2. Learning outcome
Understand the meaning and nature of law
Understand the legal environment of business
Classification of law
Sources of Indian law
Employment law
3. DEFINITION OF LAW
THE BODY OF RULES WHETHER PROCEEDING
FROM FORMAL ENACTMENT OR FROM CUSTOM
,WHICH A PARTICULAR STATE OR COMMUNITY
RECOGNIZES AS BINDING ON ITS SUBJECTS OR
MEMBERS
Important elements-
Law is a body of rules
Law is for guidance or conduct of persons –both human
and artificial
Law is imposed
Law is enforced by the executive
The state
Content of law
4. Two basic ideas of law- to maintain social order in
a group
To compel members of the group to be within that
order
Law is made to serve some purpose which may
be social, economic or political
Law and morality
5. Classification of law
Public law vs. private law
Criminal law vs. civil law
Substantive vs procedural law
International law and municipal law
Public international law and private international
law
6. Sources of indian law
Primary and secondary sources
Customary law
Judicial precedents are an important sources of
law
Meaning of Ratio Decidendi
Meaning of Obiter Dicta
7. India-booming country
Largest democracy of the world
; population of 1.2 bn
Growth rates 2010/2011: 7%; 2011/2012: 7%; 2012/13E:
7%
Growth rates will exceed those of China
Demographic trend: Average age: 25 years
25% of the world's population below 25 lives in India
50% of the population below 25 years
5.5% of the population above 65 years
Third largest economy in the world in 2050 (today: 10th)
Fifth largest consumer market in 2025 (today: 12th)
Household income: dou
8. Middle class grows by 1 million every month
Business language: English
Education is a key asset – IT / technology /
Science play an important role
Foreign direct investment ("FDI") into India: USD
24bn in 2010/2011; USD 32 bn in 2011/2012 –
the EU is India's largest trading partner
UNCTAD World Investment Report (2012):
ranked no. 3 among preferred investment
destinations for international companies
9. M&A in India (2011): USD 26bn, - 43% compared to
previous year – Outbound: USD 9.9 bn
Inbound: USD 9.99 bn
Domestic: USD 6.1 bn
Issues: increasing costs (HR cost: 10-15% p.a.),
inflation
Slow pace in further liberalisation of economy
Corruption
Efficiency of administration and judiciary
Infrastructure Investing
10. India’s economy- the development
since 1947
Command economy, largely following socialist
principles including nationalization of companies,
strict licensing etc. (1947-1990)
Start of economic liberalization and globalization
of the Indian economy when forex reserves
almost at nil (1991-2000)
Further liberalisation (since 2000)
2010: Consolidation of FDI Policy
2012: Important step: retail
11. Why india-the reasons to invest
India provides huge investment opportunities,
including in the following sectors: Infrastructure:
Power
Telecommunications
Roads
Ports
Civil Aviation & Airports
Petroleum & Natural Gas
Urban Infrastructure
14. Legal framework
Constitution
Incorporation and status of international and
domestic law
- Geneva conventions (1950)
- Genocide conventions(1959)
- CERD(1968)
- ICCPR( 1979)
- CONVENTION AGAINST TORTURE(1997)
15. A MODERN LEGAL
FRAMEWORK
Intellectual Property: Paris Convention and TRIPS
Modern IP laws: Copyright Act, 1957
Patents Act, 1970
Trademarks Act, 1999
Designs Act, 2000
IP owners entitled to civil and criminal remedies
Employment Laws: Laws mainly regulate blue
collar sector; white collar sector: contractual
Generally not as strong as European employment
laws, but in particular PSUs have strong labour
representation
16. Competition Law Competition Act, 2002 replaces
MRTP Act
Modern competition law; first decision issued by
the Competition Commission of India
Provisions concerning anti-competitive
agreements and abuse of dominant position in
force
Merger control rules in force
Dispute Resolution Developed court system
But: long proceedings; therefore: arbitration
17. Dispute Resolution (cont.) Arbitration in relation to
India transactions: concerns of international
businesses and arbitration experts
New proposals to reform the Indian arbitration
framework
Careful drafting of arbitration clauses required
Notas del editor
Substantive law is the statutory or written law that defines rights and duties, such as crimes and punishments (in the criminal law), civil rights and responsibilities in civil law. It iscodified in legislated statutes or can be enacted through theinitiative process.Substantive law stands in contrast to procedural law, which is the "machinery" for enforcing those rights and duties. Procedural law comprises the rules by which a court hears and determines what happens in civil or criminal proceedings, as well as the method and means by which substantive law is made and administered.International law is the set of rules generally regarded and accepted as binding in relations between states and between nations.[1][2] It serves as a framework for the practice of stable and organized international relations.[3]International law differs from state-based legal systems in that it is primarily applicable to countries rather than to private citizens. Municipal law is the national, domestic, or internal law of a sovereign state defined in opposition to international law. Municipal law includes not only law at the national level, but law at the state, provincial, territorial, regional or local levels. While, as far as the law of the state is concerned, these may be distinct categories of law, international law is largely uninterested in this distinction and treats them all as one. Public international law concerns the structure and conduct of sovereign states; analogous entities, such as the Holy See; and intergovernmental organizations. To a lesser degree, international law also may affect multinational corporations and individuals, an impact increasingly evolving beyond domestic legal interpretation and enforcement. Public international law has increased in use and importance vastly over the twentieth century, due to the increase in global trade, environmental deterioration on a worldwide scale, awareness ofhuman rights violations, rapid and vast increases in international transportation and a boom in global communications.Conflict of laws (or private international law) is a set of procedural rules that determines which legal system and which jurisdiction apply to a given dispute. The rules typically apply when a legal dispute has a "foreign" element such as a contract agreed to by parties located in different countries, although the "foreign" element also exists in multi-jurisdictional countries such as the United Kingdom, the United States, Australia and Canada.
