Constitution Day: Let us thank lawyers

This Constitution Day, let us thank lawyers who have worked with integrity and justice in their minds, for the sake of making the society a better place.

In a profession often perceived to be money-grubbing, a few lawyers reinstall the faith of a common man in the noble profession by setting an example of public duty. Advocate Harish Salve, one of the finest brains in the legal circles, represented India in the ICJ to successfully defend the execution of Kulbhushan Jadhav for a fee of Rs. 1. This Constitution Day, let us thank Advocate Harish Salve and other lawyers who continue to work with dignity, keeping the nation’s interest ahead.

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Advocates Arundhati and Menaka spearheaded the fight for the rights of the LGBTQ community that has battled on both social and legal fronts for their freedom to express love. The revolutionary advocates were successful in striking down the 158-year old British law. Their relentless fight for justice inspires the community to progress collectively and to make an effort to understand, accept, and love. This Constitution Day, let us take a moment to thank these lawyers for their noble contribution to the democracy of India.

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Advocate Shreya Singhal, a 28-year old lady left no stones unturned to restore the faith of a common man in the noble profession. In quashing Section 66A, in Shreya Singhal, the Supreme Court has not only given afresh lease of life to free speech in India but has also performed its role as a constitutional court for Indians. Freedom of speech and expression is our fundamental right under article 19 of the Indian constitution. Let us come together to thank Advocate Shreya and all other lawyers for their contribution towards society.

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In a country where very few people dare to raise their voice against unethical profiteering by private hospitals, Advocate Birender Sangwan courageously took up the cause and became the helm of a drastic change that would continue to benefit the society at large. This Constitution Day, let us come together to thank Advocate Birender Sangwan and other lawyers who fight against such malpractices and restore the faith of a common man in the judicial system.

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Various Legal Compliances that are Required for Private Limited Companies

These Legal Compliances are Required for Private Limited Companies

We already know that companies in India are governed by the Companies Act, 2013. However, some amendments have been made to this act in the recent past.
Company law provides businesses with legal compliances that they need to follow and ensure its smooth operation within their working space. If you’re looking for business registration lawyers, visit our website to get an insight on such services offered.
As you must be aware about different business structures, Private Limited Company is considered to be the most reliable and

popular legal entity in India. However, there is a set of legal compliances which are required to be followed.

Below are a few common compliances listed for a Private Limited Company –
Appointment of an Auditor –The auditor should be appointed within the first month from the date of incorporation. This auditor will be appointed for a period of five years after filling an ADT-1 form.
Statutory Audit of Accounts – Just like any other audit, the purpose of statutory audit in Red a private limited company is to determine whether the Read More

Incorporation: What you need to know

Along with certain risks, there come many advantages with incorporating a company, business, trade or commerce. The structured procedure of incorporation results in creating a legal entity that is referred to as ‘corporation’. Incorporation allows a company to become a legal person in the eyes of law and separates it from its incorporators from the date of incorporation. Additionally, incorporation provides the corporation for personal assets protection, tax benefits. opportunities for raising capital and much more.

Incorporation, in literal terms, means formation. Incorporation of a company refers to a legal process for forming a corporate and separate legal entity. The formed corporations are then, identified with terms like “Inc” or “Ltd”. From the date of the incorporation mentioned in the certificate of incorporation, the corporation is formed as a body corporate by the name provided in its Memorandum of Association and is capable of exercising all its functions under Companies Act, 2013 such as the power to hold, acquire and dispose of the property in its own name.

Section 3(1) of the Companies Act, 2013, provides that a company may be Read More

Legal Guidelines for Social Enterprises

The social enterprise is an entrepreneurial advantage towards the well being of the communal, ethnic and environmental aspects of the community. Social business professionals are working towards the extemporization of the communities as compared to the profit-making institutes.

The customary goal of all social entrepreneurship includes the growth and well being of the community. There are various types of establishments for social businesses, such as:

1. Non- profit business
2. Co-operative societies
3. Community project
4. Special purpose business

There are no particular arrangements or no particular perspectives of the law to offer social business or entrepreneurship. However, there is no exceptional advantage or exemptions, subject to the activities that the business person or enterprise undertakes and relying upon the kind of institute it seeks to include as, depending on that there may be certain benefits in terms of taxes and in terms of governance.

However, altogether there is no noticeable law for a social business or entrepreneurship versus regular profit-making business or Read More

Peer to Peer (P2P) Financing: A Prosperous Future in Microfinance

Peer-to-peer (P2P) lending is a moderately new type of elective account that can possibly altogether improve the progression of business subsidizing to British private ventures. P2P Lending, in any case, is only one of an entire host of new account alternatives that have all of a sudden blasted onto the scene. Below we discuss what crowd-funding is, microfinance or what is the best speculation or which subsidizing choices exist for an independent company.

For quite a while now we’ve been catching wind of how and why the standard banks are attempting to meet the business speculation needs of private UK companies. At this point, it’s hard not to realize that banks are being compelled to re-fabricate their capital bases and that, in ordinary terms, this implies there’s less accessible to loan out to private companies, practically paying little heed to how reliable they might be or how much the banks really need to loan.

