Alternative Dispute Resolution and the Role of Cost Accountants: A Big Bite of the Cake in the Waiting

Abstract

The domain of Arbitration and arbitrators profession were historically not considered to be the areas of practice for the Cost and Managements Accountants. Only few qualified and experienced finance professionals were empanelled in the Arbitration Council of India in the category of: "Financial Experts". Very few of them got the opportunity to be ultimately appointed as "Arbitrators" in prestigious arbitral assignments. But now the changes in the statute relating to qualifications required for appointment as Arbitrators has opened up new scope for the CMA's. The present article highlights a brief concept of Alternative dispute redressal (ADR) mechanism with particular emphasis on Arbitration and the huge professional opportunity in the waiting for WE, THE COST and MANAGEMENT ACCOUNTANTS.