Legal aspects are an imperative part of a successful business environment in any country.They reflect the policy framework and the mind set of the Governmental structure of that country. They ensure that every company is working according the statutory framework of the country. Every enterprise must take into account this legal set up while framing the basic aims and objectives of its organization. This is on account of, it is vital for proficient and healthy functioning of the association and helps it to think about the rights, obligations also as the challenges that it may need to confront.
In India, the most vital law which controls and regulates all view points identifying with company is the Companies Act,1956. It contains procurements identifying with development of an organization, powers and responsibilities of the executives and chiefs, raising of capital, holding organization meetings,maintenance and review of organization records, forces of assessment, powers of inspection and investigation of company issues, remaking and amalgamation of an organization and even winding up of a company.
The other significant legislations are:- 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; laws identifying with protected innovation rights; too as laws relating to labour welfare. by Dr Rajesh Patel.