Business Law.pptx
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Introduction to Law, History Of Law, Legal Environment Of Business, Nature Of Law, Meaning And Definition Of Business laws, Source Of Business Law, Scope Of Business Law Commercial Laws, Labour laws, Corporate Laws, Taxation Laws, Financial Laws
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Business Law.pptx
- 1. Introduction of Business Regulatory Framework
- 2. Content • Legal Environment Of Business, • Nature Of Law, Meaning And Definition Of Business laws, • Source Of Business Law, Scope Of Business Law • Commercial Laws, Labour laws, Corporate Laws, Taxation Laws, Financial Laws
- 3. History of Law Code of Hammurabi 1792 BC and 1758 BC Babylon Rome 450 BC Twelve Tables On Huge Stone Slabs The Most Detailed Legal Code
- 4. History of Law Feudal System Medieval England India Immersion In Hot Or Cold Water, Burning With A Hot Iron Or Trial By Battle Indus Valley Civilization Bronze Civilization + = Civic Law
- 5. History of Law: India Vadic Era Maurya- Kautalya 308 BC Dharma Sashtra- Artha Sashtra Mugals Fatwa-E-Alamgiri Mayor of Court Madras, Bombay, Kolcutta 1726 1846 Open for All
- 6. Definition Salmond Defines Law As The “Body Or Principles Recognized And Applied By The State In The Administration Of Justice.”
- 7. Legal Environment Of Business The Legal Environment constitutes The laws and legislations Passed By The Government / Administrative Orders / Court Judgments/ Decisions Of Various Commissions / Agencies. Businessmen have to act according to various legislations and their knowledge Very necessary.
- 9. Nature of Law 1. Law is a body of rules 2. Law is for guiding the conduct of persons. 3. Law is imposed. 4. Law is administered by the authority of the state. 5. Law is dynamic. 6. Law is applicable to all.
- 10. Meaning of Business Law Business law consists of all laws that dictate how to form and run a business. • Business people need to understand the nature and consequences of the documents they are signing. • Business law is also called as commercial law or mercantile law which regulates business activities. • Business Law represents all those legal rules which are connected withTrade, Industry & Commerce
- 11. Definition of Business Law According to S.R Davar,”Mercantile law means that branch of law which is applicable to or concerned with trade and commerce in connection with various business transaction”
- 12. Scope of Business Law • Commercial Law • Labour Laws, • Corporate laws, • Taxation Laws, • financial Laws
- 13. Commercial Law Commercial law, also known as mercantile law or trade law, is the body of law that applies to the rights, relations, and conduct of persons and business engaged in commerce, merchandising, trade, and sales. It is often considered to be a branch of civil law and deals with issues of both private law and public law.
- 14. Corporate laws Corporate law often describes the law relating to matters which derive directly from the life-cycle of a corporation. It thus encompasses the formation, funding, governance, and death of a corporation.
- 15. Labour laws Labour laws (also known as labor laws or employment laws) are those that mediate the relationship between workers, employing entities, trade unions, and the government. Collective labor law relates to the tripartite relationship between employee, employer, and union.
- 16. Taxation Laws • The Taxation Laws (Amendment) Bill, 2021 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on August 5, 2021. The Bill amends the Income Tax Act, 1961 (IT Act) and the Finance Act, 2012. • This Implies that by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.
- 17. Financial Laws Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors.
- 19. Stages for passing an Ordinary Bill in Indian parliament • First Reading • An ordinary Bill can be introduced in either house of the legislature by either a minister or a non- minister. • The bill is introduced by reading the title and the objective behind it. • After the introduction of the bill, it is published in the Official Gazette of India after taking proper permission of the speaker.
- 20. Stages for passing an Ordinary Bill in Indian parliament • Second reading The bill may be taken into immediate consideration or the date must be decided when the bill is to be considered. The bill can also be referred to the Select Committee of the House. The bill can be referred to the Joint Committee of the House with the concurrence of the other House. It can also be circulated to elicit public opinion.
- 21. Second house can do either of the following • They can pass the bill as sent by the first house without making any amendments. In this case, the bill is deemed to have been passed by both the Houses and is finally sent to the President for his assent. • They can suggest amendments in the Bill and send it back to the first house for reconsideration. • They can reject the bill. • They can keep the bill pending by neither ratifying it nor rejecting it. After the Bills are passed by both the Houses they are sent to the President for his assent. The President may: • Give his assent to the bill and the bill becomes an act. • He may withhold his assent to the bill, but the bill does not become an act. • Or may return the bill for reconsideration
- 22. Who makes Law? Organs/Branches Legislature Executive Judiciary Law making organ Implement Protectors of the law (who punish those who don’t follow rules)
- 23. Law and Act - Difference • Law means all rules and regulations • Act means those laws that are written and passed by the parliament • Law- General • Act- Specific
- 24. Sources of Business Law • English Mercantile Law : English law constitutes the foundation on which the superstructure of the Indian Mercantile law has been built. • The Indian Contract Act was passed by the English people in the year 1872. Sale of Goods Act has been directly taken from the English sale of goods Act, Companies Act is similar to the English companies act.
- 25. The Civil law is law that looks at actions that are not the crime. It is a section of law dealing with disputes between organization and individuals. It covers areas such as divorce, property disputes, Copy rights, insurance claims etc .
- 26. The Common Law also known as case law or Judicial precedent or judge made law is a section of law which is derived from the judicial decision. Judges take an active role in shaping the law here, since the decisions a court makes are then used as a precedent for future cases.
- 27. No man can be punished twice for same crime. No man is guilty unless its proven.
- 28. Test your listening A bill is passed by the and signed by the ,becomes an Which is the main source for Indian Laws?
- 29. Test your listening • Cases like murder, assault, robbery are dealt under law • Judge made law is called • Statute means
Editor's Notes
- Babylon: The oldest written set of laws known to us is the Code of Hammurabi. He was the king of Babylon between 1792 BC and 1758 BC. The laws were carved on huge stone slabs and placed all over the city so that people would know about them. Judges were appointed to see that they were obeyed Rome: The most detailed legal code of any of the civilizations was that of the Romans. This was first drawn up in 450 BC by the magistrates and was called the Twelve Tables. Lawyers would present their case to a jury consisting of 32 men, who would decide on the punishment to be imposed.
- Medieval England Under the feudal system, the lord of the manor set up courts to deal with less serious crimes. Because religion had such a significant influence on the life of the people, serious crimes were considered offences against God. It was believed that God would give people a sign as to guilt or innocence in these cases. There was no attempt to sort out the facts of the case or to find evidence, because proof was in God's hands. The sign was believed to be shown during trial by ordeal, the main forms of which were immersion in hot or cold water, burning with a hot iron or trial by battle. In the ordeal by cold water, the accused was lowered into the water and if they floated they were considered guilty because the water had repelled them. They were then usually burnt at the stake. If they sank, they were considered innocent and pulled out. They were lucky if, in the meantime, they had not drowned.
- Medieval England Under the feudal system, the lord of the manor set up courts to deal with less serious crimes. Because religion had such a significant influence on the life of the people, serious crimes were considered offences against God. It was believed that God would give people a sign as to guilt or innocence in these cases. There was no attempt to sort out the facts of the case or to find evidence, because proof was in God's hands. The sign was believed to be shown during trial by ordeal, the main forms of which were immersion in hot or cold water, burning with a hot iron or trial by battle. In the ordeal by cold water, the accused was lowered into the water and if they floated they were considered guilty because the water had repelled them. They were then usually burnt at the stake. If they sank, they were considered innocent and pulled out. They were lucky if, in the meantime, they had not drowned.
- First Capital Punishment to Women: Rattan Bai Jain, the first woman executed in independent India, was hanged on 3 January 1955 at Tihar Jail. Rattan Bai Jain was hanged in 1955 for poisoning three girls and killing them. She worked as the manager of a sterility clinic and had murdered the girls who were employees at her clinic over suspicion that they were having affairs with her husband. Not much information is available about her. Renuka Sinde & Seema Gavit, Kidnapping 13 children and murdered 9 of them.