1) Business Laws Class 1 PPT 2022

Area: INTEGRATIVE MGMT
Course Category: Global Leadership
Course Title : Legal Aspects of

Business
What is law
 LAW means a set of rules :
 rules of conduct
 recognized and
 enforced
 through the state
 to manage and regulate people's behaviour with a
view to securing justice, peaceful livelihood, and social
security.
July 30, 2022 Legal aspects of Business Class 1 2

The law of the land:
 the system of rules which
 a particular country or community recognizes as
 regulating the actions of its members and which
 it may enforce by the imposition of penalties.
There are laws for a group of

countries and the world at large

Laws with reach to more than one jurisdiction
 Organisation for Economic Co-operation and Development (OECD)

 Maritime laws
 International laws
 Double taxation avoidance agreements
 International Arbitration and
Reconciliation
Global village

EVOLUTION OF LAW IN INDIA
1 3
2 4
VEDIC PERIOD BRITISH

PERIOD
ISLAMIC POST
PERIOD INDEPENDENCE

INTRODUCTION TO LAW IN INDIA
HISTORY OF INDIAN LAW:
 Law in India primarily evolved from customary and religious practices,
 Recorded history of law starts from the Vedic period
 There may have been a form of legal system even during the Bronze Age and the
Indus Valley civilization.

ANCIENT AND VEDIC PERIOD
India has the oldest judiciary in the world. No other judicial system has a more
ancient or exalted pedigree.
 The laws were based on “Dharma”
 Indian sea farers trades across the seas over a 1000 years ago
 Business laws in ancient India

 Kautalyas Arthashastra
 Manu Smrithi

Manu mentions following grounds on which
litigation may be instituted
1. Non-payments of debts; 11. verbal assault;

2. deposits; 12. physical assault;
3. sale without ownership; 13. theft;
4. partnership; 14. violence;
5. non-delivery of gifts; 15. crimes against women;
6. non-payment of wages; 16. law concerning husband and wife;
7. Breach of Contract; 17. partition of inheritance; and
8. cancellation of a sale or purchase; 18. gambling and betting.
9. disputes between owners and
herdsmen;
10. the law on boundary disputes

Pre Islamic period
 The King's Court was the highest court, next to which came the court of the
Chief Justice.
 The King's Court was the highest court of appeal as well as an original court in
cases of vital importance to the state.
 In villages, the village councils dealt with simple civil and criminal cases.
 In towns and districts the courts were presided over by government officers
under the authority of the King to administer justice.
 Trade guilds were authorised to exercise an effective jurisdiction over their

members.
 Family courts were established.
9
 Minor criminal cases were dealt with by judicial assemblies in villages whereas
criminal cases of a serious nature were presented before the central court
usually held under the King or royal authority.
 The appeal system was practised and the King was the highest body of appeal.
 One significant feature of the ancient Indian legal system was the absence of
lawyers.
 Another notable feature was that a bench of two or more judges was always
preferred to administer justice rather than a single individual being the sole
administrator of justice.
10
ISLAMIC PERIOD
 Sharia and Islamic laws were introduced with the establishment of Delhi
Sultanate, Bengal Sultanate and Gujarat Sultanate.
 In the 17th century, the Mughal Empire's sixth ruler, Aurangzeb, compiled the
Fatawa-e-Alamgiri
 Has had an effect in most parts of South Asia.
 Sharia Islamic law or sharia law is a religious law forming part of the Islamic
tradition.
 Derived from the religious precepts of Islam, the Quran and the hadith.

BRITISH PERIOD
 In 18th century, the British East India Company took over the political and
administrative powers in India.
 For Muslims of India, the code was available in al-Hidaya and Fatawa-i Alamgiri
written under the sponsorship of Aurangzeb.
 The early period of Anglo-Hindu Law (1772–1828) was structured along the
lines of Muslim law practice.
 The arrival of William Bentinck as the Governor-General of British India in

1828, marked a shift towards universal civil code.
 In 1864, after the East India Company was dissolved and India became a formal
part of the British Empire, Anglo-Hindu law entered into a second phase (1864–
1947)

MODERN INDIAN LAW
CONSTITUTION LAW:
 The Constitution of India is the lengthiest written constitution in the world.
 Based on the Government of India Act 1935,
 Also contains various other provisions that were drawn from other constitutions.
 Codifies the relations between the Federal Government and the State Governments.
 A federal structure of government, with a clearly defined separation of legislative and

executive powers between the Federation and the States.
 Each State Government has the freedom to draft its own laws on subjects classified as
state subjects.
 Has unitary features and the overriding authority assumed by the Federal Government in
times of emergency.

