“This will not only increase confidence of both domestic and global players but also provide boost to ease of doing business in India,” he said.
However, periodic or habitual offenders should be treated differently and punished with higher penalties as may be decided by the adjudicating authority. “For such business and economic legislations which fall within the domain of arbitration or civil courts, the government should consider decriminalising the laws, unless there is an intent of fraud or misdoings,” CII president Vikram Kirloskar said. “There have been increasing incidents recently where commercial and civil disputes are being treated as criminal complaints, thereby creating a fear factor among company directors, young entrepreneurs and foreign investors,” CII said, adding directors today are fearful, and this impacts corporates negatively since they are resigning due to the fear of criminal implications of the laws.
Its other suggestions include award of costs where courts have observed that there is frivolous litigation, creating a process for a without-admission of guilt settlement of tax and economic offences with exceptions, among others.
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