The judiciary cannot remain "oblivious" of economic globalisation and steps are needed to ensure speedy disposal of commercial litigations to ensure that India becomes the "desired destination" for global corporate giants, Chief Justice Dipak Misra said today.
"One of the foremost components which the Indian judiciary has to focus on, in order to foster the positive impacts of globalisation for our country, is to ensure speedy disposal of commercial cases so that our country becomes a desired destination for global giants," he said.
Justice Misra, who was delivering the first Dr A P J Abdul Kalam memorial lecture organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) on the topic 'Role of Judiciary in the Era of Globalisation', said it is important to harmonise economic growth with the protection and promotion of human rights and reminded the business community that the ventures solely aimed at profit maximisation can never be treated as a good business model.
He said the judiciary can no longer be oblivious of economic globalisation and the courts will have to come out of their jurisdictional compartments to ensure speedy disposal of cases involving corporates.
"I must inform you that the Indian judiciary is totally committed towards achieving this objective. We are consciously investing in innovative strategies to expedite commercial dispute resolution mechanism," the CJI said.
The Chief Justice also said that the constitutional courts of India, through their rulings, have endeavoured to create favourable conditions in India for business entities by not only inducing them to set up their businesses in India but also to seamlessly transact with Indian consumers.
"I would like to remind them (corporates) that a business venture aimed solely at profit maximisation by keeping morals and professional ethics in the back seat can never be regarded as a good business model. This reminds me what Henry Ford has said, and I quote -- 'A business that makes nothing but money is a poor business.'
"Though it is in everybody's interest to benefit from the impact of globalisation, yet the commercial world ought to strive towards success by giving paramount importance to human values and professional ethics," Justice Misra said.
He also said the international business houses have a duty to undertake corporate social responsibility not only in their home countries but also in nations where they have strong business footprints.
"Helping the host nation in alleviating their social problems through their economic capacity would invariably result in their acceptance in the host country and this, in my view, would usher in a global order where everybody would emerge as a winner," he said.
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