Public sector body SCOPE today expressed concern over the large number of pending arbitration cases of CPSEs, saying these result in a huge loss of time and money affecting their brand value, and also urged for faster disposal of such matters.
Standing Conference of Public Enterprises (SCOPE) Director General U D Choubey advised central public sector enterprises (CPSEs) to consider appointing SCOPE as an "Umpire" in their arbitration cases by incorporating necessary clause in their contract documents for award.
"This will minimise the huge cost and time taken usually as SCOPE shall take a maximum period of six months to one year as per provision of SCOPE Forum of Conciliation & Arbitration (SFCA)," Choubey said at a seminar here.
The seminar was inaugurated by Justice K G Balakrishnan, former Chief Justice of India and Chairperson, National Human Rights Commission.
