New Delhi: Criticising the arbitration mechanism in the country as "costly and delay oriented", Law Minister Ashwani Kumar on Friday said that there are moves to amend the law to make it more effective and affordable.
Addressing a seminar here, he said the arbitration mechanism in the country has not served its purpose.
"This mechanism has become vexatious, costly, delay oriented and has added a second tier to the litigation hierarchy, quite contrary to its intended purpose.
"There is, therefore, need to find ways and means to correct the situation and to ensure that arbitration is an affordable and an expeditious process of conflict resolution," he said.
The Minister said that there is a move to amend the Arbitration and Conciliation Act with respect to interim measures relating to foreign awards and to create commercial disputes courts.
Dr UD Choubey, Director General of SCOPE, urged the Government to strengthen the SCOPE Forum of Conciliation and Arbitration (SFCA) which is providing arbitration services to public sector entreprises to settle their disputes through its empanelled conciliators and arbitrators.
The two-day seminar on `Arbitration, Contracts and Competition Law` organised by SCOPE will see national and international stakeholders discuss various facets of arbitration, contracts and Competition Law.
Retired Supreme Court Judge Deepak Verma, former chairman of Competition Commission of India Dhanendra Kumar and MM Sharma, director (Pers & Law), STC and Member of the SCOPE Executive Board also addressed the inaugural session.