The Constitution of India is
the longest written
constitution for a country,
containing
444 articles,
12 schedules,
94 amendments and
117,369 words.

MODERN INDIAN LAW
CIVIL LAW:
 Code of Civil Procedure was first enacted in 1858, which received the assent of
Governor-General on 23 March 1859.
 Not applicable to the Supreme Court in the Presidency Towns and to the
Presidency Small Cause Courts.
 Replaced by Code of Civil Procedure Code, 1877 and large amendments were
made.
 In 1882, the Code of Civil Procedure, 1882 was introduced and the Civil
Procedure, 1908 was enacted subsequently.

MODERN INDIAN LAW
CRIMINAL LAW:
 The Indian Penal Code formulated by the British during the British Raj in 1860.
 Jury trials were abolished by the government in 1960 on the grounds they
would be susceptible to media and public influence. This decision was based on
an 8-1 acquittal of Kawas Nanavati in K. M. Nanavati vs. State of Maharashtra,
which was overturned by higher courts.
 In February 2011, the Supreme Court of India ruled that criminal defendants
have a constitutional right to counsel.
 Capital punishment in India is legal. The last execution was conducted on

February 28, 2017, when two women, Renuka Shinde and Seema Mohan Gavit.
 They were also the first women in India to be given capital punishment.
MODERN INDIAN LAW
CONTRACT LAW:
 Contract law in India is codified in the Indian Contract Act, which came into
effect on 1 September 1872 and extends to all India.
 It governs entrance into contract, and effects of breach of contract.
 Indian Sales of Goods Act and Partnership Act were part of Indian Contract
act.
 The Contract act is the main and most used act of legal agreements in India.

MODERN INDIAN LAW
LABOUR LAWS:
 Indian labour law are among the most comprehensive in the world.
 inflexible resulting from government needing to approve dismissals.
 Labour rights are not actually available and laws are not enforced for some
workers due to poor implementation/enforcement.

MEANING AND SOURCES OF MERCANTILE LAW
INDIAN MERCANTILE LAW
 Indian mercantile law is primarily a version of the English law.
 Changes and modifications made for Unique circumstances prevailing in India.
SOURCES OF MERCANTILE LAW
 English Mercantile Law
 Indian Statue Law
 Jurisdictional Decisions
 Customs and Usages

SOURCES OF MERCANTILE LAW
 English Mercantile Law
 Indian Statue Law
 Jurisdictional Decisions
 Customs and Usages

English Mercantile Law
 English laws were urbanized through customs and usages of merchants or

traders in England. The sources of English Mercantile Law are Common Law,
Equity, Law Merchant, and Statute Law.
 Also recognized as 'General Law'.
 It is an unwritten law based on judicial decisions, customs, usages, and

precedents.
 The mainly significant part of mercantile law, namely, the Law of Contracts, is
still a part of General Law in England.
 In the absence of any provision related to the issue in question, the direct
recourse is to refer to the English Mercantile Law.
Indian Statue Law:
 The Acts passed by the Indian Legislature.
 The significant Acts passed through the Indian Legislature are the Indian
Contract Act 1872, The Sale of Goods Act 1930, etc.
 Bring uniformity in Indian Law.
 Changes can be brought in Indian Law by legislative enactments.

Jurisdictional Decisions:
 The judicial decisions of courts of Higher Courts and peer Courts.
 Binding on all subsequent decisions unless appealed against in front of a Higher

Authority.
 The decision of the Supreme Court has persuasive value for the same bench, but
it has binding value in the case, a larger bench gave the earlier ruling.
 The judge has to decide the case just as to the principle of equity, justice, and
good conscience.
 The decisions of English courts are referred to in certain circumstances.

Customs and Usage:
 The codified law of India has given superseding powers to the customs and
usages.
 Section 1 of Indian Contract Act

 “Nothing herein contained shall affect any usage or custom of trade not
inconsistent with the Act.” – Case Irrawaddy Flotilla Company v. Bugwandas.
 A custom becomes valid when it is reasonable, consistent with law, not against
public policy etc. and is recognised as such.

