LEGAL ASPECTS OF

BUSINESS
 WHY INDIAN LEGAL SYSTEM?
Relevance and importance of regulatory institutions in laying out the framework for
business
Introduction to the Indian legal system, salient features of the Constitution of India,
Structure of Judiciary, Executive and the Legislature
3 I’s of legal environment
Union, State and Concurrent list – impact on business
Difference between applicable and governing laws
Difference between criminal and civil laws
Alternate Dispute Resolution and Arbitration
 CONSTITUTION OF INDIA
Supreme law of India
Framework defining fundamental political principles,
establishes the structure, procedures, powers, and duties
of government institutions, and sets out fundamental
rights, directive principles, and the duties of citizens.
PREAMBLE
WE, THE PEOPLE OF INDIA, having solemnly resolved to constitute India
into a SOVEREIGN SOCIALIST SECULAR DEMOCRATIC REPUBLIC and to
secure to all its citizens:
JUSTICE, social, economic and political;
LIBERTY of thought, expression, belief, faith and worship;
EQUALITY of status and of opportunity; and to promote among them all
FRATERNITY assuring the dignity of the individual and the unity and integrity
of the Nation;
IN OUR CONSTITUENT ASSEMBLY this twenty-sixth day of November, 1949,
do HEREBY ADOPT, ENACT AND GIVE TO OURSELVES THIS
CONSTITUTION.
 PREAMBLE
Opening words ‘We the people of India……..”
Unambiguous terms that the constitution has been
adopted enacted and given to themselves by the people of
India
PREAMBLE
SOVEREIGN- No more dependant on Foreign power UN
Membership Commonwealth of Nations
Difference between applicable and governing laws
SOCIALIST- 42nd amendment advocates state ownership
of means of Production, distribution and exchange.
Nationalisation of Banks, Insurance companies,
Acquisition land
PREAMBLE
SECULAR – does not recognise any religion
DEMOCRATIC-Greek word
Demos-people, kratos- authority
Representative democracy
REPUBLIC- a form of Government where the Head of
the State is an elected person
 PREAMBLE
Justice-Social, Political and Economic
Harmonious reconcilement of individual conduct with
general welfare
Abolition of all form of inequities
Justice from the stand pint of economic force
Universal adult suffrage
PREAMBLE

LIBERTY of thought, expression, belief, faith and

worship;
EQUALITY of status and of opportunity
 PREAMBLE
FRATERNITY assuring the dignity of the
individual and (means a spirit of
brotherhood) the unity and integrity of the
Nation
UNION, STATE AND
CONCURRENT LIST OF
CONSTITUTION
www.mea.gov.in
Importance of constitutional list (Schedule VII)
Illustration – power companies
 3 I’S

Institution
Instruments Fair
Accountable
Individuals with discretionary Transparent
powers
IMPORTANT LAWS FOR
BUSINESSES
Contract laws
Competitions laws
Labour Laws
Intellectual Property Rights
Companies Law
Prevention of Sexual Harassment at Workplace
RTI
Reservations