CYMK - icaindia.co.in · Council into global arbitration center in South Asia, we intend to improve our cooperation with arbitration agencies in neighboring countries. We will also

39TH ANNUAL REPORT 2003-04

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“I realized that the true function of a lawyer was

to unite parties... A large part of my time during the

20 years of my practice as a lawyer was occupied in

bringing about private compromises of hundreds of

cases. I lost nothing thereby - not even money,

certainly not my soul

......Mahatma Gandhi

INDIAINDIAINDIAINDIAINDIA’S APEX ARBITRAL INSTITUTION’S APEX ARBITRAL INSTITUTION’S APEX ARBITRAL INSTITUTION’S APEX ARBITRAL INSTITUTION’S APEX ARBITRAL INSTITUTION

Costly, time-consuming business disputes can take a real bite out of your

company’s bottom line. That’s why more and more companies are turning

to the Indian Council of Arbitration, the undisputed leader in dispute

resolution services in India. For over 38 years, the Indian Council of

Arbitration has been providing users of arbitration with an unrivaled array

of time-tested services that include ICA Arbitration, ICA Conciliation and

ICA Maritime, as well as education and training programs. Coupled with

our quality case administration and panel of arbitrators, ICA is the one

resource for all your dispute resolutions needs.

OUR MENTOUR MENTOUR MENTOUR MENTOUR MENTOROROROROR

”


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PRESIDENT’S REVIEW

The need for a method providing quicker and economical

resolution of disputes as against conventional method of litigation

has given rise to the popularity of Alternative Dispute Resolution

methods (ADR). Various Institutions have come up providing

such services. Indian Council of Arbitration as India’s Apex

Arbitral Institution has been given the responsibility of promoting

ADR methods in India. And I am proud to say that ICA has been

fulfilling this responsibility with positive results.

It was an year of hectic activity to sow the seeds for the future growth of this organization

and to become one of the foremost organizations in the world. It is up to you all and

the coming years to see to the maturing of the ideas that we have planted.

The Ministry of Commerce had recommended the use of ICA Arbitration Clause to

PSU’s and various government departments. This has certainly been the most important

feather in the cap. This, I am sure will improve the overall dispute resolution scenario.

Various Conferences were organized not only to bring awareness among the masses

about the recent developments but also to elicit and to develop India’s stand regarding

various issues in the field of ADR. ICA has also brought about new as well as revised

and updated versions of its earlier publications with extensive information on the

arbitration regime in different countries, UNCITRAL Model Law and the Indian Law.

A model Code of Conduct for the arbitrators has been launched. ICA has also started

off setting up infrastructure facilities and requirements for providing Online Dispute

Resolution Services. We will continue to work in this direction to improve our services

in the future.

There is a need for evolving a stand point and policy decision to project India as a

good venue for International Commercial Arbitration. Our primary goal for the future

is to strengthen our position in order to become the arbitration hub of South-East


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Asia. To accomplish this, we have focused on management innovation projects and

programs. These include an expansion of cyber activities to encompass all facets of

arbitration, sustained public awareness campaigns and broader more active international

cooperation efforts.

To strengthen international arbitration cooperation and R&D that will nurture our

Council into global arbitration center in South Asia, we intend to improve our cooperation

with arbitration agencies in neighboring countries. We will also study arbitration laws

and regulations of arbitration organizations in advanced countries and investigate their

arbitration procedures to actively incorporate them into the development of our

arbitration system.

It is with confidence in the future and in the national and organizational vision that I

ask for your continued support and patronage. I urge you to learn about the advantages

of alternative dispute resolution, as widespread use of the process will lead to a more

efficient, more productive global economy.

Yogendra Kr. ModiPresidentIndian Council of Arbitration


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A C T I V I T I E SPagePagePagePagePage

I. Thirty-Eighth Annual General Meeting .............................................................................................. 1

II. Election of President and Members of the Governing Body of the Council ........................................ 2

III. Election of Sr. Vice President and Vice President of the Council ...................................................... 2

IV. Co-option of Members on the Governing Body .................................................................................. 2

V. Government nominees .................................................................................................................... 2

VI. FICCI representatives on the Council and the Governing Body .......................................................... 3

VII. Office Bearers and Members of the Governing Body for the year 2003-2004 ..................................... 3

VIII. Meetings of the Governing Body ....................................................................................................... 6

IX. Meetings of the Arbitration Committee .............................................................................................. 6

X. Meetings of the Membership Screening Committee.......................................................................... 6

XI. Meeting of the Maritime Arbitration Committee ................................................................................. 6

XII. Colloquium on “Accelerating Institutional Arbitration” - January 6, 2004 - New Delhi .......................... 7

XIII. Seminar on “Arbitration for Resolving Business Disputes” - February 7, 2004 - Hyderabad ............... 7

XIV. Conference on “Alternative Dispute Resolution in the Light of the International

Business Scenario” - February 21, 2004 - Pune ............................................................................... 7

XV. Meetings of Expert Group on Arbitration - February 7, 2004, Hyderabad and

February 21, 2004, Pune .................................................................................................................. 8

XVI. Conference on “The Arbitration and Conciliation (Amendment) Bill, 2003” -

March 13, 2004 - Mumbai ................................................................................................................ 8

XVII. “Australia-India Legal Dialogue” - March 15-16, 2004 - New Delhi ..................................................... 8

XVIII. Conference on “Role of Institutional Arbitration: IPR; IT; Maritime &

Construction Industry” - March 20, 2004 - Chennai ........................................................................... 9

XIX. First Meeting of the Inter-Governmental Expert Group (IGEG) on Investment and

Arbitration - March 22-23, 2004 - New Delhi ..................................................................................... 9

XX. First International Symposium on “Strengthening Mediation and Arbitration Centres” -

September 2-3, 2004 - Chamonix (France) .................................................................................... 10


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XXI. Conference on “Role of Institutional Arbitration: IPR & IT” -

September 14, 2004 - Bangalore .................................................................................................... 10

XXII. Interactive Meeting with Dr. Robert Briner, Chairman, ICC International Court of

Arbitration - October 18, 2004 - New Delhi ....................................................................................... 11

XXIII. Conference on “Trends in International Commercial Arbitration & its relevance in

India” - October 18-19, 2004 - New Delhi ......................................................................................... 11

XXIV. Meeting of the ICA Western Regional Executive Committee - October 20, 2004 - Mumbai ............. 12

XXV. Interactive Meeting on “India entering the main stream at International Arbitration

and problems facing that entry” - October 20, 2004 - Mumbai ......................................................... 12

XXVI. Conference on “Is This the Time to Review Arbitration Law in

India?” - October 21, 2004 - Mumbai .............................................................................................. 12

XXVII. Arbitration Service Agreements ...................................................................................................... 13

XXVIII. ICA Arbitration Quarterly ................................................................................................................. 13

XXIX. Publications of the Council ............................................................................................................. 13

XXX. Arbitration Services of the Council in Settlement of Commercial Disputes - Domestic

and International ............................................................................................................................. 13

XXXI. Conciliation in International Trade Complaints ................................................................................ 14

XXXII. Advisory Services of the Council ..................................................................................................... 14

XXXIII. Regional Offices of the Council ....................................................................................................... 14

XXXIV. Library ............................................................................................................................................ 15

XXXV. Provident Fund of the Council ......................................................................................................... 15

XXXVI. Membership of the Council ............................................................................................................. 15


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The Governing Body of the Council have pleasure in

presenting to the Thirty-nineth Annual General Meeting

of the Council, a report of the activities undertaken by

the Council during the year 2003-2004, alongwith the

Statement of Accounts for the year ending 31st March,

2004 duly audited by the Auditors, M/s. Khanna &

Annandhanam, Chartered Accountants, New Delhi.

I) Thirty-Eighth Annual General Meeting

The 38th Annual General Meeting of the Council was

held on January 6, 2004 at New Delhi. Apart from the

members of the Council, the Annual General Meeting

was attended by Retd. Judges, Legal Professionals and

represetatives of trade and industry. The meeting was

presided over by the ICA President. In his Address, the

President observed that with a view to expend and achieve

the efficacy of arbitration, ICA have taken several steps,

which include: adopting a mission statement for the

ICA for achieving Arbitration, which is Low Cost, Efficient,

Simple, Just, User Friendly, Trust Worthy, Equitable and

Serviceable; bring out a Code of Conduct with the aim

of establishing a set of standards for the Arbitration

Committee, Arbitrators, Parties and Counsel. It is meant

to achieve greater self-regulation, speed and discipline;

ICA has taken the lead towards introducing “Online

Dispute Resolution”. ICA ODR should be a true

symbiosis of I.T. and Arbitration; ICA also plans to provide

arbitral services to resolve IT related disputes.

Mr. Justice V N Khare, Chief Justice of India, in his

Inaugural Address observed that ICA Code of Conduct

would be a guide to arbitration making it a successful

process of dispute resolution. He wished that this Code

will be used more often in Institutional as well as Ad-hoc

arbitration. Time has come when steps are to be taken

for providing speedy and inexpensive justice to the people.

Arbitral Institutions are required today as provider of

Alternative Dispute Resolution (ADR) services for quicker,

less costly, and consensual resolution of civil disputes

outside the crowded court system. The ICA is doing a

good job in this regard. He hoped that the coming years

would be years of “Conciliation, Mediation and Arbitration”

and not of “Litigation.

Dr. L M Singhvi, M.P. in his address emphasized the

need to change the mindset of the arbitrators as well as

the users of arbitration in respect of commercial

arbitration. He felt the need to create a commercial

culture of resort to arbitration instead of litigation. With

the adoption of the UNCITRAL Model Law on Commercial

Arbitration, he felt that India can become a centre for

International Commercial Arbitration as it has enough

human resource and physical facilities.

Mr. Yogendra Kr. Modi, Sr. Vice President of the Council

proposed Votes of Thanks to the Chief Guest. In his

address Mr. Modi emphasised that institutionalized

arbitration is advantageous over ad hoc arbitration as

only the supervision of arbitral institutions can

successfully ensure that proper procedures are followed

in arbitration proceedings and that finally justice is

provided in a speedy, just and fair manner.

The Annual General Meeting unanimously adopted

the Annual Report of the Council for the year 2002-2003

and the audited accounts for the year ending

31st March 2003. The results of election of President

and the members of the Governing Body conducted

ICA ACTIVITIES


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according to Bye-Laws for Election of the Council were

announced at the Annual General Meeting.

II) Election of President and Members of theGoverning Body of the Council.

President :

The Governing Body of the Council unanimously elected

Mr. Yogendra Kr. Modi, Chairman, YKM Holdings,

Gurgaon, nominee of FICCI, as President of the Council

for the year 2003-2004 at their meeting held on 6th

January 2004 as per Rule 13 of the Rules and

Regulations of the Council. Accordingly, Mr. Yogendra

Kr. Modi was declared elected as President of the Council

for the year 2003-2004 at the Annual General Meeting of

the Council.

Election of Representatives of Members on the

Governing Body:

The election of representatives of the members in different

constituencies was conducted as per Bye-Laws for

Election of the Council. As a result of Election, the

following members were declared elected at the Annual

General Meeting.

Mr. D M Popat, Chairman, Law & Company Affairs

Committee of the Indian Merchants’ Chamber was

declared elected uncontested in the Foundation Members’

Constituency. Mr. Rakesh Shah, Committee Member,

Bharat Chamber of Commerce and Mr. Y P Trivedi, Legal

Adviser, Maharashtra Chamber of Commerce & Industry

were declared elected uncontested in the Ordinary

Members’ Constituency. Mr. S K Bangur, Chairman, Fort

Gloster Industries Ltd., Mr. Amit Goradia, Director,

Paushak Limited and Mr. Ashok Sharma, General

Manager (Law), MMTC Ltd. were declared elected

uncontested in the Associate Members’ Constituency.

Mr. Ravinder Singhania, Advocate was declared elected

in the Individual Members’ Constituency.

