Indian Business Law Overview
India's business law landscape is shaped by its British colonial history and adapted to its unique socio-economic milieu. It's a complex amalgam of statutes, regulations, and judicial precedents.
Companies Act 2013
A cornerstone of Indian corporate law, the Companies Act 2013, governs incorporation, accountability, and dissolution. It introduced significant corporate governance norms and protections for shareholders and creditors.
Contract Law Essentials
The Indian Contract Act, 1872 remains fundamental, outlining contract formation, execution, and enforceability. It embodies principles of equity, ensuring contracts are fair and not one-sided.
Foreign Investment Policies
India's Foreign Exchange Management Act (FEMA) regulates cross-border transactions. Recently, India liberalized FDI policies, allowing automatic routes in most sectors to attract foreign investments.
Intellectual Property Rights
India complies with TRIPS agreements, providing comprehensive IP laws. It safeguards innovations with a unique balance, promoting generic drugs' availability while protecting patent holders' interests.
Taxation Norms Unveiled
India's tax regime underwent a paradigm shift with the Goods and Services Tax (GST) in 2017, unifying numerous indirect taxes. It's designed to eliminate the cascading effect of taxes and simplify compliance.
Arbitration and Dispute Resolution
The Arbitration and Conciliation Act, 1996, facilitates alternative dispute resolution, providing a faster mechanism compared to traditional litigation and is recently being preferred by businesses for its efficiency.
What shapes India's business law?
Ancient religious texts
British history, socio-economic milieu
American legal principles
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