Kochi, June 07: Union Minister of State for Law and Justice P C Thomas today said there was scope for further improvement in arbitration laws in the country and the Law Ministry had taken up the matter "seriously". The Indian Arbitration Act, 1940, which had been the principal legislation on arbitration in India, had been enacted during the British rule. With the enactment of the Arbitration and Conciliation Act, 1996, several changes had been made, including reducing judicial interventions.
"There is room for further change and reforms," Thomas said, addressing a day-long conference on 'arbitration law-need for reforms,' jointly organised by Ficci, Indian Council of Arbitration, New Delhi and the Kerala Chamber of Commerce and Industry.
"Some amendments have been sought to be made in this regard," he said, adding there must be changes in the time frame given for starting the proceeding and fixation of arbitrator's remuneration etc.
While cautioning that the disputes should be settled in a conciliatory manner and courts should not interfere "too much" in the arbitration process, he said the question whether lot of powers should be given to arbitrators without any controls should also be debated. Bureau Report