LAWS TO TAKE PARTICULAR NOTE OF
Certain business laws that would be applicable to all business types.
 Indian Contracts Act 1872
 Sale of Goods Act 1930
 Companies Act 2013
 FEMA
 SEBI
 SCRA
 Income Tax Act 1961

THE ENACTMENTS WHICH ARE INCLUDED THE
SYLLABUS
 The Law of Torts Act India  Persons with Disabilities (Equal
 Indian Contract Act 1872 Opportunities, Protection of Rights and
 The Negotiable Instrument Act 1881 Full Participation) Act 1995
 Arbitration & Conciliation Act, 1996
 Workmen’s Compensation Act, 1923
 The Trade Marks Act, 1999 Intellectual
 Sale of Goods 1930 property
 Partnership Act 1932  Prevention of Money Laundering Act,
 Industrial Disputes Act, 1947 2002,
 Articles 15 and 16 of the Indian  Limited Liability Partnership Act 2008
Constitution  The Sexual Harassment of Women at
 Reserve Bank of India Act 1948 Workplace (Prevention, Prohibition and
 The Income Tax Act 1961 Redressed) Act, 2013
 Maternity Benefits Act, 1961  Companies Act 2013
 The Customs Act 1962  Insolvency and Bankruptcy Code 2016
 Specific Relief Act, 1963  Central Goods and Services Tax Act,
 Equal Remuneration Act, 1976 2017 (CGST)
 Prohibition of Benami Property  The Integrated Goods and Services tax
Transactions Act, 1988 (2016) Act, 2017 (IGST)
 Foreign Exchange Management Act 1990

Assignment
Henry Maine, British jurist, historian, and

anthropologist described the legal system of ancient
India "as an apparatus of cruel absurdities".
-- Discuss this statement.

B.RAMANA KUMAR M.Com., LLB, FCA, IP,DISA(ICA)
ADVOCATE & INSOLVENCY PROFESSIONAL
51A DR RANGA ROAD,

MYLAPORE, CHENNAI-600004
PHONE 9841113024
ramanakumar@ovopaxlegal.com , ramanaechambers@gmail.com

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Area: INTEGRATIVE MGMT

Course Category: Global Leadership

Course Title : Legal Aspects of

July 30, 2022 Legal aspects of Business Class 1 2

There are laws for a group of

July 30, 2022 Legal aspects of Business Class 1 3

 Organisation for Economic Co-operation and Development (OECD)

July 30, 2022 Legal aspects of Business Class 1 4

VEDIC PERIOD BRITISH

July 30, 2022 Legal aspects of Business Class 1 5

 Law in India primarily evolved from customary and religious practices,

 Recorded history of law starts from the Vedic period

July 30, 2022 Legal aspects of Business Class 1 6

 The laws were based on “Dharma”

 Business laws in ancient India

July 30, 2022 Legal aspects of Business Class 1 7

1. Non-payments of debts; 11. verbal assault;

July 30, 2022 Legal aspects of Business Class 1 8

 Trade guilds were authorised to exercise an effective jurisdiction over their

 Family courts were established.

 Has had an effect in most parts of South Asia.

July 30, 2022 Legal aspects of Business Class 1 11

 The arrival of William Bentinck as the Governor-General of British India in

July 30, 2022 Legal aspects of Business Class 1 12

 The Constitution of India is the lengthiest written constitution in the world.

 Based on the Government of India Act 1935,

 A federal structure of government, with a clearly defined separation of legislative and

July 30, 2022 Legal aspects of Business Class 1 13

July 30, 2022 Legal aspects of Business Class 1 14

July 30, 2022 Legal aspects of Business Class 1 15

 Capital punishment in India is legal. The last execution was conducted on

 It governs entrance into contract, and effects of breach of contract.

July 30, 2022 Legal aspects of Business Class 1 17

 inflexible resulting from government needing to approve dismissals.

July 30, 2022 Legal aspects of Business Class 1 18

 Indian mercantile law is primarily a version of the English law.

 Changes and modifications made for Unique circumstances prevailing in India.

SOURCES OF MERCANTILE LAW

 English Mercantile Law

 Indian Statue Law

 Customs and Usages

July 30, 2022 Legal aspects of Business Class 1 19

 Indian Statue Law

 Customs and Usages

July 30, 2022 Legal aspects of Business Class 1 20

 English laws were urbanized through customs and usages of merchants or

 Also recognized as 'General Law'.

 It is an unwritten law based on judicial decisions, customs, usages, and

 The Acts passed by the Indian Legislature.

 Bring uniformity in Indian Law.

 Changes can be brought in Indian Law by legislative enactments.

July 30, 2022 Legal aspects of Business Class 1 22

 The judicial decisions of courts of Higher Courts and peer Courts.

 Binding on all subsequent decisions unless appealed against in front of a Higher

 The decisions of English courts are referred to in certain circumstances.

July 30, 2022 Legal aspects of Business Class 1 23

 Section 1 of Indian Contract Act

July 30, 2022 Legal aspects of Business Class 1 24