CJI Gavai: SC Strikes Balance Between Economic Freedom and Regulatory Discipline
Image Source: Internet
New Delhi, Chief Justice of India B R Gavai emphasized the Supreme Court's commitment to upholding the rule of law and ensuring transparency in commercial and corporate matters. Speaking at the Sixth Full Meeting of the Standing International Forum of Commercial Courts, the CJI highlighted the Court's approach to economic considerations. The apex court, Gavai said, has consistently ensured that it doesn't interfere in policy matters involving economic considerations unless there's a violation of fundamental rights or other Constitutional provisions. In commercial and corporate cases, the Court has been vigilant in rejecting attempts to misuse legal or corporate structures for fraudulent gain. Gavai underscored the importance of maintaining a delicate balance between economic freedom, regulatory discipline, and fairness. He noted that the Court has reinforced the need for regulatory bodies to operate within the limits of the Constitution and that their measures must be proportionate and reasonable. The CJI also emphasized the need for commercial law to promote sustainability and ethical enterprise, particularly as India transitions to a digital and green economy. He highlighted the Court's principled approach to diverse areas such as corporate governance, insolvency, arbitration, and environmental accountability. Gavai welcomed the trend of Indian companies integrating Environmental, Social, and Governance (ESG) principles into corporate reporting, saying it aligns with the spirit of trusteeship in India's Constitutional philosophy. He noted that profit must be aligned with purpose, and markets function best when anchored in responsibility.