III) Election of Sr. Vice President and VicePresident of the Council.

The Governing Body of the Council elected

Mr. Onkar S. Kanwar as Senior Vice-President of the

Council and Mr. D M Popat, as Vice President of the

Council, for the year 2003-2004.

IV) Co-option of Members on the GoverningBody

The Governing Body of the Council co-opted

Mr. A K Rungta, Past President, ICA, Mr. C P Jain,

Chairman,SCOPE and Mr. Justice B N Kirpal as

members of the Governing Body of the Council for the

year 2003-2004 under Rule 16(b) of the Rules &

Regulations of the Council.

The Governing Body also decided to invite Mr. F S Nariman

and Mr. Soli J. Sorabjee, as special invitees to the

Governing Body. In addition, the Governing Body decided

to invite all the former Presidents of the Council who

have held the office of the President of the Council to the

meetings of the Governing Body.

V) Government nominees

Under the Rules and Regulations of the Council, Govt. of

India is entitled to nominate five representatives on the

Council and three nominees on the Governing Body of

the Council from among the five nominated

representatives. The Ministry of Commerce have

nominated following officials as Government’s nominees

on the Council.

1. Mr. Anil Swaroop

Export Commissioner

Office of DGFT

New Delhi

2. Mr. K N Bhat

Sr. Advocate

New Delhi

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Mr. Yogendra Kr. Modi, President ICA

Mr. Yogendra Kr. Modi, President ICA withHon’ble Justice V.N. Khare, Chief Justice of India

Mr. Yogendra Kr. Modi, President ICA withDr. L. M. Singhvi, Member of Parliament

Mr. Yogendra Kr. Modi, PresidentICA, addressing the Colloquium

Colloquium on Accelerating Institutional Arbitration January, 2004 – New Delhi


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Dr. L.M. Singhvi, Member of Parliament,addressing the Colloquium

A view of the Dias

Mr. Yogendra Kr. Modi, President ICAwith Hon’ble’ Justice V.N. Khare Chief Justice of Indiaand Dr. L.M. Singhvi

Hon’ble’ Justice V.N. Khare,Chief Justice of India, delivering the inaugural address

Colloquium on Accelerating Institutional Arbitration January, 2004 – New Delhi


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3. Mr. Augustine Peter

Director

Trade Policy Division

Ministry of Commerce

New Delhi-110 011

4. Dr. P S Rao

Joint Secretary & Legal Adviser

L & T Divison

Ministry of External Affairs

New Delhi.

5. Mr. V K Bhasin

Addl. Legislative Counsel

Deptt. Of Legislative Affairs

Ministry of Law

New Delhi.

Among the above five Government nominees,

Mr. Augustine Peter, Dr. P S Rao and Mr. V K Bhasin

were nominated by the Govt. on the Governing Body of

the Council.

VI) FICCI representatives on the Council andthe Governing Body

The FICCI nominated Mr. Yogendra Kr. Modi, Mr. Onkar

S. Kanwar and Dr. Amit Mitra as its representatives on

the Council under Rule 3(b) of the Rules and Regulations

of the Council, in substitution of its earlier nominations.

Mr. Onkar S Kanwar and Dr. Amit Mitra have been

nominated by the FICCI as members of the Governing

Body of the Council as per Rule 16(c) of the rules and

regulations of the Council.

VII) Office Bearers and Members of theGoverning Body for the year 2003-2004

The Governing Body of the Council for the year

2003-2004 comprised of the following:

Mr. Yogendra Kr. Modi ........ .................... President

Chairman

YKM Holdings

Gurgaon

Mr. Onkar S Kanwar ........................ ... Sr. President

Chairman & Mg. Director

Apollo Tyres Ltd.

Gurgaon

Mr. D M Popat ...................................Vice President

Sr. Partner

Mulla & Mulla & Craigie Blunt & Caroe

Mumbai

Foundation Members

Dr. Amit Mitra

Secretary-General,

Federation of Indian Chambers of Commerce &

Industry,

Federation House, Tansen Marg,

New Delhi - 110 001.

Mr. D M Popat

Sr. Partner,

Mulla & Craigie Blunt & Caroe,

Jehangir Wadia Building,

51, M G Road,

Mumbai - 400 023.

Mr. A V Lodha

Chartered Accountant,

M/s. Lodha & Company,

21, Esplanade Mansion,

14, Government Place East,

Calcutta - 700 001.

Mr. M K Garg

Advisor,

Associated Chamber of Commerce and Industry

147-B, Gautam Nagar

Gulmohar Enclave


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Mr. C N Gangadaran

Past President

The Southern India Chamber of Commerce & Industry,

Indian Chamber Building,

6, Esplanade Road,

Chennai - 600 108.

Mr. Augustine Peter

Director

Trade Policy Division,

Ministry of Commerce,

Government of India,

Udyog Bhawan,


Mr. V K Bhasin

Addl. Legislative Counsel,

Deptt. Of Legislative Affairs,

Ministry of Law,

Shastri Bhavan,

New Delhi.

Dr. P S Rao

Joint Secretary & Legal Adviser

L & T Division,

Ministry of External Affairs,

417, ISIL, Opp. Supreme Court,

Bhagwan Das Road,

New Delhi.

Ordinary Members

Mr. Rakesh Shah

Partner

Nipha Enterprises

48, Ganga Jamuna

28/1, Shakespeare Sarani

Kolkata - 700 017.

Mr. Y P Trivedi

Legal Adviser,

Maharashtra Chamber of

Commerce & Industry,

23, ‘Atlanta’ Nariman Point,

Mumbai - 400 021.

Mr. Lalit Kumar Modi

President

Modi Enterprises,

Nirlon House, Dr. Annie Besant Road

Worli Mumbai - 400 025.

Mr. Lalit Bhasin

M/s. Bhasin & Co.

10, Hailey Road,


Mr. Suresh Bindal

Hony. General Secretary,

Delhi Hindustani Mercantile

Association (Regd),

1210/16, Chandni Chowk,

Delhi - 110 006.

Mr. K S Suresh

Legal Adviser

Bharat Chamber of Commerce

3, Fountain Court

7/1, LittleRussell St.

Kolkata-700 071

Associate Members

Mr. S K Bangur

Chairman

Fort Gloster Industries Ltd.,

31, Chowringhee Road,

Kolkata - 700 016.

Mr. Ashok Sharma

G.M. (Law), Law Division,

The MMTC Limited,

Core No. 1, IInd Floor,

SCOPE Complex, Lodi Road,


Mr. Amit Goradia

Director

M/s Paushak Limited,

78, Suryakiran Complex,

Old Padra Road,

Vadodara - 390 015.

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Mrs. Suchitra, Advocate, addressing the Seminar

Prof. V. Nageswara Rao, addressing the Seminar

Mr. Gopala Choudhary, Advocate,addressing Seminar

Arbitration for Resolving Business DisputesFebruary, 2004 - Hyderabad


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Mr. D.M. Popat, Vice President, ICA, deliveringthe Welcome Address

Hon’ble Justice Vazifdar, Judge, Bombay High Court, chairing the Business Session

Hon’ble Justice Radhakrishnan, Judge, BombayHigh Court delivering the inaugural Address.

Hon’ble Justice A.P. Shah, Judge, Bombay HighCourt delivering the inaugural address

Justice A P Shah, Judge, Bombay High Court, havingan informal meeting

Alternative Dispute Resolution in the Light of theInternational Business Scenario – February, 2004 - Pune

Conference on “The Arbitration and Conciliation (Amendment) Bill, 2003”March, 2004 – Mumbai


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Mr. R S Lodha

Sr. Partner

Lodha & Company,

14, Government Place East,

Kolkata - 700 069.

Mr. D D Rathi

Group Executive President,

Grasim Industries Limited,

(Corporate Finance Division)

91, Sakhar Bhawan, 9th Floor,

230, Nariman Point,

Mumbai - 400 021.

Mr. Vikram Kapur

President,

Atlas Cycle (Haryana) Ltd.

3, Aurangzeb Lane,


Mr. R A Poddar

Chief Executive,

Godfrey Philips India Limited,

Four Square House,

49, Community Centre,

New Friends Colony,


Mr. K Sethuraman

Vice President (Corporate Secretariat)

Reliance Industries Ltd.

3rd Floor, Maker Chambers IV

222, Nariman Point

Mumbai-400 021

Mr. N G Khaitan

Partner

Khaitan & Partners

1-B, Old Post Office Street,

Kolkata - 700 001.

Mr. A Santhanakrishnan

Director & Secretary,

Southern Petrochemical Industries,

Corporation Ltd.

SPIC Centre,

97, Mount Road, Guindy,

Chennai - 600 032.

Individual Members

Mr. O P Goel

Director-General (Retd.) CPWD

B-11/8091, Vasant Kunj,

New Delhi.

Mr. P C Markanda

Sr. Advocate

94, Sector 16-A,

Chandigarh - 160 016.

Mr. Yakesh Anand

Advocate

466, Lawyers Chambers,

Delhi High Court,


Mr. Ravinder Singhania

Advocate

M/s. Singhania & Co.

B-92, 9th Floor, Himalaya House

23, Kasturba Gandhi Marg

New Delhi-110 001.

Co-opted Members

Mr. A K Rungta

Chairman

Rungta Enterprises

225-D, Acharya J. Bose Road

Kolkata.

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Mr. C P Jain

Chairman

Standing Conference on Public

Enterprises (SCOPE)

SCOPE Complex, Core No. 7

7, Institutional Area, Lodhi Road

New Delhi-110 003.

Mr. Justice B N Kirpal

Former Chief Justice of India

64, Jor Bagh

New Delhi-110 003.

Special Invitees

Mr. F S Nariman

Hon. Chairman, ICCA and

Member Rajya Sabha

F-21/22, Hauz Khas Enclave

New Delhi-110 016

Mr. Soli J. Sorabjee

Sr. Advocate and

Former Attorney General of India

134, Sunder Nagar

New Delhi-110 003

VIII) Meetings of the Governing Body

The Governing Body of the Council held three meetings

to consider and formulate the work programme of the

Council during the year.

IX) Meetings of the Arbitration Committee

The Arbitration Committee of the Council for the year

2003-2004 comprised of Mr. Yogendra Kr. Modi, Ex-officio

Chairman, Mr. Onkar S Kanwar, Sr. Vice-President,

Mr. D M Popat, Vice-President, Mr. Justice B N Kirpal,

Mr. C K Tikku and Mr. D P Sharma as members of the

Committee. The Arbitration Committee of the Council

held three meetings to appoint arbitrators in arbitration

cases referred to the Council and to approve the

applications for the panel of arbitrators.

X) Meetings of the Membership ScreeningCommittee

The Governing Body of the Council constituted a

Membership Screening Committee consisting of

Mr. Yogendra Kr. Modi, Ex-Officio Chairman, Mr. Onkar

S. Kanwar, Mr. D M Popat, Mr. Justice B N Kirpal,

Dr. Amit Mitra and Mr. Vikram Kapur, as members, to

expedite the approval of the applications of organisations/

persons for membership of the Council. The Membership

Screening Committee held three meetings to approve

the applications for membership to the Council and other

matters.

(XI) Meeting of the Maritime ArbitrationCommittee

A meeting of the Maritime Arbitration Committee was

held on March 4, 2004 in New Delhi. The Maritime

Committee apart from approving the names of persons

for empanelment in the Maritime Category of panel of

arbitrators also decided to enhance the arbitrator’s fee

and administrative fee effective from April 1, 2004. The

committee also decided to circulate the ICA Code of

Conduct among the shipping company and shipping

companies to inform that the ICA has framed the following

schedule within which a maritime case should be

completed.

(i) Completion of the pleadings within six months from

the date of registration.

(ii) The hearing to commece within two months from

the date of completion of the pleadings.

(iii) Within six months thereafter the proceedings be

concluded and the number of hearings be restricted

to 3 or at the most 4.

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Dr. V L Dutt, Past President, ICA deliveringthe Welcome Address

Hon’ble Mr. Justice V S Sirupurkar,Judge, Madras High Court, delivering

the inaugural address

A view of the Business Session

Mr. V Ramachandran, Sr. Advocate, proposing theVote of Thanks to the Chief Guest

Role of Institutional Arbitration: IPR; Maritime &Construction Industry – March, 2004 - Chennai


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1 2

3 4

1 Mr. Onkar S Kanwar, Sr. Vice President, ICA,delivering the Welcome Address

2 Mr. Onkar S Kanwar, Sr. Vice President, ICA,Welcoming Hon’ble Mr. Justice R C Lahoti, ChiefJustice of India

3 Hon’ble Mr. Justice R C Lahoti, Chief Justice ofIndia, delivering the Welcome Address

4 Hon’ble Mr Soli J Sorabjee, Attorney General ofIndia delivering the Key note address

5 Dr. David Bennett, Solicitor- General of Australiadelivering the Key Note Address

6 Hon’ble Sir Laurence Street, AC KCMG QC,Chairman ILSAC, addressing the Press Conference

Australia – India Legal Dialogue March, 2004 – New Delhi

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XII) Colloquium on “Accelerating InstitutionalArbitration” - January 6, 2004 - New Delhi

The advantages of Institutional Arbitration are well known

but it is really sad to see that the vastly operating adhoc

arbitrations are undermining the credibility of Institutional

arbitration as a whole. ICA came out with its Code of

Conduct, which will make the arbitral tribunal accountable.

With a view to accelearate the pace of Institutional

Arbitration in the country ICA organized a Colloquium on

“Accelerating Institutional Arbitration” on January 6, 2004

in New Delhi. Hon’ble Mr. Justice V N Khare, Chief Justice

of India inaugurated the Colloquium and also released

ICA Books on “Arbitration & Conciliation Law of India”

and “ICA Code of Conduct”. Dr. L M Singhvi, M.P.

addressed the Colloquium and released ICA Books on

“Arbitration Made Easy” (Hindi Version) and “Case Law

on UNCITRAL Convention on Contracts for The

International Sale of Goods - with reference to

Corresponding Provisions of India Law”. In his inaugural

address Mr. Justice V N Khare observed that the idea of

use of arbitral institutions for arbitration has already gained

a strong footing at international level. Business

communities are appreciating the usefulness of these

centers in obtaining efficient resolution of dispute and

are also realizing the importance of incorporating

arbitration clauses in their contracts.

Arbitral institutions are necessary because the

evolutionary growth of arbitration has always been through

growth and development of arbitral institutions sponsored

by trading, commercial and industrial bodies and

government bodies and government departments and

United Nations at national and international level.

XIII) Seminar on “Arbitration for ResolvingBusiness Disputes” - February 7, 2004 -Hyderabad.

The ICA in association with Federation of Andhra Pradesh

Chambers of Commerce and Industry organized a

Seminar on “Arbitration for Resolving Business Disputes”

on February 7, 2004 at Hyderabad. Prof. Koteswara Rao,

President, FAPCCI, delivered the Welcome Address.

The topics that were discussed at the seminar

include: Has the Arbitration & Conciliation Act, 1996

based on UNCITRAL - Model Law helped?, Courts

Annexed Arbitration & Mediation (Section 89 of the Code

of Civil Producedure), Drafting Arbitration Agreements in

Compelx Business Transactions and Why Arbitral

Institutional Matter? The Seminar was addressed by

Mr. M R K Chowdhary, Sr. Counsel, High Court of Andhra

Pradesh, Mr. B. Adinarayana Rao, Advocate, High Court

of Andhra Pradesh, Dr. V. Nageswara Rao, Professor of

Law (Retd.), Osmania University, Hyderabad,

Ms. K. Suchitra, Advocate, High Court of Andhra Pradesh

and Mr. K. Gopal Chowdary, Sr. Counsel, High Court of

Andhra Pradesh. The Seminar was attended by about

80 delegates.

XIV) Conference on “Alternative DisputeResolution in the Light of theInternational Business Scenario” -February 21, 2004 - Pune.

The ICA in association with Maharatta Chamber

of Commerce Agriculture & Industries organized

a Conference on “Alternative Dispute Resolution in

the Light of the International Business Scenario” on

February 21, 2004 at Pune. Hon’ble Mr. Justice

Radhakrishnan, Judge, High Court of Mumbai

inaugurated the Conference. In his inaugural address

he emphasized the need for mediation and

concliation before going into litigation. He also stated

that conciliation should be made a mandatory provision.

Hon’ble Mr. Justice Vazifdar, Judge, High Court of

Mumbai, delivered the Key Note Address. In his

key-note address he asserted that practical limitations

should be taken into consideration before taking up a

legal process. He also suggested that institutes like

the ICA should form a body and conduct a series of

discussions where technical issues could be discussed

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that would help in resolving issues in a shorter duration.

Mr. D M Popat, Vice-President, ICA, delivered the

Welcome Address. In his Welcome Address he said that

there is a need to create awareness about conciliation

and arbitration. He indicated that students of law should

realise that they have a social obligation and should not

look at issues from just a legal perspective but act as a

medium of conciliation. The Conference was addressed

by Mr. Shreekant Kanitkar, Advocate, Mr. Hitesh Jain,

Advocate and Mr. Uday Chitale, Chartered Accountant.

The Conference was attended by about 60 delegates.

XV) Meetings of Expert Group on Arbitration- February 7, 2004, Hyderabad andFebruary 21, 2004, Pune.

With a view to plan for the future activities of the ICA in

the States of Andhra Pradesh and Maharashtra, ICA

organized meetings of Expert Group on Arbitration on

February 7, 2004 at Hyderabad and on February 21, 2004

at Pune. The Expert Group meetings were attended by

specialist on arbitration including Retd. Judges and the

office bearers of the local chambers. The Expert Group

Meeting at Pune was Chaired by Mr. D M Popat,

Vice President, ICA.

XVI) Conference on “The Arbitration andConciliation (Amendment) Bill, 2003” -March 13, 2004 - Mumbai.

The ICA in collaboration with Indian Merchants’

Chamber organized a Conference on “The

Arbitration and Conciliation (Amendment) Bill, 2003”

on March 13, 2004 at Mumbai. Hon’ble Mr. Justice A P

Shah, Judge, High Court of Mumbai inaugurated

the Conference. Mr. D M Popat, Vice-President, ICA

delivered the Welcome Address. In his welcome address

Mr. D M Popat observed that the essence of Arbitration

and Conciliation Act, 1996 is to minimise judicial

intervention (See Statement of Objects and Reasons of

the Arbitration and Conciliation Bill, 2003). The proposal

of every High Court having its own Arbitration

Rules goes counter to this basic concept. Why

cannot Model Rules be framed on all India basis

Or why cannot the Rules of an accredited

Institution like Indian Council of Arbitration be

taken as accepted Rules. Hon’ble Mr. Justice B P Saraf,

Retd. Chief Justice, Jammu & Kashmir High Court

and Hon’ble Mr. Justice D R Dhanuka, Retd. Judge,

High Court of Mumbai chaired the Business Sessions.

The Conference was addressed by Mr. Raffiq Dada,

President Bombay High Court Bar Association,

Mr. Janak Dwarkadas, Sr. Advocate and Mr. Ketan Parikh,

Advocate. The Conference was attended by about 100

delegates.

XVII) “Australia - India Legal Dialogue” -March 15-16, 2004 - New Delhi

The ICA in association with FICCI and Attorney-General’s

Department of Australia organized an “Australia-India

Legal Dialogue” on March 15-16, 2004 at New Delhi.

Hon’ble Mr. Justice R C Lahoti, Judge, Supreme Court

of India inaugurated the Dialogue on March 15, 2004.

Mr. Soli J. Sorabjee, Attorney General for India and

Dr. David Bennett, Solicitor-General of Australia

delivered the Key Note Address. Mr. Onkar S Kanwar,

Sr. Vice-President, ICA in his Welcome Address observed

that the legal profession and Legal education have an

important role to play in Dispute Resolution. Massess

have to be educated and made aware of ADR and its

advantages compared to Litigation. Members of the Legal

profession are some of the most important players in

arbitration and even in other methods of ADR. The

dialogue brings the two on the same platform and gives

the scope to discuss and conceive ideas for growth and

development of dispute resolution, the legal profession

as well as legal education in India. The Dialogue was

addressed by Mr. Kirit Rawal, Solicitor-General of India,

Mr. Fali S. Nariman, President, Bar Association of India,

Mr. D V Subba Rao, Chairman, Bar Council of India and

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1 2

3 4

5

1 Mr. Moolchand Sharma, Director, National Law InstituteUniversity, Chairing the Session on Legal Education

2 Mr. G L Sanghi, Sr. Advocate, Chairing the BusinessSession - I

3 Hon. Sir Laurence Street, AC KCKG QC, ChairmanILSAC, Chairing the Business Session - II

4 Mr. Kirti Rawal, Former Solicitor General of India,addressing the Plenary Session

5 Prof. Michael Coper, Rep. Council of Australian Law Deans,Australia National University, addressing the Session on LegalEducation, Practical Legal Training (PLT) & ContinuingLegal Education (CLE)

Australia – India Legal Dialogue March, 2004 – New Delhi


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Mr. Yogendra Kr. Modi, President ICA,Welcoming Hon’ble Mr. Justice N K Jain,Chief Justice, Karnataka High Court

Left to Right: Mr. G K Kwatra,Mr. Yogendra Kr. Modi, Mr Justice N K Jain,

Mr. MN Suresh (President FKCCI),Mr. Lalit Bhasin (Member, ICA Governing

Body) & Mr. S N Agarwal (Member,FICCI Committee)

Mr. Yogendra Kr. Modi, President ICA,delivering the Welcome Address

Mr. D M Popat, Vice President ICA,proposing the Vote of thanks

Role of Institutional Arbitration: IPR & ITSeptember, 2004 – Bangalore


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Prof. Madhav Menon, Noted Educationist. Mr. D M Popat

Vice President, ICA addressed the working session

on “Commercial Dispute Resolution & ADR”. The

Dialogue was also addressed by Dr. David Bennett

AO QC, Solicitor-General of Australia, The Hon.

Sir Laurence Street, AC KCMG QC, Chairman, ILSAC,

Mr. Glenn Ferguson, Law Council of Australia & President,

Queens Land Law Society.

At the time of Australia-India Legal Dialogue a session

on “Legal Education, Practical Legal Training (PLT) &

Continuing Legal Education (CLE) concurrent with a

parallel session on “Trans-national Legal Practice and

Commercial Legal Practice Development and

Commercial Dispute Resolution & ADR” was also

organized. The session was addressed by Mr.Moolchand

Sharma, Director, National Law Institute University,

Bhopal and Prof. Michael Coper, Rep. Council of

Australian Law Deans & Dean, Faculty of Law, Australian

National University”. The Dialogue was attended by about

100 delegates.

XVIII) Conference on “Role of InstitutionalArbitration: IPR; IT; Maritime &Construction Industry” - March 20, 2004- Chennai.

The ICA in association with Southern India Chamber

of Commerce & Industry organized a Conference on

“Role of Institutional Arbitration: IPR; IT; Maritime

& Construction Industry” on March 20, 2004 at Chennai.

Hon’ble Mr. Justice V S Sirupurkar, Judge, Madras High

Court inaugurated the Conference. Mr. Justice Sirupurkar

in his inaugural address requested ICA to join hands with

High Court of Madras in educating the Judicial Officers

in the State of Tamilnadu on the techniques of

Arbitration & Mediation. Mr. R Veeramani, President,

SICCI delivered the introductory Address and

Dr. V L Dutt, Past President, ICA delivered the

Welcome Address. In his Welcome Address,

Dr. V L Dutt observed that the current trend is to

use institutional arbitration since adhoc arbitration

does not usually give the desired results due to

some inherent problems. On the other hand in case

of arbitral institutions, there is a blueprint of

procedures to be followed, a list of reputed

arbitrators from whom to select, choice of venue

based on the party’s convenience and most

importantly - time tested and experience based

rules, which the party can incorporate into their

agreements without waste of any resource (such

as time or manpower). This is due to the basic

principle of arbitration - which is saving time.

