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International arbitration centre in city soon: CM Devendra Fadnavis

Fadnavis’ announcement came at the Maharashtra National Law University’s (MNLU) first foundation day celebration at the Tata Institute of Social Sciences (TISS).

By: Express News Service | Mumbai |
October 11, 2015 12:50:47 am

Chief Minister Devendra Fadnavis Saturday announced that an ‘international arbitration centre’ would soon be launched in Mumbai.

An arbitration centre deals with contracts between two global parties. International arbitration law helps two parties from different countries with varying legal systems to solve their disputes, without involving their respective systems.

Fadnavis’ announcement came at the Maharashtra National Law University’s (MNLU) first foundation day celebration at the Tata Institute of Social Sciences (TISS).

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“Whenever I visit foreign countries, I am told that there is a keen interest to invest in India. But foreign investors want swift enforcement of contracts. In such a case, knowledge of law and arbitration will help us,” Fadnavis said at the event.

He added that after China, India had an opportunity to become a ‘global factory’ for the world. “There is a rise in intellectual property rights and international legal cases. An arbitration centre will help in creating a workforce to handle such cases,” he said.

According to him, Singapore’s Arbitration Centre is currently the leading centre for arbitration. “With the Mumbai centre, we aim to shift focus here,” Fadnavis added.

Minister for Higher and Technical Education Vinod Tawde, also present at the event, said that with increasing number of space exploration expeditions, international space law should also be introduced as a subject in the institution. “This institution (MNLU) already has 60 subjects. The country has no facility to provide academic knowledge on space laws yet. With this subject, we may be able to create a niche in space laws,” Tawde said.

mumbai.newsline@expressindia.com

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