Murthy For Bankruptcy Law Revamp

The country's archaic bankruptcy laws should be changed and a timely schedule for reducing the cycle time introduced, according to N R Narayana Murthy, chairman and chief mentor, Infosys Technologies.

Delivering the convocation address at the National Law School of India University, Murthy said a well-established legal system which protects investors' rights can attract global capital.

Murthy said lawyers should take it upon themselves to assist Indian businesses to face the challenges of globalisation by creating the right atmosphere to conduct business.

He said legal professionals should pave the way for the businesses in the country to establish their presence anywhere in the world.

Murthy said lawyers should be aware of differences in legal systems across the nations, with more focus in areas such as 'international law'.

Noting that India was a signatory to the WTO, which meant that from 2005 Indian service sector would be opened to foreign service providers, he said legal professionals would therefore have to be prepared to face competition from foreign law firms.

"Therefore, Indian legal professionals should adopt best practices from around the world and thereby, create a culture of legal excellence", he said.