6 th National Legal Summit 2015

Transcription

1 Indian Chamber of Commerce 6 th National Legal Summit 2015 Reshaping the Legal-Business Outlook for Make in India 8 th September 2015, Hotel Sheraton Saket, New Delhi Address by Chief Guest Shri P.K Malhotra, Law Secretary-Ministry of Law & Justice- Other eminent dignitaries from R- Shri Sarosh Zaiwalla Founder- Zaiwalla & Co. UK, Shri V. Chakradhar head Corporate Legal Godrej, Shri Shiv Siddhanta Kaul- ICC President, Shri Debanjan Mandal-Partner Fox & Mandal, Shri Lalit Bhasin President SILF and Dr. Rajeev Singh-Director General ICC

2 New Delhi, September 08, 2015: Indian Chamber of Commerce organized the 6 th National Legal Summit with support of Ministry of Law & Justice and Indian National Bar Association. India ranked as number one investment destination in the as per 2015 baseline profitability index(bpi) and Make in India is a new national programme design to facilitative investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure. After the first waves of reforms, global interest in India has now reignited. It is a great opportunity for the country, with domestic economic growth picking up and poised to emerge as one of the fastest growing economy, interest in China ebbing, slowing down of Latin America and Eastern Europe in conflict. Africa has a long way to go before becoming a formidable competitor. India should cease this opportunity. Indeed, there is never been a better time to make in India. At this juncture it is essential to looking into the changing business laws which range from intellectual property rights to company amendments act 2015 also in encompass dispute resolution mechanisms i.e. arbitration and meditation. The focus of the summit was to discuss and debate on these immensely important contemporary issues.

3 There was a participation of sector specific 160 delegates from all over the country. Key speakers in the forum were Mr. P.K Malhotra, Secretary, Ministry of Law and Justice, Mr. Sarosh Zaiwala, Senior Partner, Zaiwala & Co. Solicitors who had come down from UK to share his view on international arbritation being the first Indian Law firm in UK, well known personality in the sector Mr. Lalit Bhasin, President, Society of Indian Law Firms, Mr. Debanjan Mandal, Head ICC Legal Committee and Partner, Fox & Mandal, Mr. Chakradhar Varadarajan, Head Corporate Legal, Godrej Industries Limited and many more. Mr. P.K Malhotra, Secretary, Ministry of Law and Justice in his remark said that the government has put implementation of judicial reforms on fast track. Improvement in the Civil Procedure Code (CPC) to simplify processing and expedite case management is among some of the issues on the agenda. He also informed that Prime Minister Narendra Modi is preparing to launch India's biggest overhaul of labour laws since independence in a bid to create millions of manufacturing jobs, at the risk of stirring up a political backlash that could block other critical reforms. The changes, if approved by parliament, would be the biggest economic reform since India opened its economy in He mentioned that the government has also set up a highlevel inter-ministerial committee under Finance Minister to evolve a consensus on labour reforms. Mr. Debanjan Mandal, Head ICC Legal Committee and Partner, Fox & Mandal said that there is intense debate on labour market reforms in India today. It is argued that but for restrictive labour laws that create inflexibility in the labour market, the Indian economy would have experienced a higher growth of employment. On the other hand, this view is vehemently contested by trade unions and many other economists. The Indian labour market is quite flexible despite so-called restrictive labour laws. However, at the same time, Indian labour laws are so numerous, complex and even ambiguous that they promote litigation rather than the resolution of problems related to industrial relations. A comprehensive view on labour market reforms is required, one that addresses the needs of both employers and workers. Simplifying and rationalising the complex and ambiguous

4 extant pieces of labour legislation into a simple code that allows for labour adjustment with adequate social and income security for the workers. Mr. Sarosh Zaiwala, Senior Partner, Zaiwala & Co. Solicitors in his speech mentioned that India needs to have an International Arbitration Centre and make it a very profitable business. He informed the gathering that India does not carry good reputation outside as far as arbitration is concerned hence this is high time that we should change this perception. Hence, he suggested quality arbitration lawyers with good knowledge and better infrastructure supported by government policy is the need of the hour. Mr. Lalit Bhasin, President, SILF said that Increasingly, arbitration is recognised as the most effective method of solving commercial disputes, especially those of an international dimension. It can achieve equitable solutions more quickly than litigation, and at less cost; it allows parties to adopt whatever procedure they choose for the resolution of differences; it enables parties to decide where disputes shall be heard. Within and around Asia, India offers both the resources and a venue for Arbitrations and dispute resolution procedures and is dedicated in its mission to advancing and supporting arbitration as a means of resolving commercial disputes. Therefore, he suggested that Indian Law firms should not be afraid of foreign law firms. Better infrastructure and removal of monopolistic views shall help Indian arbitration to become faster than before. Mr. Chakradhar Varadarajan, Head Corporate Legal, Godrej Industries Limited said that India s consumer law is very weak and still quite scattered. This is high time that government of India strengthen the law. He mentioned executive laws in India should get better transparency and clear picture of implementation. Finally he said execution of law is important with better execution. Other eminent Speakers for the Summit were: Shri Jitendra Kumar Bodha Chief Legal ONGC, Shri Kausik Chanda, Additional Solicitor General, Kolkata, Shri. Kanaiya Thakker, Joint President & Head Legal Ambuja Cement

5 Shri. Prashant Mali Cyber Law & Cyber Security Expert Shri. G. Deepak Sriniwas Partner LexOrbis, Shri. Rajinder Sharma, Director, & General Counsel --South and West Asia, Samsung Regional HQ., Shri. Shiv Shankar Banerjee, Senior Standing Counsel to Ministry of Finance, Shri. G.P Madaan Partner, Madaan Law Offices, Shri. Pankaj S. Phadnis, Associate Vice President - Corporate Legal, Godrej Industries Ltd, Godrej Consumer Products Ltd., Shri. Kunal Gupta Executive Director at Grant Thornton India LLP, Ms. Deepika Chaudhry Executive Director Legal- APAC Xerox Mr S. Ramaswamy- Chairman INBA & Founder Medhaadvisor was the knowledge advisor for the Summit. He also provided his perspective for Make in India to Succeed. The policy notes on the speakers recommendation will be presented to the Ministry for further action. The sponsors and supporters for the 6th National Legal Summit 2015 were Zaiwalla and Co. Godrej Industries Ltd, Society of Indian Law Firms, Silver arrows, Lex Orbis. The supporters for the Summit were Indian National Bar Association, Indian Business Law Journal, Medha advisors. For more information on the same write to ranjeeta.paul@indianchamber.net