Daijiworld Media Network - Bangalore (SB)
Bangalore, Jul 4: Union Minister for Law Veerappa Moily on Saturday Jul 3 said the government would soon bring amendment to the Arbitration and Conciliation Act, 1996.
He was speaking at the inauguration of a seminar on the amendment in the city. The amendment has been introduced in the Rajya Sabha and would be tabled in the Lok Sabha too. He opinionated that the arbitration and reconciliation would be a big success, as an alternative method to resolve trade and business disputes.
Moily said that the provision could be made to dispense commercial disputes in each high court in India. There is a need for such exclusive courts, as trade and business are flourishing in the country. Three rounds of discussions have already taken place to establish court for commercial disputes, he said.