Legal Aspects Of Business

Syllabus

Course Code: MS-115

LEGAL ASPECTS OF BUSINESS

Unit 1                                                                                                                                           (8 Hours)

Introduction to Law and Legal Systems: Basic Concepts of Law. Classification of Laws and Legal Systems, Indian Legal System and Administration of Justice, Constitutional Courts and their Jurisdiction, Subordinate Judiciary and their Jurisdiction, Tribunals and their Jurisdiction, An Overview of Alternate Dispute Resolution Mechanisms, Constitutional Provisions Related to the Freedom to do Business in India and the Reasonable Restrictions Permissible, Nature of Government Regulation of Business and Markets in Market Economy.

Unit 2                                                                                                                                         (12 Hours)

Laws Governing Contracts: The Indian Contract Act, 1872- Definition and Essential Elements of a Contract, Performance of a Contract, Discharge of a Contract, Breach of a Contract, Remedies for Breach Under the Indian Contract An, 1872; The Sale of Goods Act, 1930-Definitions of Sale, Agreement to Sell, Goods, Conditions and Warranties, Transfer of Properly, Rights if a Seller and Buyer, Rights of an Unpaid Seller.

Unit 3                                                                                                                                         (12 Hours)

Laws Governing Business Forms: The Indian Partnership Act, 1932: Formation of Partnership, Relationship between Partners, Rights and Liabilities of Partners, Dissolution of Partnership and Partnership Business.

The Companies Au, 2013: Company and its Features, Types of Companies, Incorporation of a Company, Memorandum of Association and Articles of Association, Board of Directors and their Appointment, Powers, Duties and Liabilities, Winding up of a Company, Overview of Insolvency and Bankruptcy Code. 2016.

The Limited Liability Partnership Act, 2008: Features of LLP, Incorporation of LLP, Effects of Registration of LLP, Designated Partners and their Liabilities, Conversion of Other Forms of Business Organisations into LLP.

Unit 4                                                                                                                                        (10 Hours)

Laws Governing Relations with Various Stakeholders: The Securities and Exchange Board of India Act, 1992: Objectives, Regulatory Powers of SEBI, Regulations Related to Public Offer of Shares and Debentures, Regulations Related to Protection of Investors.

Consumer Protection Act, 2019: Objectives and Salient Features, Definition of Consumer, Complainant, Defect, Deficiency, Restrictive Trade Practice, Unfair trade Practice, Rights of the Consumers, 3-Tier Structure of Dispute Resolution Commissions-Powers and Functions.

Competition Act, 2002: Objectives and Salient Features, Definition of Anti-Competitive Agreement, Abuse of Dominant Position, Combinations, Role of Competition Commission of India in Promoting Competitive Markets.