The government has decided to set up commercial courts in mega cities to deal exclusively with high value cases, Law Minister M Veerappa Moily said today.
"We plan to set up commercial courts in mega cities to deal exclusively with high value cases. Such courts will be good for investors and help in FDI and domestic investments," Moily said.
He said the legislation was being prepared to set up commercial courts.
Addressing a conference on 'Legal and Administrative Reforms - double digit growth', the Law Minister said once the courts are set up, they will take load off regular courts in dealing with commercial issues and help reduce pendency of cases.
Jurists, legal experts and industry captains had been demanding setting up of special courts to deal with commercial cases and this move is a part of the reforms initiated in the judiciary.
He said India too can be transformed into a hub of arbitration cases, "including international arbitration cases", on the lines of Singapore and Hong Kong.
"Like Karnataka has become the hub of IT industry, the legal fraternity of the country can make India the capital of legal world," the former chief minister of Karnataka said.