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Business News/ Politics / Policy/  Govt finalizes members of mediation and conciliation panel for year 2016-17
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Govt finalizes members of mediation and conciliation panel for year 2016-17

Members of the panel include former judges, members of national tribunals, lawyers, company secretaries, chartered accountants and cost accountants

The Companies (Mediation and Conciliation) Rules, 2016, released by the ministry of corporate affairs in September, required setting up a panel of experts willing and eligible to be appointed as mediators or conciliators in respective regions.Premium
The Companies (Mediation and Conciliation) Rules, 2016, released by the ministry of corporate affairs in September, required setting up a panel of experts willing and eligible to be appointed as mediators or conciliators in respective regions.

New Delhi: The ministry of corporate affairs on Thursday finalized members of the mediation and conciliation panel for the year 2016-2017, putting in place an efficient alternative dispute resolution mechanism.

The Companies (Mediation and Conciliation) Rules, 2016, released by the ministry in September, required setting up a panel of experts willing and eligible to be appointed as mediators or conciliators in respective regions.

The rules aim to increase dispute resolution through mediation and conciliation processes. The rules require the regional director of the corporate affairs ministry to prepare a panel of experts to be appointed as mediators and conciliators for the financial year 2016-17, within 90 days from the publishing date.

The government will update the mediation and conciliation panel every year, inviting applications for empanelling new members. The updated panel will be effective from 1 April of every year.

Members of the panel include former judges, members of national tribunals, lawyers (with 10 years of practice), company secretaries, chartered accountants and cost accountants having a minimum of 15 years of professional experience.

According to the rules, the mediator or conciliator shall attempt to facilitate voluntary resolution of the dispute between parties, and communicate the views of each party to the other, assist them in identifying issues, reduce misunderstandings, clarify priorities, explore areas of compromise and generate options in an attempt to resolve the dispute. The mediator or conciliator shall not impose any terms of settlement on the parties without the consent of both parties.

The mediation and conciliation rules provide a time period of three months from the date of appointment of an expert(s) from the panel, for settlement of any dispute. On the expiry of three months from the date of appointment of expert from the panel, the mediation or conciliation process shall stand terminated.

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Published: 08 Dec 2016, 10:16 PM IST
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