Arbitration is most commonly resorted to in

different fields like IP, IT, Maritime and Construction

Industries and in other fields such as oil and gas

and the corporate sector. Mr. V Ramachandran,

Sr. Advocate proposed the Vote of Thanks to

the Chief Guest and also chaired the Session:

Intellectual Property Rights and Information

Technology Disputes, Maritime and Construction

Industry Disputes. The Conference was

addressed by Mr. Rajnikanth Madhavan,

Mr. Ashok Kumar Anchalia, Capt. Pullat,

Dr. R. Sunitha Sundar and Mr. C H Gopinatha Rao.

The Conference was attended by more than

80 participants.

XIX) First Meeting of the Inter - GovernmentalExpert Group (IGEG) on Investment andArbitration-March 22-23, 2004-New Delhi.

The first Meeting of the Inter - Governmental Expert Group

(IGEG) on Investment and Arbitration was held on March

22 - 23, 2004 at New Delhi. The meeting was attended

by Government representatives of all members’ states.

Mr. Shashank, Foreign Secretary, Ministry of External

Affairs, Government of India, inaugurated the meeting.

At the request of the Ministry of Commerce, Govt. of

India, the Executive Director, ICA made a presentation

on the concept paper on “SAARC Arbitration Council”

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and emphasized on the need to constitute the SAARC

Arbitration Council.

XX) First International Symposium on“Strengthening Mediation and ArbitrationCentres” - September 2-3, 2004 -Chamonix (France).

The International Trade Centre of UNCTAD/WTO

organized the first International Symposium on

“Strengthening Mediation and Arbitration Centres” at

Chamonix, France on 2-3 September 2004 with special

focus on institutions in developing economies. The

purpose of the Symposium was to address, from a

practical standpoint, the challenges facing dispute

resolution centres in efficiently delivering their services

at the national level. The subjects discussed were as

follows:

- Structure of an arbitration and mediation

centre;

- Management and financing of the

centre;

- Administering arbitration services;

- Diversifying the services offered;

- New fields (sports, creative arts, internet, etc.);

- Small Claims;

- Promotion Marketing;

- Relations with the business community;

- Co-operation/Co-ordination with other

arbitration centres and

- Arbitration and mediation clinics.

The international Trade Centre (ITC) brought together more

than 60 directors/participants of centres from 50

developing and developed countries at this symposium.

In addition to many new centres some of the world’s

foremost institutions in the field were present, including

the International Chamber of Commerce; the International

Federation of Commercial Arbitration Institutions; and the

UN Commission on International Trade Law, whose model

law on arbitration forms the basis of national legislation

in more than 40 countries.

Mr. D M Popat, Vice-President, ICA and Mr. G K Kwatra,

Executive Director, ICA, addressed the Symposium.

XXI) Conference on “Role of InstitutionalArbitration: IPR & IT” - September 14,2004 - Bangalore.

The ICA in association with FICCI and FKCCI organised

a Conference on “Role of Institutional Arbitration: IPR &

IT” on September 14, 2004 at Bangalore. Hon’ble Mr.

Justice N K Jain, Chief Justice, Karnataka High Court,

inaugurated the Conference. In his inaugural address he

emphasized on the importance of the institutional

arbitration particularly in International Commercial

disputes. While referring to the other arbitral institutions

of the world, he specially made a mention of the ICA

which he believed is the only recognized arbitral institution

in India. He also appealed to the arbitral institutions for

training various professionals on the arbitration procedure.

Mr. Yogendra Kr. Modi, President, ICA delivered the

Welcome Address. In his address, Mr. Modi said that

institutional arbitration is becoming particularly important

for sections such as information technology and for

issues relating to IPR. Such Sectors and issues are

characterized by international transactions, where the

law applicable vary from country to country and involve a

high level of specialization in the domain concerned.

Mr. Modi requested the Hon’ble Chief Justice to consider

designating well recognized arbitral institutions like ICA

and made them a part of the scheme under Section 11

of the Arbitration & Conciliation Ac, 1996. This would

mitigate such delays as ICA provides for complete dispute

resolution services with quality case administration and

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Mr. Yogendra Kr. Modi, President ICA,Welcoming Mr. Fali S Nariman, ViceChairman, ICC International Court ofArbitration

Mr. Yogendra Kr. Modi, President ICA,Welcoming Mr. Kapil Sibal,

Hon’ble Minister of State (IndependentCharge) for Science & Technology

Mr. Yogendra Kr. Modi, President ICA,delivering the Welcome address

Mr. Fali S Nariman, Vice Chairman, ICCInternational Court of Arbitration giving briefinterlude on the Conference.

Trends in International Commercial Arbitration &Its relevance in India – October , 2004 – New Delhi


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Dr. Robert Briner, Chairman, ICC InternationalCourt of Arbitration, delivering the key-note address

Mr. Kapil Sibal, Hon’ble Minister of State(Independent Charge) for Science & Technology,inaugurating the Conference

Mr. Suresh A Kotak, Vice President, ICC India,proposing the Vote of Thanks

Dr. Robert Briner, Chairman, ICC International Court of Arbitration, addressing the Interactivemeeting. Also seen ( Mr. Suresh A Kotak, EMS Natchiappan, and Mr. G K Kwatra)

Trends in International Commercial Arbitration &Its relevance in India – October , 2004 – New Delhi

Interactive Meeting with Dr. Robert Briner, Chairman,ICC International Court of Arbitration – October, 2004 – New Delhi


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with rules taking care of all the fundamental and also

ensuring expeditious process. Mr. Manandi N. Suresh,

President, FKCCI gave the introductory remarks and

Mr. D M Popat, Vice President, ICA proposed the Vote

of Thanks. The topics of the Conference were; Why

Institutional Arbitration matters?, Arbitration and

Mediation in IPR Disputes, Information Technology

Dispute Resolution and Interim Measures & Enforcement

of Awards. The Conference amongst others was

addressed by Mr. Lalit Bhasin, Member, Governing Body,

ICA, Prof. V Nagraj, National Law School of India,

Mr. G Raghavan, Managing Partner, Dua Associates,

Mr. C Thiruvengadam, Advocate, Mr.Prithmesh D Popat,

Advocate and Mr. Aditya Sondhi, Advocate. The

Conference was attended by about 100 persons.

XXII) Interactive Meetings with Dr. RobertBriner, Chairman, ICC InternationalCourt of Arbitration - October 18, 2004 -New Delhi & October 20, 2004 - Mumbai.

The ICA & ICC India organized Interactive Meeting with

Dr. Robert Briner, Chairman, ICC International Court of

Arbitration on 18th October 2004 at New Delhi. Besides

interacting with Dr. Briner on other issues the issue on

“Framing of Arbitration Clauses in the International

Commercial Arbitration” was discussed in detail.

XXIII) Conference on “Trends in InternationalCommercial Arbitration & its relevance inIndia” - October 18-19, 2004 - New Delhi.

A Conference on “Trends in International Commercial

Arbitration & its relevance in India” was organized on

October 18-19, 2004 at New Delhi. Mr. Kapil Sibal,

Hon’ble Minister of State (Independent Charge) for

Science & Technology and Department of Ocean

Development inaugurated the Conference. The

Conference was addressed by Dr. Robert Briner,

Chairman, ICC International Court of Arbitration,

Paris, Mr. Fali S. Nariman, Member of Parliament &

Vice-Chairman. The topics of the Conference were;

Provisional/Interim Measures - how should the arbitration

law in India develop,Enforceability of awards; Dispute

Boards in the context of ICC Dispute Board Rules,

Criminal Law and Arbitration.

Mr. Yogendra Kr. Modi, President, ICA delivered the

Welcome Address which provided a brief background on

the theme of the Conference. He laid emphasises on

the importance of international dispute resolution

mechanism which has assumed greater significance with

growth in international trade and economic development.

Mr.Fali S Nariman, Member of Parliament, Vice Chair,

ICC International Court of Arbitration and Sr. Advocate,

Supreme Court gave a brief interlude on the Conference,

emphasizing that arbitration should be the preferred

method of dispute resolution and that there is a need to

faster growth of an international arbitration culture and to

constrantly keep abreast of global developments in

Intetnational Commercial Arbitration.

The key note address was presented by Dr. Robert Briner,

Chairman, ICC International Court of Arbitration, Paris,

wherein he provided a brief history of arbitration dating

back to almost 200 years. He stated that there was a

demand for knowledgeable arbitrators, having specialized

expertise in complex and intricate commercial matters,

and a need for good case management to ensure speedy

and cost effective dispute resolution. He also briefly

touched upon areas of concern facing arbitration, such

as the criminal aspect like money laundering,

confidentiality issues etc.

Hon’ble Minister Mr. Kapil Sibal delivered a thought

provoking inaugrual address urging the business

community to ‘arbitrate and not litigate’ and to opt for

speedy and efficacious proceedings provided by arbitral

institutions rather than adhoc arbitration. He concluded

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with the hope that the coming years would be of

‘conciliation, mediation and arbitration’.

The first session, chaired by Dr. Robert Briner, witnessed

eminent speakers such as Mr. Jagdeep Dhankar,

Ms. Bhavna Kohli and Mr. D M Popat,Vice President,

ICA discuss the scope of Arbitrators’ powers with regard

to providing interim relief. Hon’ble Mr. Justice R S Pathak,

chaired the second session which had distinguished

speakers such as Mr. Dipankar Gupta, Mr. S K Dholakia

and Mr. P H Parekh giving presentations on the

enforceability of awards - public policy as a ground for

setting aside the award. The third session had

Mr. D M Popat as the Chairperson and prominent

speakers like Mr.Sumit Kachwaha, Mr. O P Vaish and

Mr. O P Goel who provided insight on Dispute Resolution

Boards and the ICC Dispute Board Rules. The final

session, chaired by Mr. Fali S Nariman, broached the

subject of criminal law and arbitration with presentations

by reputed advocates such as Mr. Lalit Bhasin and Mr.

Sidharth Luthra.

Hon’ble Justice M Jagannadha Rao (Retd.), Chairman,

Law Commission of India, closed the Conference with

his valedictory address which was an informative

summation of various schools of thought on the topics of

the Conference, which included issue of interim measures

and their enforceability, criminal law and arbitration. He

also briefly touched upon the initiatives of UNCITRAL on

the issue.

The Conference was attended by more than 100

delegates.

XXIV) Meeting of the ICA Western RegionalExecutive Committee - October 20, 2004- Mumbai.

A meeting of the Western Regional Executive Committee

was held on October 20, 2004 at the premises of IMC,

Mumbai. The meeting was presided over by

Dr. B P Saraf, Former Chief Justice, J & K High Court.

The meeting was attended by apart from members

of the Western Regional Executive Committee, by

Dr. Robert Briner, Chairman, ICC International Court

of Arbitration and members of the Law Committee of

IMC. Dr. Robert Briner in his address complimented the

ICA for propagating the cause of arbitration by organizing

number of activities on different subjects of topical

importance. The committee discussed the future

activities to be organized in the Western Region.

XXV) Interactive Meeting on “India enteringthe main stream of InternationalArbitration and problems facing thatentry” - October 20, 2004 - Mumbai.

An interactive meeting on “India entering the main stream

of International Arbitration and problems facing that entry”

was held on October 20, 2004 at the premises of IMC,

Mumbai. The meeting was attended by some select

corporate executives and retired judges and

addressed by the Vice President, IMC, Mr. D M Popat,

Vice-President, ICA and Dr. Robert Briner, Chairman, ICC

International Court of Arbitration.

XXVI) Conference on “Is this the time to reviewarbitration law in India?” - October 21,2004 - Mumbai.

A Conference on “Is this the time to review arbitration

law in India?” was organized on October 21, 2004

at Mumbai. Hon’ble Mr. Justice D C Bhandari,

Chief Justice, Bombay High Court inaugurated

the Conference. The Conference was addressed by

Hon’ble Mr. Justice B P Saraf, Former Chief Justice,

Jammu & Kashmir High Court, Dr. Robert Briner,

Chairman, ICC International Court of Arbitration,

Mr. Goolam E. Vahanvati, Solicitor General of India,

Mr. D M Popat, Member, ICC International Court of

Arbitration and Vice-President, ICA, Mr. Rafiq Dada,

President, Bombay High Court Bar Association.

Mr. Justice Arvind Savant, Former Chief Justice,

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1 Hon’ble Mr. Justice D C Bhandari, Chief Justice, Bombay High Court, Delivering the inaugural address2 Mr. T R Andhyarujina, Former Solicitor General of India, addressing the Conference3 Mr. Rafiq Dada, President, Bombay High Court Bar Association, Chairing the Business Session4 A view of the Audience

Dr. Robert Briner, Chairman, ICC International Court of Arbitration, addressing the Interactive meeting

Interactive Meeting on “India entering the main stream of InternationalArbitration and problems facing that entry” – October, 2004 – Mumbai

Is This The Time To Review Arbitration Law In India?October, 2004 – Mumbai

3 4

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A view of the meeting of the ICA Western Regional Executive Committee

Meeting of the ICA Western Regional Executive CommitteeOctober, 2004 – Mumbai

Ist Symposium on "Strengthening Mediation and Arbitration Centres",September 1-3, 2004 at Chamonix, France

Mr. DM Popat,Vice President, ICAaddressing the Symposium

Mr. GK Kwatra, Mr. DM Popat, Mr. Paul Walters (Czech Republic),Mr. Ben Beaumont (Hong Kong) and Ms. Annette M Van (Netherlands)

Mr. GK Kwatra, Executive Director, ICAaddressing the symposium


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Kerala, High Court, Mr T S Andhyarujina, Former Solicitor

General of India, Mr. Justice S M Jhunjhunwala (Retd.)

Judge, Bombay High Court, Mr. S K Dholakia &

Mr. Jagdeep Dhankar, Sr. Advocates. The Conference

was attended by more than 100 delegates.

XXVII) Arbitration Service Agreements

The ICA had entered into agreements of cooperation with

more than 40 apex arbitral institutions of the world for

cooperation between the organizations for promoting the

use of Arbitration proceedings by the respective

organizations.

XXVIII) ICA Arbitration Quarterly

The Council publishes an official arbitration journal, the

“ICA Arbitration Quarterly” to keep its members informed

about the latest developments of law and procedures in

India and abroad. Apart from specialised articles,

important court decisions rendered by the Supreme Court

of India and various High Courts are reported in the

Quarterly. Four issues of the Quarterly were brought out

during the year which were found useful and appreciated

by the members and other readers.

The Editorial Board of the ICA Arbitration

Quarterly constituted during the year included

Mr. Yogendra Kr. Modi, Mr. D M Popat, Mr. O P Goel,

Mr. P C Markanda, Mr. Ravinder Singhania and

Mr. G.K.Kwatra as members and Mr. S L Khurana

as Editor.

XXIX) Publications of the Council.

The Council has been publishing informative literature/

publications on various aspects of commercial arbitration.

ICA publications include:

- “Arbitration & Conciliation Law of India with case

law on UNCITRAL Model Law on Arbitration and

Sale of Goods”

- “Arbitration and Alternative Dispute Resolution -

How to settle International Business Dispute: with

supplement on Indian Arbitration Law” - A joint

publication with International Trade Centre of

UNCTAD and WTO”.

- “Arbitration and Contract Law in SAARC Countries

- with Case Law on UNCITRAL Model Law”

- “Arbitration Made Easy” - A Practical Guide in

English, Hindi and Malayalam languages.

- “Case Law on UNCITRAL Model Law on

International Commercial Arbitration - With

Reference To The Corresponding Provisions of

New Indian Arbitration Law”

- “Case Law on UNCITRAL Convention on Contracts

for the International Sale of Goods with Reference

to Corresponding Provisions of Indian Law”.

- “Construction Industry Arbitration”

- “Code of Conduct”.

XXX)Arbitration Services of the Council inSettlement of Commercial Disputes -Domestic and International

The Council has been providing its arbitration services

for smooth conduct of arbitration proceedings in domestic

and international commercial disputes. The institutional

arbitration facilities of the Council includes administrative

and appointing services, correspondence with the parties

and the arbitrators, collection of documents and pleadings

from the parties, preparation of case files for the

arbitrators, fixation of hearings in consultation with the

arbitrators, parties and their lawyers, arrangements of

hearing rooms for arbitration meetings, secretarial

assistance and general coordination for expeditious and

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economic conduct of arbitration proceedings and

publication and compliance with the arbitration awards.

After the enactment of the Arbitration & Conciliation Act,

1996, the High Courts have referred some cases for

settlement through arbitration under the Rules of

Arbitration of the Council.

During the year, 84 new arbitration matters were received

by the Council, 67 under its commercial Rules of

Arbitration and 17 maritime arbitration matters. Out of

84 arbitration matters under the Rules of Arbitration of

the Council, 10 were of international character between

Indian and foreign parties from UAE, Greece, Moscow,

Hongkong, Switzerland, Malta, Panama & Liberia.

74 Cases were settled during the year by awards,

compromise settlement etc. 66 under ICA rules, and

8 under maritime arbitration rules.

At the beginning of the year, 592 arbitration cases were

pending with the Council at different stages of arbitration

proceedings. At the end of the year, 602 arbitration cases

were under process including 20 arbitration matters which

have been pending in courts pursuant to litigation between

the parties.

XXXI) Conciliation in International TradeComplaints

Apart from arbitration services in the settlement of

commercial disputes, the Council has been providing

conciliation services for settlement of trade complaints

to minimise delays and costs in disputes resolution by

ADR techniques like mediation, conciliation, dispute

review procedures etc. Conciliation is generally done

through correspondence with a view to bringing the

parties around to an amicable settlement of the dispute.

Sometimes personal meetings with the concerned parties

are also arranged at their request.

XXXII) Advisory Services of the Council

With a view to preventing disputes from arising and

incorporating standard terms of contract particularly

arbitration clause, the Council has rendered its advisory

services to a large number of public undertakings,

government departments, business organisations who

approached the Council in regard to the formulation of

standard contract forms, trade terms, arbitration laws

and procedures in India and abroad. These services are

intended to educate the parties on the contract clauses

entered into by them. The Council has provided its

advisory services to public sector undertakings on

complimentary basis to promote the use of arbitration

and amicable settlement of business disputes.

XXXIII)Regional Offices of the Council

The Council has its regional offices at the premises

of the Indian Chamber of Commerce, at Kolkata,

Indian Merchants’ Chamber at Mumbai and Southern

India Chamber of Commerce & Industry at Chennai

to promote the use of arbitration and to provide

effective arbitration services. The addresses of regional

offices of the Council are:-

Western Regional Office

States : Maharashtra, Gujarat, Goa.

Office : The Indian Council of Arbitration

(Western Region),

c/o, Indian Merchants’ Chamber,

Indian Merchants Chamber Building,

IMC Marg, 76, Veer Nariman Marg,

Churchgate,

Mumbai - 400 020.

Southern Regional Office

States : Tamil Nadu, Kerala, Union Territory of

Pondicherry, Andhra Pradesh, Karnataka.

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(Southern Region),

c/o, Southern India Chamber of

Commerce and Industry,

Indian Chamber Building,

P B No. 1208, Esplanade,

Chennai - 600 018.

Eastern Regional Office

States : West Bengal, Tripura, Assam, Meghalaya,

Nagaland, Sikkim, Orissa, Bihar, Arunachal

Pradesh, Manipur.


(Eastern Region),

c/o, Indian Chamber of Commerce,

India Exchange,

4, India Exchange Place,

Kolkata - 700 001.

The regional offices extended their cooperation in the

successful organisation of conferences, interactive

meeting etc. organised by the Council during the year.

The Council also have its state level offices at Pune,

Hyderabad, Bangalore, Bhubaneshwar, Jaipur,

Ahmedabad, Cochin and Guwahati which are functioning

from the apex Chambers of Commerce.

XXXIV) Library

The Council maintains a comprehensive library on

arbitration and allied subjects, for use by members of

the Council and other interested persons. The library is

equipped with latest publications and literature from India

and abroad. Important journals and periodicals published

from important foreign arbitral institutions are also being

collected and added in the library for use of members,

arbitration practitioners and legal and business

community in India. As usual, the library of the Council

has been extensively used apart from members of the

Council, by several business executives, legal and

arbitration consultants, arbitrators and research students.

XXXV) Provident Fund of the Council

Dr.Amit Mitra and Mr. G K Kwatra were appointed as

trustees of the Indian Council of Arbitration Employees’

Provident Fund for the year 2003-2004 by the Governing

Body of the Council, during the year.

XXXVI) Membership of the Council

The Council has addressed several communications to

various important business organisations, chambers of

commerce and distinguished businessmen, legal

community, professionals, Chartered Accountants and

Individuals interested in the field of arbitration urging them

to join in the membership of the Council. Pursuant

thereto a number of important firms, Chartered

Accountants and Individuals have shown their keen

interest in the arbitration services of the Council and joined

as members.

The total membership of the Council stood at 4286 during

the year, which includes 18 Foundation Members,

48 Ordinary Members, 387 Associate Members and

3814 Individual Members. 254 Members have joined

Life/Permanent Membership by paying lumpsum

subscription during the year. A complete list of Members

of the Council for the year 2003-3004 is available at ICA

website: [email protected].

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INDIAN COUNCIL OFARBITRATION (ICA)STATEMENT OF ACCOUNTS


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REPORT OF AUDITORS TO THE MEMBERS

We have audited the attached balance sheet of the Indian Council of Arbitration as at 31st March, 2004 and theannexed Income and Expenditure Account and Receipts and Payments Account of the council for the year endedon that date annexed thereto. These financial statements are the responsibility of the Council’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statement presentation. Webelieve that our audit provides a reasonable basis for our opinion

Further to our comment above we report that :

1. We have obtained all the information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit;

2. Proper books of account have been kept by the Council so far as appears from our examination of books;

3. The Balance Sheet and Income & Expenditure and Receipt & Payments Account are in agreement with thebooks of accounts;

4. In our opinion and to the best of our information and according to the explanations given to us the said accounts,subject to:

(i) regarding provision having not been made for income tax damend of Rs.532679/- (being disputed and underappeal; note no. 4)

(ii) accounting for Leave encashment payment on cash basis as against accrual basis which is not inaccordance with accounting standards (AS15) “Accounting for retirement benefits” (Accounting Policiesno. 6(b)) and read with the other attached thereto and appearing thereon give a true and fair view inconformity with the accounting principles generally accepted in India:-

(i) In the case of Balance Sheet of the state of affairs of the Council as at 31st March, 2004;

(ii) In the case of Income & Expenditure Account of the surplus for the year ended on the date; and

(iii) In the case of Receipts and Payments Account of the receipts and payments for the year ended onthat date.

For KHANNA & ANNANDHANAMChartered Acountants

(Sd/-)

Place : New Delhi. K. A. BALASUBRAMANIANDate : 9th August, 2004 Partner

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THE INDIAN COUNCIL OFBALANCE SHEET AS AT

As At As At31.3.2003 LIABILITIES 31.3.2004(Rs.) (Rs.)

CAPITAL FUND

PERMANENT/LIFE MEMBERSHIP FUND

As per last Balance Sheet 1,12,56,700

1,12,56,700 Add: Received during the year 9,11,600 1,21,68,300

RESERVES & SURPLUS

As per last Balance Sheet 1,00,16,420

Add: Excess Provision written off

from Gratuity Fund 1,14,151

Add: Excess of Income over

Expenditure as per Income

1,00,16,420 & Expenditure A/c 5,88,844 1,07,19,415

PROVISION FOR RETIREMENT GRATUITIES

As per last Balance Sheet 14,73,515Less: Excess Provision Written Off 1,14,151

13,59,364

Add: Interest received/14,73,515 accrued on Investments 1,61,809 15,21,173

CURRENT LIABILITIES & PROVISIONS7,00,859 Sundry Creditors 2,99,283

Advance Subscriptions— From Existing/

81,900 Proposed Members 67,300

— From Proposed Members for

— Permanent/Life Membership 2,400

300 — For Journal —- 69,700 3,68,983

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19

ARBITRATION — NEW DELHI31ST MARCH 2004

As At As at31.3.2003 ASSETS 31.3.2004(Rs.) (Rs.)

2,70,229 FIXED ASSETS 3,75,345

(As per Schedule ‘A’ Attached)

3,57,28,320 INVESTMENTS 4,80,86,170

(As per Schedule ‘B’ Attached)

A) CURRENT ASSETS

22,32,242 — Interest Accrued on Investments 14,73,124

17,000 — Sundry Debtors (Considered Good) 1,39,180

— Cash & Bank Balance

28,063 Cash & Stamps in Hand 22,390

— Balance with Scheduled Banks7,206 In Current A/c. 2,926

1,45,207 In Savings A/c 4,14,681

4,00,000 In Fixed Deposits 1,00,0007,116 Accrued Interest on FDR 130 5,17,737

— For Arbitration Cases

20,601 In Savings A/c 21,364 29,11,344 In Fixed Deposits 22,00,000

43,079 Accrued Interest on FDR 21,004 22,42,368

— For Gratuity Fund

3,360 In Savings A/c —-

15,20,677 In Fixed Deposits 15,20,677

3,17,433 Accrued Interest on FDR 4,70,535 19,91,212


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As At As At31.3.2003 LIABILITIES 31.3.2004(Rs.) (Rs.)

Advance from Parties to Arbitration

Balance as per last Balance Sheet 2,22,88,823

Add: Received during the year

(Gross) (Taxes Deducted at Source

Rs.57,785/-)(Previous Year Rs.47,781/-) 2,11,03,325

4,33,92,148

Less:(i) Expenditure during the year 92,07,647

(ii) Income on completion of

cases transferred to Income

2,22,88,823 & Expenditure A/c. 25,72,282 1,17,79,929 3,16,12,219

31,329 Other Liabilities 1,16,365

4,07,424 Unclaimed Deposit from Parties 4,07,424

4,62,57,270 TOTAL 5,69,13,879

As per our Report to the Members attached separately

For KHANNA & ANNANDHANAMKHANNA & ANNANDHANAMKHANNA & ANNANDHANAMKHANNA & ANNANDHANAMKHANNA & ANNANDHANAM

Chartered Accountants

(Sd/-)

NEW DELHI K. A. BALASUBRAMANIAN K. A. BALASUBRAMANIAN K. A. BALASUBRAMANIAN K. A. BALASUBRAMANIAN K. A. BALASUBRAMANIAN

DATE : 9th August, 2004 Partner

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(Sd/-) (Sd/-) (Sd/-) (Sd/)

Yogendra Kr. Modi Onkar S. Kanwar Amit Mitra G K Kwatra

President Sr. Vice-President Member, Governing Body Executive Director

21

As At As at31.3.2003 ASSETS 31.3.2004(Rs.) (Rs.)

— For Permanent/Life

Membership Subscription Fund

5,569 In Savings A/c 1,802

16,40,000 In Fixed Deposits 4,00,000

6,034 Accrued Interest on FDR 521 4,02,323 53,15,210

B) LOANS & ADVANCES

(Considered Good)

73,968 — Conveyance Loan to Staff 51,612

3,40,505 — House Building Advances to Staff 4,60,847

18,620 — Prepaid Expenses 18,496

5,20,697 — Income Tax Deducted at Source 10,18,421

— — Interest Recoverable on Income Tax Refund 22,138

— — Advance for Travelling 92,516 16,64,030

4,62,57,270 TOTAL 5,69,13,879


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Schedule-BTHE INDIAN COUNCIL OF ARBITRATION — NEW DELHI

SCHEDULE OF INVESTMENTS AT COST AS AT 31ST MARCH 2004PARTICULARS As at As at

31.3.2003 31.3.2004(Rs.) (Rs.)

1. In 16.1/2% Unsecured Bonds of Rs.1,000/- each with Public Sector Undertakings

Indian Railway Finance Corpn. Ltd. 7,10,000 ——

2. In 16% Unsecured Bonds of Rs.5,000/- each with Public Sector Undertakings

Industrial Finance Corporation of India Ltd. 10,00,000 ——

3. In Fixed Deposits with Public Sector Undertakings.

a) Steel Authority of India Ltd. (f.v. Rs.35,50,000/-) 34,98,525 34,98,525

b) Bharat Petroleum Corpn. Ltd. (f.v. Rs.3,00,000/-) 2,97,450 ——

c) HUDCO (f.v. Rs.50,00,000/-) 37,71,500 49,52,500

d) I.F.C.I. Ltd. (f.v. Rs.5,00,000/-) 4,96,250 4,96,250

e) ICICI Home Finance Ltd. (f.v. Rs.8,00,000/-) 7,92,800 7,92,800

f) IDBI Suvidha Bond (f.v. 35,00,000/-) —— 34,66,750

g) FACT (f.v. Rs. 15,00,000/-) —— 14,82,000

4. In Units Trust of Indiaa) Under CRTS - 1981 8,780 units (Previous 8,780 units)

of face value of Rs.100/- per unit. 10,10,125 10,10,125

b) Under M.I.P. 98 (ii) 19,60,000 ——

c) Under M.I.P. 98 (iii) 2,00,000 ——

5. In 14% Regular Income Bond with Public Sector Undertakings

a) Industrial Credit & Investment Corpn. of India Ltd. 40,50,000 16,50,000

b) Industrial Development Bank of India 20,00,000 20,00,000

6. In 13.75% Regular Income Bond with Public Sector Undertakings

Industrial Credit & Investment Corpn. of India Ltd. 10,15,000 ——


Industrial Credit & Investment Corpn. of India Ltd. 3,50,000 ——


Industrial Development Bank of India (f.v. Rs.16,10,000/-) 16,03,560 16,03,560

9. In 11% Regular Income Bond with Public Sector Undertakings

a) Industrial Development Bank of India (f.v. Rs.5,00,000/-) 4,99,500 4,99,500

b) ICICI (f.v. Rs.15,00,000/-) 14,89,500 14,89,500


IDBI (f.v. Rs.19,60,000/-) 19,57,060 19,57,060


ICICI (f.v. Rs.46,00,000/-) 45,67,800 ——

12. In 9.5% Money Multiplier Bond with Public Sector Undertakings

- ICICI Ltd. (f.v. Rs.10,00,000/-) 9,92,500 9,92,500

13. In 8% RBI Bonds —— 2,21,95,100

TOTAL 3,57,28,320 4,80,86,170* (*includes Rs.73,01,370/- and Rs.3,40,12,650/- for Earmarked funds and Arbitration Cases Deposits respectively)

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The Indian Council ofIncome & Expenditure Account for

As AtAs AtAs AtAs AtAs At As AtAs AtAs AtAs AtAs At31.3.0331.3.0331.3.0331.3.0331.3.03 EXPENDITUREEXPENDITUREEXPENDITUREEXPENDITUREEXPENDITURE 31.3.0431.3.0431.3.0431.3.0431.3.04

(Rs.)(Rs.)(Rs.)(Rs.)(Rs.) (Rs.)(Rs.)(Rs.)(Rs.)(Rs.)

19,40,099 Establishment 20,74,504

90,435 Medical Reimbursement 89,052

—— Contribution to Staff Gratuity Fund ——

1,34,802 Leave Travel Concession 16,864

2,72,985 Encashment of Earned Leave 61,497

Income-Tax Consultancy Fee &

38,346 Legal Expenses 38,450

5,200 Hindi Translation Charges 7,000

1,10,889 Contribution to Staff Provident Fund 1,10,361

44,250 Conveyance 88,056

1,61,486 Travelling 1,13,366

4,29,086 Postage, Courier and Fax 5,58,033

81,376 Telephone 1,66,898

Charges for Maintenance of Office Space to Federation

Office Space to Federation of Indian Chambers of

6,25,408 Commerce & Industry 8,89,906

(including electricity expenses relating to earlier years Rs.1,29,191)

14,937 Staff Welfare 29,947

6,18,637 Printing & Stationery 7,38,379

1,29,143 Miscellaneous 1,68,44516,200 Honorarium to Auditors 21,600

2,975 Membership & Subscription to Journals 24,027

8,123 Hospitality 10,942

13,968 Annual General Meeting 15,365

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Arbitration — New Delhithe Year ended on 31st March 2004

As AtAs AtAs AtAs AtAs At As AtAs AtAs AtAs AtAs At31.3.0331.3.0331.3.0331.3.0331.3.03 INCOMEINCOMEINCOMEINCOMEINCOME 31.3.0431.3.0431.3.0431.3.0431.3.04


4,41,400 Subscription 3,41,600

Interest EarnedInterest EarnedInterest EarnedInterest EarnedInterest Earned

a)a)a)a)a) On Permanent/Life MembershipOn Permanent/Life MembershipOn Permanent/Life MembershipOn Permanent/Life MembershipOn Permanent/Life Membership

SubscriptionSubscriptionSubscriptionSubscriptionSubscription


Rs.1,16,891/-) (Previous year Rs. 34,564/-)

67 — On Savings A/c 61

1,56,800 — On Fixed Deposits 1,51,287

9,59,582 — On Investments 8,36,248

b)b)b)b)b) On Arbitration Cases DepositsOn Arbitration Cases DepositsOn Arbitration Cases DepositsOn Arbitration Cases DepositsOn Arbitration Cases Deposits


Rs.2,67,838/-) Previous year Rs. 1,10,992/-)

800 — On Savings A/c 763

3,09,131 — On Fixed Deposits 2,24,233

21,98,801 — On Investments 26,74,929

c)c)c)c)c) On Surplus AmountOn Surplus AmountOn Surplus AmountOn Surplus AmountOn Surplus Amount


Rs.43,174/-) (Previous year Rs. 25,966/-)

21,811 — On Savings A/c 31,404

39,500 — On Fixed Deposits 32,514

6,44,284 — On Investments 6,20,257

6,776 d)d)d)d)d) On conveyance loan to staffOn conveyance loan to staffOn conveyance loan to staffOn conveyance loan to staffOn conveyance loan to staff 5,7454,477 e)e)e)e)e) On house building advances to staffOn house building advances to staffOn house building advances to staffOn house building advances to staffOn house building advances to staff 8,574 45,86,015

20,89,331 Income from Arbitration Cases 25,72,282

2,36,000 Registration Fee for Arbitration Cases 2,09,500

57,599 Sale of Publications 1,61,955


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As AtAs AtAs AtAs AtAs At As AtAs AtAs AtAs AtAs At31.3.0331.3.0331.3.0331.3.0331.3.03 EXPENDITUREEXPENDITUREEXPENDITUREEXPENDITUREEXPENDITURE 31.3.0431.3.0431.3.0431.3.0431.3.04


21,615 Books & Periodicals 1,474

50,000 Expenses on Branch Offices 50,000

7,61,891 Journals, Pamphlets & Publications 10,73,928

2,64,470 Repair & Maintenance 2,03,855

3,88,889 General Publicity & Advertisement 5,36,835

Expenses on Conferences, Regional Meetings,

2,54,312 Technical Meetings 6,45,669

3,500 Debt not Realised 5,000

50,717 Depreciation 1,09,786

12,61,832 Excess of Income over Expenditure carried to Balance Sheet 5,88,844

77,95,57177,95,57177,95,57177,95,57177,95,571 TOTTOTTOTTOTTOTALALALALAL 84,38,08384,38,08384,38,08384,38,08384,38,083




(Sd/-)



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(Sd/-) (Sd/-) (Sd/-) (Sd/)



27

As AtAs AtAs AtAs AtAs At As AtAs AtAs AtAs AtAs At31.3.0331.3.0331.3.0331.3.0331.3.03 INCOMEINCOMEINCOMEINCOMEINCOME 31.3.0431.3.0431.3.0431.3.0431.3.04


4,91,300 Fee Received from Conferences 3,77,200

1,12,779 Miscellaneous Income 5,000

—— Profit on Sale of Fixed Assets 3,502

300 Subscription for Journal 400

—— Creditors no longer payable now written back 1,58,491

—— Interest Income on Income Tax Refund 22,138

77,95,57177,95,57177,95,57177,95,57177,95,571 TOTTOTTOTTOTTOTALALALALAL 84,38,0884,38,0884,38,0884,38,0884,38,083


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ACCOUNTING POLICIES & NOTES TO THEACCOUNTING POLICIES & NOTES TO THEACCOUNTING POLICIES & NOTES TO THEACCOUNTING POLICIES & NOTES TO THEACCOUNTING POLICIES & NOTES TO THE

ACCOUNTINGACCOUNTINGACCOUNTINGACCOUNTINGACCOUNTING

A.A.A.A.A. ACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIESACCOUNTING POLICIES

1. Financial Statement

The Financial Statement have been prepared on accrual basis, excepting to the extent stated elsewhere,and based on applicable accounting standards.

2. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

3. Depreciation

Depreciation on fixed assets is provided on written down value method on prorata basis at thefollowing rates:

Furniture & Fixture 10%Office Equipment 15%Vehicle 20%Air-conditioner 33.33%Computer 40%

4. Subscription

a. Membership Subscription is accounted for on cash basis. However subscription received inadvance is carried over and recognized as income in the year to which it pertains.

b. Life Membership subscription is credited to life membership Fund Account.

5. Fees from arbitration cases

a. Income from arbitration services is recognize when the arbitration cases are concluded andclosed.

b. Registration fees for arbitration cases is accounted for at the time of registration/receipt.

6. Employee Benefits

a. Provision for retiring Gratuity to eligible employee is made based on the policy of the Council.

b. Leave Encashment payment is accounted for on cash basis and no accrual thereof is created.

c. Provident Fund contributions are accounted for on accrual basis and the amount collected isdeposited with provident fund trust account.

7. Publication

Stock of publication in hand at close of the year are not valued and brought into the books.

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B.B.B.B.B. NOTES TO THE ACCOUNTSNOTES TO THE ACCOUNTSNOTES TO THE ACCOUNTSNOTES TO THE ACCOUNTSNOTES TO THE ACCOUNTS

1. Following past practice expenditure incurred on publication/books are charged off in the year in whichthey incurred and no value is assigned to unsold publication in hand at the close at the year.

2. During the year under consideration the Council had printed publications costing Rs.222088/- (deliveryof publications effected prior to 31st March, 2004 but invoiced partly prior to 31.3.2004 and partlythereafter) for which accounting entry has been recorded creating a liability for a like amount to thepublications having been distributed substantially prior to 31st March 2004.

3. For want of particulars & clarification, subscription received in the earlier years amount to Rs.28365/-continues to be treated as advance subscription and carried forward as liabilities.

4. (a) Provision for demands raised by the income tax department for the assessment year 84-85, 85-86and 89-90 aggregating to Rs.532679/- has not been created as appeals have been preferred against theorders and the management is hopeful of succeeding in the appeals.

(b) Income Tax assessment up to assessment year 2003-04 have been completed on nil income basisand refunds received.

5. Previous year figures have been rearranged/regrouped wherever found necessary.

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The Indian Council ofReceipts & Payments Account For

As atAs atAs atAs atAs at ReceiptsReceiptsReceiptsReceiptsReceipts As atAs atAs atAs atAs at

31.3.0331.3.0331.3.0331.3.0331.3.03 31.3.0431.3.0431.3.0431.3.0431.3.04


BALANCE AS ON 1.4.2003BALANCE AS ON 1.4.2003BALANCE AS ON 1.4.2003BALANCE AS ON 1.4.2003BALANCE AS ON 1.4.2003

59 Cash in Hand 5,575

15,235 Postage Stamps in Hand 22,488

Bank BalancesBank BalancesBank BalancesBank BalancesBank Balances

7,206 - In Current Accounts 7,206

1,16,799 - In Savings Accounts 1,74,737

64,72,021 - In Fixed Deposits 64,72,021

3,33,78,095 InvestmentsInvestmentsInvestmentsInvestmentsInvestments 3,57,28,320

SubscriptionSubscriptionSubscriptionSubscriptionSubscription

3,45,400 For 2002-2003 6,400

80,300 For 2003-2004 3,35,200

—- For 2004-2005 67,300

Permanent/Life Membership SubscriptionPermanent/Life Membership SubscriptionPermanent/Life Membership SubscriptionPermanent/Life Membership SubscriptionPermanent/Life Membership Subscription

9,18,800 For 2002-2003 —-

—- For 2003-2004 9,11,600

For 2004-2005 2,400

63,299 Sale of Publications 31,275

96,55,333 Receipts for Arbitration Cases 2,10,45,540

2,39,500 Registration Fee for Arbitration Cases 2,17,000

35,253 Advances Recovered from Staff 52,014

—- Other Advances Received —-

40,88,459 Interest Received from Banks/Fixed Deposits/Investments 49,41,992

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Arbitration — New Delhithe Year ended on 31st March 2004

As atAs atAs atAs atAs at PPPPPAAAAAYMENTSYMENTSYMENTSYMENTSYMENTS As atAs atAs atAs atAs at

31.3.0331.3.0331.3.0331.3.0331.3.03 31.3.0431.3.0431.3.0431.3.0431.3.04


15,750 Audit Fee for 2002-2003 16,200

22,15,490 Establishment 20,74,504

90,435 Medical Reimbursement 89,052

1,34,802 Leave Travel Concession 16,864

2,72,985 Encashment of Earned Leave 61,497

1,07,925 Contribution to Provident Fund 1,10,361

1,57,926 Travelling 1,16,926

44,250 Local Conveyance 84,042

15,500 Staff Welfare 30,052

4,14,460 Postage, Telegram and Fax 6,26,566

90,033 Telephone Expenses 1,59,673

5,77,908 Payment to FICCI 9,15,398

4,87,963 Printing & Stationery 9,10,518

1,31,545 Miscellaneous 1,68,445

800 Membership & Subscription to Journals 23,798

21,615 Books & Periodicals 1,474

8,123 Hospitality 10,942

7,61,891 Expenses on Journals, Pamphlets & Publications 10,73,928

38,346 Income-Tax Consultancy Fee & Legal Expenses 38,450

5,200 Hindi Translation Charges 7,000

2,64,470 Repair & Maintenance 2,03,855

65,10,933 Expenses on Arbitration Cases 92,07,647

3,88,889 General Publicity & Advertisement 5,36,835

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(Sd/-)



As atAs atAs atAs atAs at RECEIPTSRECEIPTSRECEIPTSRECEIPTSRECEIPTS As atAs atAs atAs atAs at

31.3.0331.3.0331.3.0331.3.0331.3.03 31.3.0431.3.0431.3.0431.3.0431.3.04


1,12,779 Miscellaneous Receipts 5,000

5,22,300 Fee Received for Regional Conferences, Technical Meetings, etc. 3,78,200

—- Subscription Received for Journal 400

6,776 Interest on Conveyance Loan to Staff 5,745

4,477 Interest on House Building Advance to Staff 8,574

6,81,311 Refund of TDS (Net of TDS) —-

5,67,68,2355,67,68,2355,67,68,2355,67,68,2355,67,68,235 TOTTOTTOTTOTTOTALALALALAL 7,04,18,9877,04,18,9877,04,18,9877,04,18,9877,04,18,987

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(Sd/-) (Sd/-) (Sd/-) (Sd/)



As atAs atAs atAs atAs at PPPPPAAAAAYMENTSYMENTSYMENTSYMENTSYMENTS As atAs atAs atAs atAs at

31.3.0331.3.0331.3.0331.3.0331.3.03 31.3.0431.3.0431.3.0431.3.0431.3.04


1,89,000 Advances Given to Staff 1,50,000

35,000 Branch Office Expenses 40,000

2,54,312 Expenses on Regional Conferences, Technical Meetings, etc. 6,45,669

13,968 Annual General Meeting 15,365

67,000 Computer 1,51,400

3,920 Furniture and Fixtures —-

—- Air Conditioners 48,400

1,250 Office Equipment 21,600

—- Advance for Travelling 92,516

6,36,859 Expenses on ICCA Conference —-

3,99,340 Payment of Gratuity (net of Receipts on account of interest) —-

BALANCE AS ON 31-3-2004BALANCE AS ON 31-3-2004BALANCE AS ON 31-3-2004BALANCE AS ON 31-3-2004BALANCE AS ON 31-3-2004

5,575 Cash in Hand 6,543

22,488 Postage Stamps in Hand 15,847

Bank BalanceBank BalanceBank BalanceBank BalanceBank Balance

7,206 - In Current Accounts 2,926

1,74,737 - In Savings Accounts 4,37,847

64,72,021 - In Fixed Deposits 42,20,677

3,57,28,320 InvestmentsInvestmentsInvestmentsInvestmentsInvestments 4,80,86,170

5,67,68,2355,67,68,2355,67,68,2355,67,68,2355,67,68,235 TOTTOTTOTTOTTOTALALALALAL 7,04,18,9877,04,18,9877,04,18,9877,04,18,9877,04,18,987

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The Indian Council of ArbitrationBalance Sheet as at

LIABILITIESLIABILITIESLIABILITIESLIABILITIESLIABILITIES Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)

CAPITCAPITCAPITCAPITCAPITAL FUNDAL FUNDAL FUNDAL FUNDAL FUND Employees’Employees’Employees’Employees’Employees’ Employers’Employers’Employers’Employers’Employers’

CONTRIBUTION ACCOUNTCONTRIBUTION ACCOUNTCONTRIBUTION ACCOUNTCONTRIBUTION ACCOUNTCONTRIBUTION ACCOUNT ContributionContributionContributionContributionContribution ContributionContributionContributionContributionContribution

Balance as at 1.4.2003 13,09,378 9,21,943 22,31,321

Add: Contribution during the year 1,71,255 1,10,361 2,81,616

Interest Credited 69,344 47,449 1,16,793

15,49,977 10,79,753 26,29,730

LAPSES & FORFEITURESLAPSES & FORFEITURESLAPSES & FORFEITURESLAPSES & FORFEITURESLAPSES & FORFEITURES

ACCOUNT (ALLOCAACCOUNT (ALLOCAACCOUNT (ALLOCAACCOUNT (ALLOCAACCOUNT (ALLOCATEDTEDTEDTEDTED

TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)

Balance as at 1.4.2003 11,605

Add: Interest Credited 581 12,186

SURPLUS INTEREST (ALLOCASURPLUS INTEREST (ALLOCASURPLUS INTEREST (ALLOCASURPLUS INTEREST (ALLOCASURPLUS INTEREST (ALLOCATEDTEDTEDTEDTED

TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)TO MEMBERS ACCOUNT)

Balance as at 1.4.2003 12,74,847

Add: Transfer from Unallocated

Interest during the year. 2,16,814 14,91,661

SUSPENSE ACCOUNTSUSPENSE ACCOUNTSUSPENSE ACCOUNTSUSPENSE ACCOUNTSUSPENSE ACCOUNT

(UNALLOCA(UNALLOCA(UNALLOCA(UNALLOCA(UNALLOCATED INTEREST)TED INTEREST)TED INTEREST)TED INTEREST)TED INTEREST)

