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April 9, 2001
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Money > Business Headlines > Report April 9, 2001 |
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Dabhol talks tough on guaranteeS Ravindran The Dabhol Power Company has got tough with the Union government over the counter-guarantee issue. Although it has sent a notice of arbitration and conciliation to the Centre, it has stated in the notice that it would prefer to go in for arbitration proceedings right away. Disclosing this, a senior Maharashtra government official said: "This is clearly high-handed behaviour. The company is displaying a big-brother attitude". Under the terms of the counter-guarantee, when such an arbitration notice is served, two options are available. The two sides can set up a dispute resolution panel, which can arrive at a solution within 60 days of the issue of the notice which, in this case, was served on April 4, 2001. If the two sides cannot come to a solution even after this, they can approach the London Court of Arbitration. Each side would then appoint an arbitrator, besides another from a neutral country. Industry observers say this could take a maximum of six months. Meanwhile, in a communication to the Centre, the Maharashtra government said the Centre can pursue either the conciliation or the arbitration route. "We have informed the Union government that they can pursue either route. This has been done after an extensive study of the counter-guarantee clauses. In either case, the Union government, as well as the DPC, have to nominate their conciliator or arbitrator on April 9," senior state government officials said. Powered by ALSO READ:
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