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DestinyCreates

Leaders Who

Change

Destiny!

.

Law-Introduction

Arun Kumar Davay

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Introduction to LawIntroduction to Law

Law is an instrument

of social justice

of the state

that seeks

to provide

justice,

stability &

security

in the society

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What is LawWhat is Law

Law includes all the rules & principles which regulate our relationswith other individuals & with the state.

Objectives of law:

To establish socio-economic justice and remove the existingimbalance in the socio-economic structure.

Since time immemorial every society has its own law.

Law is a social science grows with society.

Law means different things in different times highly dynamic

concept with core values

Dharma (Hindu), Hukum (Islamic), Jus (Roman), Droit (French),

Richt (German)

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Law isLaw is

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Law isLaw is

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Constitution of IndiaConstitution of India The union and its territories Citizenship

Fundamental rights

Right to equity

Right to freedom

Right against exploitation

Right to freedom of religion

Cultural and educational rights

Remedies

Fundamental duties Directive principles of state policy

Provisions regarding Union, States and Union Territories

Finance, Property, Contracts, Suits, Trade and Commerce

Other miscellaneous provisions relevant to business

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Natural JusticeNatural Justice

The term natural justice means that a result or process should bejust.

Rules:

a)N

o one can be a judge in his own cause. A judge should beable to act impartially, objectively and without any bias.

b) No one should be condemned without being heard. This is

based on Audi alter am partem (Hear the other side).

c) No one can be penalised on the ground of conduct whichwas not penal on the day it was committed.

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Custom

Legislation

Morals and equityOpinions of experts

English Mercantile law

Statute LawJudicial decisions or the system of precedents

Customs & usages

Sources of Law

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What an MBA Should know about Law

He should develop a legal sense to know his rights andobligations as per relevant law.

Remember Ignorance of law is no excuse.

There are many legislations affecting the business entity today.

Basic knowledge of some of the legislations, rules, notifications

and clarifications under various provisions of the concerned

Acts would help in carrying out the business without legalproblems.

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Some of Acts may be grouped under:Some of Acts may be grouped under:

General Laws,

Procedural Laws

Commercial & Corporate Laws

Environmental Laws

Labor and Industrial Laws

Taxation Laws

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General LawsGeneral Laws

The Constitution of India [395 Articles divided into 22 Parts and12 Schedules fundamental rights, directive principles,

constituting )

The Indian Penal Code, 1860 [ general penal code contained in 511

sections divided into 23 chapters)

Family Laws /personal laws (Hindu, Muslim & Christian

governing majority, adoption, inheritance of property, marriage,

divorce, guardianship etc. in different Acts)

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Commercial and Corporate LawsCommercial and Corporate Laws

The Indian Contract Act, 1872 The Indian Partnership Act 1932

TheNegotiable Instruments Act, 1881

The Companies Act, 1956

The Foreign Exchange Management Act, 1999

The Competition Act, 2002

The Securities Exchange Board of India Act, 1992

The Consumer Protection Act, 1986

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Procedural CodesProcedural Codes

1. The Code of Civil Procedure, 1908 [158 sections and 51 Orders ]

2. The Code of Criminal Procedure, 1973 [484 sections divided into

38 chapters with 2 schedules 1st schedule about classification

of offences and 2nd schedule contains various forms used in

following the procedure.]

3. The Indian Evidence Act, 1872 [167 sections divided into 11

parts) deals with proving facts by evidenceoral or written or

circumstantial. Facts are the basis on which the rights and

liabilities are ascertained to determine the case before hand.

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Environmental LawsEnvironmental Laws

1. The Water (Prevention and Control of Pollution) Act, 19732. The Air (Prevention and Control of Pollution) Act, 1981

3. The Environment (Protection) Act, 1986

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Industrial and Labour lawsIndustrial and Labour laws

The Factories Act, 1948The Industrial Disputes Act, 1947

The Trade Unions Act, 1926

The Employees Provident Funds and Miscellaneous Provisions Act, 1952

The Employees State Insurance Act, 1948The Industrial Employment (Standing Orders) Act, 1946

The Workmens Compensation Act, 1923

The Maternity Benefit Act, 1961

The Minimum Wages Act, 1948

The Payment of Bonus Act, 1965

Shops and Establishment Acts of concerned States.

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Direct and Indirect Taxation LawsDirect and Indirect Taxation Laws

1. The Income Tax Act, 19612. The Customs Act, 1962

3. The Central Excise Act. 1944

4. The Central Sales Tax Act, 1956 & concerned StateGeneral Sales Tax Acts.

5. Host of State Acts & Rules relating to sales, excise etc.

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Indian Contract Act,

1872

WorkmensCompensation Act,

1923

Trade Unions Act,

1926Partnership Act, 1932

Payment of Wages

Act, 1936

Industrial

Employment

(Standing Orders)

Act, 1946

Industrial Disputes

Act, 1947 Factories Act, 1948

Employees State

Insurance Act, 1948

Minimum Wages Act,

1948

Employees PF &

Miscellaneous

Provisions Act, 1952

Company Act, 1956

Apprentices Act,

1961

Maternity Benefits

Act, 1961

Payment of Bonus

Act, 1965

Payment of Gratuity

Act, 1972