal Pradesh high courts.

The proposed bill amends a law on arbitration for speedy settlement of business disputes as part of the government’s efforts to further improve India’s Ease of Doing Business ranking. It also recommends to bring down the specified value of a commercial dispute to Rs 3 lakh from the present Rs 1 crore.

The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Bill, 2018 was cleared in a cabinet meeting chaired by Prime Minister Narendra Modi here.

The proposed bill will now be introduced in Parliament before being enacted as law.

The original Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 allowed the establishment of commercial courts at district levels in all jurisdictions except under the five high courts.

“The amendment provides for establishment of commercial courts at district Judge level for the territories over which respective High Courts have ordinary original civil jurisdiction in the cities of Madras, Delhi, Calcutta, Bombay and Himachal Pradesh.”

These High Courts have original ordinary civil jurisdiction, meaning they can transfer to itself any civil case pending in a subordinate court and try the case by itself. In such territories, there are no commercial courts at district level and instead commercial divisions were constituted in each of these High Courts.

The proposed bill seeks to bring down the time taken (presently 1,445 days) in resolution of commercial disputes and “thus further improve India’s ranking in the Ease of Doing Business”, an official statement said.

The state governments in such territories may by notification specify such pecuniary value of commercial disputes to be adjudicated at the district level, which shall “not be less than Rs 3 lakh and not more than the pecuniary jurisdiction of the district court”, according to objectives of the bill.

The introduction of the pre-institution mediation process in cases where no urgent or interim relief is contemplated will provide an opportunity to the parties to resolve the commercial disputes outside the ambit of the courts.

This “will also help in reinforcing investor’s confidence in the resolution of commercial disputes”, the statement said.

The statement said the amendments were being introduced in the backdrop of considerable increase in commercial activities and consequent steep rise in number of commercial disputes at domestic and international level.

“Increase of Foreign Direct Investment (FDI) and overseas commercial transactions have contributed to a significant increase of commercial disputes.”

India jumped 30 positions and reached 100th ranked country in terms of Ease of Doing Business amongst 190 countries in the World Bank rating released on October 31, 2017.

–IANS
sar/dg

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending