ICAI sets up centre for alternate dispute resolution mechanism

New Delhi, Jul 30 (PTI) Chartered accountants' apex body ICAI is setting up the ICAI International ADR Centre to promote and institutionalise alternate dispute resolution mechanisms in the country.
     The setting up of the centre marks ICAI's strategic entry into the crucial domain of Alternate Dispute Resolution (ADR), which plays a significant role at the intersection of commercial, legal, and economic interests of the nation, ICAI President Charanjot Singh Nanda said at a briefing in the national capital.
     The centre, set up as a Section 8 company, will strengthen the ecosystem for commercial dispute resolution by offering a transparent and technology-enabled mechanism, according to a release.
     "In this evolving business ecosystem, effective dispute resolution is no longer a procedural formality; it is a strategic necessity... the IIAC will serve as a specialised institutional platform offering structured and time-bound arbitration, mediation, conciliation, and negotiation services that are professionally managed, process-driven, and globally benchmarked," Nanda said.
     The Institute of Chartered Accountants of India (ICAI) has more than 4.5 lakh members.

(This story has not been edited by THE WEEK and is auto-generated from PTI)