8/3/2019 1A Law Introduction
1/18
DestinyCreates
Leaders Who
Change
Destiny!
.
Law-Introduction
Arun Kumar Davay
8/3/2019 1A Law Introduction
2/18
Introduction to LawIntroduction to Law
Law is an instrument
of social justice
of the state
that seeks
to provide
justice,
stability &
security
in the society
8/3/2019 1A Law Introduction
3/18
What is LawWhat is Law
Law includes all the rules & principles which regulate our relationswith other individuals & with the state.
Objectives of law:
To establish socio-economic justice and remove the existingimbalance 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)
8/3/2019 1A Law Introduction
4/18
Law isLaw is
8/3/2019 1A Law Introduction
5/18
Law isLaw is
8/3/2019 1A Law Introduction
6/18
Constitution of IndiaConstitution 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
8/3/2019 1A Law Introduction
7/18
8/3/2019 1A Law Introduction
8/18
Natural JusticeNatural Justice
The term natural justice means that a result or process should bejust.
Rules:
a)N
o one can be a judge in his own cause. A judge should beable 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 whichwas not penal on the day it was committed.
8/3/2019 1A Law Introduction
9/18
Custom
Legislation
Morals and equityOpinions of experts
English Mercantile law
Statute LawJudicial decisions or the system of precedents
Customs & usages
Sources of Law
8/3/2019 1A Law Introduction
10/18
What an MBA Should know about Law
He should develop a legal sense to know his rights andobligations 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 legalproblems.
8/3/2019 1A Law Introduction
11/18
Some of Acts may be grouped under:Some of Acts may be grouped under:
General Laws,
Procedural Laws
Commercial & Corporate Laws
Environmental Laws
Labor and Industrial Laws
Taxation Laws
8/3/2019 1A Law Introduction
12/18
General LawsGeneral Laws
The Constitution of India [395 Articles divided into 22 Parts and12 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)
8/3/2019 1A Law Introduction
13/18
Commercial and Corporate LawsCommercial and Corporate Laws
The Indian Contract Act, 1872 The Indian Partnership Act 1932
TheNegotiable 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
8/3/2019 1A Law Introduction
14/18
Procedural CodesProcedural 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.
8/3/2019 1A Law Introduction
15/18
Environmental LawsEnvironmental Laws
1. The Water (Prevention and Control of Pollution) Act, 19732. The Air (Prevention and Control of Pollution) Act, 1981
3. The Environment (Protection) Act, 1986
8/3/2019 1A Law Introduction
16/18
Industrial and Labour lawsIndustrial and Labour laws
The Factories Act, 1948The Industrial Disputes Act, 1947
The Trade Unions Act, 1926
The Employees Provident Funds and Miscellaneous Provisions Act, 1952
The Employees State Insurance Act, 1948The 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.
8/3/2019 1A Law Introduction
17/18
Direct and Indirect Taxation LawsDirect and Indirect Taxation Laws
1. The Income Tax Act, 19612. The Customs Act, 1962
3. The Central Excise Act. 1944
4. The Central Sales Tax Act, 1956 & concerned StateGeneral Sales Tax Acts.
5. Host of State Acts & Rules relating to sales, excise etc.
8/3/2019 1A Law Introduction
18/18
Indian Contract Act,
1872
WorkmensCompensation Act,
1923
Trade Unions Act,
1926Partnership 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