CM KCR speaking at the inaugural function of the International Arbitration and Mediation Centre (IAMC) along with Chief Justice of India N.V. Ramana in Hyderabad on Saturday. (Photo:Facebook)
HYDERABAD: The Telangana state government has decided to resolve disputes and conflicts related to contracts through arbitration. Chief Minister K. Chandrashekar Rao said on Saturday that the government will soon amend laws to facilitate local arbitration.
Speaking at the inaugural function of the International Arbitration and Mediation Centre (IAMC) along with Chief Justice of India N.V. Ramana in Hyderabad on Saturday, the Chief Minister said that an ordinance will be issued in this regard.
Expressing his gratitude to CJI Ramana for choosing Hyderabad to set up the IAMC, the Chief Minister said, "I am so happy that a person who loves and adores Hyderabad is holding the highest post in Indian Judiciary. This (IAMC) facility was established in Hyderabad, only because of his (CJI Ramana) personal involvement. He was very keen to bring it here where he lived and practised."
Stating that Hyderabad is at the forefront among international cities, the Chief Minister lamented that it could not get the recognition it deserved.
"Delegates of foreign companies and friends of mine who live abroad complain that Hyderabad is not getting the fame and prominence it deserves in the world," the Chief Minister said, hoping that the city would become a global destination and IAMC will help fulfil that shortcoming.