January 30, 2002

'7'

    The Union Minister for Law, Justice and Company Affairs, Shri Arun Jaitley has said the recent judgement of the Supreme Court of India in the disinvestment of BALCO has been a turning point, a defining moment and a milestone towards ongoing economic reforms and privatization of public sector undertakings. Inaugurating a seminar on the Role of Judiciary in Economic Reforms under the aegis of the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here this evening, the Law Minister said that the Government stood firm in its commitment to economic reforms and that would go on unhindered provided the Government did not blink.

    Talking of changes in the outlook of judiciary towards economic reforms, the Law Minister said the Courts after the BALCO judgement should not interfere in economic policy domain which was the preserve of the executive. He said that the BALCO Judgement and the Judgement in Contract Labour law have come a long way in giving further fillip to the economic reforms. He further said these two judgements should work as bulwark against misuse of Public Interest Litigations (PILs) by vested interests in the Courts to thwart various economic reforms by causing unnecessary delays. In this connection, the Law Minister cited the judgement of the Apex Court in the Cogentrix Case which drove away foreign investors in vital sector of power reforms in the country. The Minister suggested restraint on the misuse of PILs.

    The former Chief Justice of India, Shri Justice A. M Ahmadi , who presided over the Seminar, concurred with the Law Minister stating that Indian Judiciary was largely blamed for its delays. He said that important economic developmental projects should not be bogged down on account of delays. The Judiciary, by and large, should confine to ensure the consistency of such projects in keeping with the Constitution of India. He suggested that Industry should evolve its own mechanism to resolve various disputes unto itself across the table.