Balance as at 1.4.2003 2,59,572

Add : Transfer from Interest

Account during the year 1,69,506

4,29,078

Less:Interest Allocated to

Members during the year 2,16,814 2,12,264

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35

Employees’ Provident Fund - New Delhi31st March 2004

ASSETSASSETSASSETSASSETSASSETS Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)

INVESTMENTS (AINVESTMENTS (AINVESTMENTS (AINVESTMENTS (AINVESTMENTS (AT COST)T COST)T COST)T COST)T COST)

9.50% Central Govt. Loan-2004 35,800

(f.v. Rs.35,800/-)

7% Central Govt. Loan-2009 8,694

(f.v. Rs.9,000/-)

Special Deposit with Bank of Baroda, New Delhi 30,97,143

31,41,637

INTEREST ACCRUED ON INVESTMENTSINTEREST ACCRUED ON INVESTMENTSINTEREST ACCRUED ON INVESTMENTSINTEREST ACCRUED ON INVESTMENTSINTEREST ACCRUED ON INVESTMENTS 73,072

Due from ICICI Bank 3,60,000

RECOVERABLE LOANS TO STRECOVERABLE LOANS TO STRECOVERABLE LOANS TO STRECOVERABLE LOANS TO STRECOVERABLE LOANS TO STAFFAFFAFFAFFAFF

Balance as at 1.4.2003 1,04,509

Add : Loans given during the year 1,50,000

2,54,509

Less : Repayments during the year 1,13,669 1,40,840


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Notes: 1. Members Contribution is inclusive of Voluntary Contribution from Members

Examined and Found Correct

For KHANNA & ANNANDHANAMKHANNA & ANNANDHANAMKHANNA & ANNANDHANAMKHANNA & ANNANDHANAMKHANNA & ANNANDHANAMChartered Accountants

(Sd/-)

NEW DELHI K.A. BALASUBRAMANIAN K.A. BALASUBRAMANIAN K.A. BALASUBRAMANIAN K.A. BALASUBRAMANIAN K.A. BALASUBRAMANIANDATE : 9th August, 2004 Partner

LIABILITIESLIABILITIESLIABILITIESLIABILITIESLIABILITIES Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)

INTERESTINTERESTINTERESTINTERESTINTEREST ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT

Interest from Bank & Investments including on loans to staff 2,73,903

Add: Interest on Loans to Staff 17,977

2,91,880

Less: Expenses 5,000

2,86,880

Less:Credited to Contribution Account as above 1,16,793

1,70,087

Less: Credited to Lapses & Forfeitures Account as above 581

1,69,506

Less: Balance transferred to Suspense Account 1,69,506 —

TOTTOTTOTTOTTOTALALALALAL 43,45,84143,45,84143,45,84143,45,84143,45,841

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(Sd/-) (Sd/-) AMIT MITRA G. K. KWATRA

Trustee Trustee

We hereby certify that the above Balance Sheetis true and correct to the best of our information.

37

ASSETSASSETSASSETSASSETSASSETS Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)Amount (Rs.)

BALANCE WITH BANK OF BARODA, NEW DELHIBALANCE WITH BANK OF BARODA, NEW DELHIBALANCE WITH BANK OF BARODA, NEW DELHIBALANCE WITH BANK OF BARODA, NEW DELHIBALANCE WITH BANK OF BARODA, NEW DELHI

— In Savings Account 6,30,292

TOTTOTTOTTOTTOTALALALALAL 43,45,84143,45,84143,45,84143,45,84143,45,841


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PRESIDENTS – PAST AND PRESENT

* Mr. S L Kirloskar 1965-66* Mr. Ramanbhai B Amin, Baroda 1966-67* Mr. L N Birla, Calcutta 1967-68* Rai Bahadur G M Modi, Modinagar 1968-69* Dr Ramnath A Podar, Mumbai 1969-70* Mr. D C Kothari, Chennai 1970-71

Mr. S S Kanoria, Calcutta 1971-72Mr. Madan Mohan Mangaldas, Ahmedabad 1972-73Dr Charat Ram, New Delhi 1973-74Mr. K K Birla, Calcutta 1974-75Mr. Harish Mahindra, Mumbai 1975-76

* Mr. M V Arunachalam, Chennai 1976-77* Mr. B P Podar, Calcutta 1977-78

Mr. Pravinchandra V Gandhi, Mumbai 1978-79Mr. H S Singhania, New Delhi 1979-80Mr. K N Modi, Modinagar 1980-81Mr. Arvind N Lalbhai, Ahmedabad 1981-82

* Cav G K Devarajulu, Coimbatore 1982-83* Mr. A K Jain, Calcutta April-Sept. 1983

Dr Bharat Ram, New Delhi 1983-84* Mr. A K Jain, Calcutta 1984-85

Mr. D N Patodia, New Delhi 1985-86* Mr. K S G Haja Shareeff, Chennai 1986-87 Mr. Rohit C Mehta, Ahmedabad 1987-88* Mr. Raunaq Singh, New Delhi 1988-89 Mr. S K Birla, Calcutta 1989-90 Mr. V L Dutt, Chennai 1990-91 Mr. Kantikumar R Podar, Mumbai 1991-92*Dr Bansi Dhar, New Delhi 1992-93 Mr. A K Rungta, Calcutta 1993-94 Mr. Deepak Banker, Chennai 1994-95*Mr. A S Kasliwal, Mumbai 1995-96 Mr. K K Modi, New Delhi 1996-97 Mr. Sudhir Jalan, Calcutta 1997-98 Mr. G.P. Goenka, Calcutta 1998-99 Dr. A.C. Muthiah, Chennai 1999-2001 Mr. Chirayu R Amin, Vadodara 2001-2002 Mr. Rajendra S Lodha, Kolkata 2002-2003 Mr. Yogendra Kr. Modi, Gurgaon 2003-2004

* Since deceased

International Co-operation AgreementsInternational Co-operation AgreementsInternational Co-operation AgreementsInternational Co-operation AgreementsInternational Co-operation AgreementsThe Council has established a high international profile and provide legal and arbitration facilties. ICA hassigned cooperation agreements with 40 major arbitral centres around the world. India is a Signatory to the NewYork Convention.1. The Board of Trade of Thailand2. The Korean Commercial Arbitration Association3. The Yugoslav Chamber of Economy, Belgrade4. The Bulgarian Chamber of Commerce & Industry, Sofia5. The Chambers of Commerce and Industry of the Socialist Republic of Romania6. The International Chamber of Commerce, The Court of Arbitration of the International Chamber of

Commerce, The Indian National Committee of the International Chamber of Commerce7. The Asian-African Legal Consultative Committee, The Regional Centre for Arbitration at Kuala Lumpur8. The Scottish Council for Arbitration9. The Australian Centre for International Commercial Arbitration10. The Nederlands Arbitrage Instituut, Rotterdam11. The Arbitration Institute of the Stockholm Chamber of Commerce, Stockholm12. The American Arbitration Association13. The Danish Committee of International Arbitrators14. The Permanent Arbitration Court of the Mauritius Chamber of Commerce and Industry15. The Chamber of Commerce and Industry of the Russian Federation16. The German Institution of Arbitration17. The Cairo Regional Centre for International Commercial Arbitration18. The Arbitration Court Attached to the Economic Chamber of the Czech Republic19. The Swiss Arbitration Association20. The Cameroon Committee of Arbitration, Douala21. Ghana Arbitration Centre22. Greek Arbitration Association, Athens, Greece23. The Tokyo Maritime Arbitration Commission of the Japan Shipping Exchange, Inc.24. The Philippine Dispute Resolution Center, Inc.25. The Arbitration Centre of the Institute for the Development of Commercial Law & Practice Srilanka26. The Association of Arbitrators, South Africa27. The Chartered Institute of Arbitrators, London28. The London Court of International Arbitration29. The Chamber of National and International Arbitration of Milan30. The Greek Arbitration Association, Athens, Greece31. Mediterranean Aritration Council Legal Seat, Milan, Italy32. The Association of Arbitrators of Nigeria, Lagos, Nigeria33. The WIPO Arbitration and Mediation Center World Intellectual Property Organization, Geneva Switzerland34. The China International Economic and Trade Arbitration Commission35. The Chartered Institute of Arbitrators, Kenya Branch36. The Polish Arbitration Association, Poland37. The G.C.C. Commercial Arbitration Centre, Bahrain38. The Bahrain Centre for International Commercial Arbitration (BACICA), Bahrain39. The Federation of Bangladesh Chambers of Commerce & Industry, Dhaka40. The Arbitration Association of the Republic of China

Institutional

Arbitration Clause

saves time

and prevents complication

choose ICA Rules

of Arbitration

and Venue

to be in India

ICA AND ITS SERVICESICA AND ITS SERVICESICA AND ITS SERVICESICA AND ITS SERVICESICA AND ITS SERVICES

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Mr. S L KhuranaDy SecretaryIndian Council of ArbitrationFederation HouseTansen Marg, New Delhi-110001Phone : 91-11-23738760-70, 23719103Fax : 91-11-23320714, 23721504 Email : [email protected]

Western RegionMr. P.N Mogre, Secretary GeneralIMC Buildings, IMC Marg,76, Veer Nariman Road,Churchgate, Mumbai - 400 020Ph: 020- 22046633, Fax: 022- 22048508

State of KarnatakaDr. C Manohar, SecretaryFederation of Karnataka Chambers of Commerce and Industry,Federation House, Kempegowda RoadBangalore - 560 009Ph: 080 - 22262157, 22262355/56; Fax: 080 - 22251826

State of Andhra PradeshMs. M Hemlata, SecretaryFederation of Andhra Pradesh Chambers of Andhra PradeshChamber of Commerce and Industry,11-6-841, Red Hills, Hyderabad - 500 004Ph: 040 - 23393428, 23393658; Fax: 040 - 23395083, 23393712

Eastern RegionMr. N Arif, Secretary General,Indian Chamber of Commerce4, India Exchange Place,Kolkata - 700 001Ph: 033-22203242-44; Fax:033- 22213377

State of RajasthanDr.K.L Jain, Hon. SecretaryRajasthan Chambers of Commerce & Industry, RajasthanChamber Bhawan, M.I Road, Jaipur - 302 003Ph: 0141- 2565163; Fax: 0141-2561419

State of KerelaMr. S.A Mansoor, SecretaryKerela Chambers of Commerce & Industry, Chamber Corner,Shanmughan Road, Cochin - 682 031Ph: 0484 - 354885, 380950 Fax: 0484 - 374253

State of MaharashtraMr. D.K Abhyankar, Director GeneralMahratta Chamber of Commerce, Industry & Agriculture,Tilak Marg, Pune - 411 002Ph: 020- 4440371, 4440472 Fax: 020- 4447902

State of OrissaMr. Debabrata Dash, SecretaryUtkal Chambers of Commerce & Industry,301, Vandana Apartments, Vivekananda Marg,Bhubaneswar - 751 002Ph: 0674- 2301211, 2344056 Fax: 2302059

North-East StatesMr. D.K Sharma, Secretary,North - East Chamber of Commerce & Industry, Zoo Road Tiniali,Opp. Geeta Nagar Police Station,Guwahati - 781 024Ph: 0361 - 2417074; Fax: 0361 - 2410461

ICA MISSION‘The’ ideal forum for Institutional Arbitration which is Les Justes*

L - Low CostE - EfficientS - Simple

J - JustU - User FriendlyS - SpeedyT - Trust WorthyE - EquitableS - Serviceable

*French Word - Meaning “The Just”

ICA Branch Offices / State Level Offices

Indian Council of ArbitrationFederation House, Tansen Marg, New Delhi - 110 001

Ph. : 23719103, 23319849, 23319760, 23738760-70 (11 lines)Fax : 23320714, 23721504; Website : www.bisnetworld.net/icanet

CYMK - icaindia.co.in · Council into global arbitration center in South Asia, we intend to improve our cooperation with arbitration agencies in neighboring countries. We will also

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