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Law-Introduction Arun Kumar Davay

Introduction to Law
Law is an instrument of social justice of the state that seeks to provide justice, stability & security in the society

What is Law
Law includes all the rules & principles which regulate our relations with other individuals & with the state. Objectives of law: To establish socio-economic justice and remove the existing imbalance 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)

Law is

Law is

Constitution 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

Fundamental Rights
a) b) c) d) e) f) Right to equity Right to freedom Right against exploitation Right to freedom of religion Cultural and educational rights Right to constitutional remedies

Natural Justice
The term natural justice means that a result or process should be just. Rules: a) No one can be a judge in his own cause. A judge should be able 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 which was not penal on the day it was committed.

Sources of Law
Custom Legislation Morals and equity Opinions of experts English Mercantile law Statute Law Judicial decisions or the system of precedents Customs & usages

What an MBA Should know about Law

He should develop a legal sense to know his rights and obligations 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 legal problems.

Some of Acts may be grouped under:

General Laws, Procedural Laws Commercial & Corporate Laws Environmental Laws Labor and Industrial Laws Taxation Laws

General Laws
The Constitution of India [395 Articles divided into 22 Parts and 12 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)

Commercial and Corporate Laws

The Indian Contract Act, 1872 The Indian Partnership Act 1932 The Negotiable 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

Procedural 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.

Environmental Laws
1. The Water (Prevention and Control of Pollution) Act, 1973 2. The Air (Prevention and Control of Pollution) Act, 1981 3. The Environment (Protection) Act, 1986

Industrial and Labour laws

The Factories Act, 1948 The Industrial Disputes Act, 1947 The Trade Unions Act, 1926 The Employees Provident Funds and Miscellaneous Provisions Act, 1952 The Employees State Insurance Act, 1948 The 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.

Direct and Indirect Taxation Laws

1. The Income Tax Act, 1961 2. The Customs Act, 1962 3. The Central Excise Act. 1944 4. The Central Sales Tax Act, 1956 & concerned State General Sales Tax Acts. 5. Host of State Acts & Rules relating to sales, excise etc.

Indian Contract Act, 1872

Workmen s Compensation Act, 1923

Trade Unions Act, 1926

Partnership 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