New Delhi, Dec.18 (ANI): Underlining the imperative need for judges to understand the dynamics of business and the challenges that businesses face to be able to resolve commercial disputes bearing in mind the overall impact judicial decisions have on business, economy and society, Supreme Court Judge Justice Arjan Kumar Sikri on Friday said in any economy, especially growing economies, disputes are bound to arise between business and the state or between two business entities.
“In such a scenario, a robust judiciary having knowledge of business practices becomes essential to resolve such disputes in a fair manner,” said Justice Sikri in a special address at the 88th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here.
Stating that the business community should not be “hounded out unnecessarily”, he emphasised that good governance would automatically bring down the intervention of the judiciary. “Good governance,” he said, “implied a liberal democracy with high quality institutions, an effective, accountable and corruption free bureaucracy and a flourishing civil society.”
Underlining that there is a direct correlation between the legal framework of a country and the foreign investment that it seeks to attract, Justice Sikri said: “There is evidence that the rule of law does contribute to national economic development. In contrast, where justice is delayed by the endless recourse to appeals is representative of a weak judiciary system.”
“The attributes of the judiciary system are: first, it should be independent and fearless; second, it should be one that upholds the rule of the law, and the judiciary should bridge the gap between the society and the law, and should protect democracy and the Constitution of the country; and third, there should be certainty and consistency in decision making and fourthly, there should be an expeditious disposal of cases. (ANI)