Govt working on arbitration panel's suggestions: Prasad

The government will come out with a "comprehensive legal follow up" on the recommendations of Justice B N Srikrishna committee on arbitration which had submitted its report, Law Minister Ravi Shankar Prasad said today.
The committee has, among other things, suggested an accreditation council for institutional arbitration.
The government had set up the committee to review arbitration norms and suggest steps to strengthen the ecosystem in the country.
"They have recommended for establishment of a proper accreditation council for identifying and accrediting institutional arbitration... We are working it out, we are going to come with a comprehensive legal follow up in that connection," Prasad said, while releasing of a report on 'ease of doing business' in the country.

He said Prime Minister Narendra Modi is keen that India should emerge as a hub for international arbitration as several domestic companies are going outside, especially to Singapore, for dispute resolution.
He further said that the government is planning to amend Specific Relief Act and Indian Contract Act, 1872.
"My department is having a consultation process," the minister said.