1. BY Raj Kumar AswaniJagjit Singh Panesar
2. Objectives• Introduction to Legal Aspects of Business in India• Components of Legal System• Constitutional Provisions• Freedom of Trade, Profession and Occupation
3. Prologue to Legal Aspects of Business in India• Laws mirror the arrangement system of the Governmental structure of India.• Ensure that each organization is working according to this framework.• Every undertaking must consider this legitimate set up while encircling the essential points and destinations of its company.• Necessary for proficient and solid working of the association and helps it to think about the rights and obligations.
4. • The Companies Act, 1956• The Indian Contract Act, 1872• The Industries (Development and Regulation) Act, 1951• Trade Unions Act• The Competition Act, 2002• The Arbitration and Conciliation Act, 1996• The Foreign Exchange Management Act (FEMA), 1999• Intellectual property rights• Laws identifying with work welfare
5. Parts of Legal System• Legislature – Parliament frames the union lawmaking body and includes two houses: • Rajya Sabha – Council of States, and • Lok Sabha – House of the People• Executive – President – Vice-President – Council of Ministers – Ministers of State and Deputy Ministers – Cabinet Secretariat – Ministries of the Government
6. Segments of Legal System• Judiciary Supreme Court High Court MetropolitianDistrict Level City Level Court Company Law Board Tribunals
7. Sacred Provisions• Enacted by the Constituent Assembly on 26 November 1949, and happened on 26 January 1950.• Constitution has 22 Parts with 395 articles and 12 Schedules for a sum of 1,17,369 words.• Constitutional procurements are made for the nationals of India furthermore incorporates the major rights and obligations of the subjects of India.
8. Sacred Provisions• Part III – Fundamental Rights – Article 19• Part IV – Directive Principles and Fundamental Duties – Article 41• Part XII – Finance, Property, Contracts and Suits – Article 298• Part XIII – Trade and Commerce inside of the region of India – Article 301-307
9. Part III Fundamental Rights1. Right to freedom2. Right to equality3. Right to challenge against exploitation4. Right to religious freedom5. Right to training and culture6. Right to protected remedies7. Right to basic training
10. Article 19• Protection of specific rights in regards to the right to speak freely, etc• (1) All residents should have the privilege (a) to the right to speak freely and expression; (b) to amass quietly and without arms; (c) to frame affiliations or unions; (d) to move unreservedly all through the domain of India; (e) to dwell and settle in any piece of the region of India; and (f) to hone any calling, or to bear on any occupation, exchange or business
11. Article 19• 19(6) Nothing might influence the operation of any current law, or keep the State from making any law relating to,(i) the expert or specialized capabilities important for honing any calling or carrying on any occupation, exchange or business, or(ii) the carrying on by the State, or by an enterprise claimed or controlled by the State, of any exchange, business, industry or administration, whether to the avoidance, complete or incomplete, of residents or generally
12. Article 19(6) (i)• The State can make any law forcing, in light of a legitimate concern for the overall population, sensible confinements on the activity of such right; or• A law identifying with expert or specialized capability fundamental for honing a calling or exchange; or• Reasonable limitations on exchange should be there• A decent arrangement of social control ought to be there
13. Article 19(6) (ii)• The state has the power to practice exchange syndication and is not required to legitimize its actions.• No complaint can be taken under Article 19(1)(g).• It can be either finished or incomplete monopoly.• It might be to the avoidance of all or a portion of the nationals .• The privilege of the subjects to bear on exchange has been subordinated to one side of the State to make an imposing business model in its favour.• It secures just those statutory procurements which are ‘Fundamentally and Essentially’ vital for making State Monopoly.• State can’t make restraining infrastructure for third persons for their advantage.
14. Part XII Finance, Property, Contracts and Suits• Article 298 Power to bear on exchange, and so forth. The official force of the Union and of every State might broaden to:1. The carrying on of any exchange or business2. The securing, holding and transfer of property3. The making of agreements for any reason
15. Part XIII Trade, Commerce and Intercourse Within the Territory of India• Article 301 Freedom of exchange, business and intercourse – Subject to alternate procurements of this Part, exchange, trade and intercourse all through the region of India might be free.• Article 302 Power of Parliament to force confinements on exchange, business and intercourse – May be required in people in general hobby.
16. Part XIII Trade, Commerce and Intercourse Within the Territory of India• Article 303 Restrictions on the authoritative forces of the Union and of the States as to exchange and business Clause (1) – Not giving any inclination to one State over another, – Not making any segregation between one State and another. Clause(2) – To do as such with the end goal of managing a circumstance emerging from shortage of products in any piece of the domain of India.
17. Part XIII Trade, Commerce and Intercourse Within the Territory of India• Article 304 Restriction on exchange, business and intercourse among States – Impose charge on merchandise. – Impose sensible limitations as may be required in people in general interest.• Article 305 Saving of existing laws and laws accommodating State restraining infrastructures – Nothing in articles 301 and 303 might influence the procurements of any current law aside from, the President might by request generally direct to do so.• Article 307 Appointment of power for completing the reasons of articles 301 to 304
18. Part IV Directive Principles of State Policy• Article 41 – Right to work, to training and to open help with specific cases. – The State might, inside of the points of confinement of its financial limit and advancement, make compelling procurement for securing the privilege