The Arbitration and Conciliation (Amendment) Ordinance 2015

The President on 23.10.2015 has promulgated Arbitration and Conciliation (Amendment) Ordinance 2015 which provides for sweeping changes with respect to independence of Arbitrators, interim powers of the Arbitrator, fixing a time limit for completion of arbitration proceedings, removal of automatic stay of the Award till the pendency of objections under Section 34. The ordinance certainly aims to reduce the time period of completion of arbitration and bringing more transparency in appointment of arbitrators by Parties. However, there are certain questions which remain unanswered and would only bring the Ordinance/Act at the doorstep of Courts to be settle the issues. A detailed Article on the Amendments and their impact on Arbitration will be published soon.

Please drop an email for a copy of the ordinance.

DEED OF HYPOTHECATION TO BE STAMPED AS MORTGAGE DEED

DEED OF HYPOTHECATION TO BE STAMPED AS MORTGAGE DEED IN DELHI

The Collector of Stamp (HQ), Office of Divisional Commissioner  vide letter dated 05.12.2014 addressed to Reserve Bank of India and Indian Bank Association has clarified that

"It is clarified to all concerned that execution of Hypothecation Deed/Hire Purchase Agreements including vehicle and machineries financed on Hypothecation or Hire Purhase Basis when satisfying the definition of section 2(17) of Indian Stamp Act, executed within the jurisdiction of Govt. of NCT of Delhi shall fall under Article 40 (Mortgage Deed) Schedule -IA to Act and Chargeable to corresponding applicable duty vide Schedule -IA (applicable to NCT of Delhi). As per section 29 of the Indian Stamp Act the duty is payable by the person drawing, making or executing such instrument, in the absence of any agreement to the contrary."

Ordinance to Amend Arbitration and Conciliation Act, 1996

The Central Government had earlier proposed to promulgate an ordinance amending the Arbitration and Conciliation Act, 1996 to make it more effective tool in justice dispensation system and to increase ease of business. However, as per newspaper reports, the government has now decided to table the bill amending the Arbitration and Conciliation Act, 1996 in Parliament. The proposed amendments have been made based on the the recommendation of the Law Commission of India in its Report No. 246.

A complete copy of the law commission report no. 246 is available at http://lawcommissionofindia.nic.in/reports/Report246.pdf.