Showing posts with label ICSI. Show all posts
Showing posts with label ICSI. Show all posts
Tuesday, March 2, 2021
Thursday, August 15, 2019
INTRODUCTION:-
Arbitration is most popular form of Alternate Dispute Resolution which is widely used by Individuals and Businesses to settle the disputes instead of pursuing Litigation which is a lengthy ,time consuming process. When Arbitration is selected as means to resolve the conflict, the function of Arbitrator is a very crucial one.
ROLE OF ARBITRATOR:
The role of arbitrator is to hear arguments, examine the evidence and testimonies of disputing parties and make a binding decision (known as an ‘’Award’’) for settling the disagreements. The advantage of arbitration is that it is less costly affair as compared to litigation.Furthermore the arbitration proceedings remain confidential and private causing no reputational loss and financial harm to the disputing parties.
QUALIFICATIONS OF ARBITRATORS:-
Under Old Arbitration and Conciliation Act 1996, or Arbitration and Conciliation Amendment Act 2015, the qualification for Arbitrators were not specifically defined. Every person who is of age and sound mind fulfilling following general requisites i.e: -
a) Independence and Impartiality
b) No conflict of Interest,
could be appointed as arbitrator.
The Arbitration and Amendment Act 2019 received the assent of the President on the 9th August, 2019. Under the new “Arbitration and Conciliation Amendment Act 2019, the Experience and Qualifications for a person to be appointed as Arbitrator has been specifically defined in a newly added Eighth schedule.
QUALIFICATIONS AS SPECIFIED IN EIGHT SCHEDULE :-
A person shall not be qualified to be an arbitrator unless he—
(i) is an ADVOCATE having ten years of practice experience as an advocate;
(ii) or is a CHARTERED ACCOUNTANT having ten years of practice experience as a chartered accountant; or
(iii) is a COST ACCOUNTANT having ten years of practice experience as a cost accountant;
(iv) Or is a COMPANY SECRETARY having ten years of practice experience as a company secretary; or
(v) has been an officer of the INDIAN LEGAL SERVICE; or
(vi) has been an officer with LAW DEGREE having ten years of experience in the legal matters in the Government, Autonomous Body, Public Sector Undertaking or at a senior level managerial position in private sector; or
(vii) has been an officer with ENGINEERING degree having ten years of experience as an engineer in the Government, Autonomous Body, Public Sector Undertaking or at a senior level managerial position in private sector or self-employed; or
(viii) has been an officer having senior level experience of ADMINISTRATION in the Central Government or State Government or having experience of senior level management of a Public Sector Undertaking or a Government company or a private company of repute;
(ix) is a person, in any other case, having educational qualification at degree level with ten years of experience in scientific or technical stream in the fields of telecom, information technology, Intellectual Property Rights or other specialised areas in the Government, Autonomous Body, Public Sector Undertaking or a senior level managerial position in a private sector, as the case may be.
CONCLUSION:
The capacity to be an Arbitrator is now specifically linked to the qualifications and Experience under the new Arbitration and Conciliation Amendment Act 2019.
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