‘Time to amend Arbitration Act’

Jurisprudencia India2016 | Septiembre 26
Taking advantage of some provisions of the Arbitration and Conciliation Act, some multinational companies are incorporating an Indian subsidiary company with a stipulation in the contract that the venue of arbitration, in case of a dispute, will be in a foreign country and foreign laws will apply.

On many occasions when one of the companies was from India and the other from abroad, the foreign company imposed a condition in the contract that the arbitration would occur in a foreign country under foreign laws. This led to huge expenditure by Indian companies.

Origen:
‘Time to amend Arbitration Act’ – Times of India

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