President promulgates ordinance for commercial courts

President Pranab Mukherjee on Friday promulgated two ordinances - one for constitution of commercial courts and another to amend the Arbitration and Conciliation Act.

"One of the ordinances provides for the constitution of commercial courts, commercial division and commercial appellate division in the high courts for adjudicating commercial disputes of specified value and for matters connected there with or incidental thereto," an official release said.

The other ordinance is for amending the Arbitration and Conciliation Act, 1996.

The union cabinet had approved promulgation of these ordinances on Wednesday and recommended the same to the president.