Bombay Chamber of Commerce and the Centre for Mediation and Conciliation (CMC), recently organized a ‘Round Table Discussion -Recent Updates on Mediation in Commercial Dispute’ in Mumbai, on the 184th Foundation Day of the Bombay Chamber of Commerce and Industry. The two hour discussion analysed various facets of commercial mediation in India and the possibilities of reconditioning and creating awareness around mediation. The discussion witness substantial insights from the participants over topics such as challenges and obstacles in mediation implementation, amount of government regulation in mediation, expectations of corporates to adopt mediation, a dedicated mediation statute, impact of Singapore Convention in the Indian mediation market and so on. Mediation is emerging as an effective dispute resolution mechanism in India, especially after the mandate on Pre-Institution Mediation in Commercial Disputes and especially after India being one of the first signatories to the Singapore Convention. The discussion facilitated by Mr. Ashok Barat, Mr. Anuroop Omkar, Mr. Vijay Srirangan and Mr. Chakrapani Misra was one of the first of the upcoming series of round table discussions, attended by distinguished Mediators, Corporate Legal Heads, General Counsels, Chartered Accountants, Advocates, CFOs who enriched us with their valuable inputs.
Mr. Anuroop Omkar made a short presentation on the Recent Legal Developments Promoting Mediation where he discussed about the steps towards globalization and localization, the mediation time line and progress in India and importantly lessons to be learnt from Singapore as a jurisdiction.
Mr. Ashok Barat started off the round table discussion by commenting on the potential of mediation for the corporate including SMEs as a conflict management tool. The discussions carried further on topics such as the recent regulatory changes and initiatives taken by judicial bodies regarding mediation, why is there a hesitation in referring disputes for mediation, whether there is a scope of centralised institute for mediation to streamline recognition and accreditation of the process. The discussion also saw some valid points about the value added to the legitimacy and convenience of the process by institutional mediation. Overall the round table discussion was very informative and saw diverse points and dialogues by the participants.
The discussion was concluded by our Director, Mr, Vijay Srirangan with his creative words expressed for mediation –
The time has come, for use of mediation
In today’s commercial dispute
Help lower resolution time in this Nation
Cost escalation & business breaks, refute
CMC and like institution
Provide platforms of repute
Let us help in the resolution
Of your commercial dispute
CMC can, speedy resolution obtain
Or quickly say mediation does not suit
There is less to lose and more to gain
By pursuing this Mediation route…
– Vijay Srirangan