The Indian Chamber of Commerce and Industry, Coimbatore, will inaugurate an arbitration centre on its premises on September 23, to enable businesses have access to arbitration service at a relatively less cost.
Speaking at the annual meeting of the Chamber here on Wednesday, its president B. Sriramulu said Justice K. Murali Shankar of the Madras High Court will inaugurate the Centre. He told The Hindu on Thursday that the secretariat for the Centre will be at the Chamber. A panel of retired judges will be part of the Centre and they will arbitrate between companies or businesses to settle disputes so that there are no legal expenditures for those affected. The Chamber is already a recognised forum for arbitration in several business contracts. “The cases to be taken up will be those that have not gone to the court and the arbitration centre will be a legally recognised facility. This service will be extended at a nominal cost,” he said.
In the last one year, the Chamber has also established an industry-academia partnership cell, organised MasterClass programmes for women directors, and launched a pilot project on “strengthening infection prevention and control waste management” in healthcare facilities, he said.
At its annual meeting, the Chamber passed a resolution asking the State government to implement a legal framework that is aligned with international approaches and incorporates existing best practices in the industry for Artificial Intelligence (AI). “AI is used in all businesses. Even the GST portal or an e-commerce site uses AI. It is a tool that is gives machine-generated responses. So, businesses need safeguards,” he said.
Tamil Nadu should also invest more in cyber security to protect small and medium businesses and also to improve awareness about it, he said.
Published - September 21, 2023 05:34 pm IST
