Business & Economy
Ordinances promulgated on commercial courts, amendment to Arbitration and Conciliation Act
New Delhi, October 23, 2015
President Pranab Mukherjee today promulgated two ordinances - one for constitution of commercial courts and another to amend the Arbitration and Conciliation Act 1996.
An official press release said one of the ordinaces provided for the constitution of Commercial Courts, Commercial Division and Commercial Appellate Division in the High Courts for adjudicating commercial disputes of specified value and for matters connected there with or incidental thereto.
The other ordinance is for amending the Arbitration and Conciliation Act 1996.
The Union Cabinet had approved promulgation of these ordinances on Wednesday and recommended them to the President, the release added.