In the event that there’s an exercise to be picked up from the ongoing agony of the credit crunch, subsidence and progressing bank slamming the acknowledgement the private segment needs to turn out to be progressively associated with financing for the business. Banks can’t be approached to support their money holds with one hand and loan out more business advances with the other. They need some assistance, and that is the place elective fund can Read More

 

Disputes Are Inexorable But Combat Is Optional

With the rapid globalization of the economy and the resulting increase in competition, there has been a significant increase in commercial disputes. The outpaced rate of development has led to an increase in industrial growth, modernization, improved socio-economic circumstances, technological development which in turn has led to an increase in case overloads for the already overburdened courts. India’s GDP which was expected to increase by 7.6 % in the year 2018-2019 as estimated by the World Bank data is a clear picture of the rate at which development is taking place. Development and disputes are two sides of the same coin, which means that the alarming rate of development has its snag, which is the increasing number of disputes in various sectors.

The multiplying of outstanding cases in the courts, exorbitant delays in the administration of justice and expenses of litigation have continued to plague people thereby undermining their faith in the justice system. The issue at hand is to examine and choose the right formal legal system, such as Alternative Dispute Resolution procedures. India has a standing as being one of the oldest in the history of the judicial system. However, according to the latest data given by National Judicial Data Grid as on February 2019, 2,97,97,288 cases have been pending in the country. Alternate Dispute Resolution has floated from the fundamental rights which have been enshrined in our Constitution, namely Article 14 which deals with Equality before law and Article 21 which deals with the right to life and personal liberty. The primary motive of this resolution mechanism is to provide social-economic and political justice and maintain integrity in the society. It also strives to achieve equal justice and free legal aid provided under Article 39-A relating to Directive Principles of Read More

Section 8 Companies, Compliances and Winding Up Procedure

Company Act 2013 is an act according to which the companies in India are to be regulated. The act has 29 chapters containing 470 sections. It replaced The Companies Act, 1956 after getting the approval from the President of India in 2013. Section 8 Company is a part of the Companies Act, 2013, which concerns to an established company ‘for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object’ provided the profits if any or other income is applied for promoting only the objects of the company and no dividend is paid to its members. Therefore, Section 8 Company is a company registered under the Companies Act, 2013 for charitable or not-for-profit purposes. A Section 8 Company is similar to a Trust or Society.

When an investor sets-up a business in India, whether it is an organisation, project office or a company, that business needs to comply with Indian rules and regulations. To legally operate, businesses must abide with certain requirements regarding the company’s transactions, employees and safety procedures. Before launching one’s business, they should know the appropriate regulations for the industry while making sure to keep a log of any costs and dates related to their compliance. The definition of compliance includes efforts to ensure that organizations are abiding by both industry regulations and government legislation.

The laws by which the companies regulate are:

• Corporations have strict internal requirements, which consist of forming a board of directors, conducting initial and annual director meetings, creating and updating bylaws, providing stock to shareholders and transcribing all stock transfers. Internal requirements are Read More

NBFC: A Detailed Understanding

Nonbanking financial companies (NBFCs) assume an essential job in advancing comprehensive development in the nation by serving the different budgetary need of those clients who are barred by banks. They give imaginative administrations to MSME part fitting their best prerequisites generally those who can’t be adapted into inflexible FICO score arrangement of banks. They address credit issues of miniaturized scale small and medium undertaking division alongside giving an assortment of monetary administrations to explicit zones like financing framework advances, business vehicle financing, and financing of physical resources.

They assume a holding job in monetary advancement of the nation by giving impulse to riches creation, business age in under-served regions, giving credit offices in the provincial areas and money related more fragile areas of society. They channelize rare monetary assets by going about as middle people. They supplement banks by gathering needs of the corporate sector and sloppy segment. Aside from advances and advances, NBFCs additionally center around obtaining offers, attractive protections like stocks, bonds, debentures, rent, and contract to buy and protection business (Nandani and Jayenthi, 2014).

NBFCs comprise 76% of nonbanking money related foundations as far as monetary record size. Others being Read More

Different Types Of Website Policies

A website contract is crucial for any business to keep the business people connected with the users. There are various types of agreements such as Website terms & conditions and privacy policies.

Each website’s T&C’s and privacy policies are different and, need not be the same. The right to decide the policies rests with the website owner. The policies must be adaptable, easy to understand and, acceptable by law.

Terms and conditions for a website act as a basis for a website, before getting into a final agreement with the user. They help in imparting the knowledge of the rules and regulations and business risks involved. Sometimes, the user may be required to sign a disclosure form.

There are two approaches to make users agree to the terms and conditions. These are Browse wrap and Clickwrap, and the second is preferred over the first. This is due to the confirmation by the user that he has agreed to the specified terms and conditions. The latter does not provide any Read More 

Decriminalization of Section 377: Reality or Facade?

On September 6, 2018, a historic judgment was made by the Supreme Court of India which decriminalized Section 377 of Indian Penal Code. Supreme Court ruled that consensual adult gay sex is not a crime. The verdict included the members of the LGBTQ (Lesbian, Gay, Bisexual, Transgender Queer) community. The LGBTQ community has always been considered as a taboo in the society. The verdict originated a sense of inclusiveness among those members.

Before this verdict, the vast majority of the LGBTQ Indians remained to live double lives, putting on a false front to be heterosexual because of the immense fear of confronting prejudice or impairment and discrimination.

Decriminalization of the severe and mouldy section 377 of Indian Penal Code has marked an end of an era where this brutal law will no longer be able to violate human rights of a certain kind and to foster and facilitate an atmosphere in which millions of people have faced discrimination because of their sexual orientation or gender identity.

Section 377 reads: “Whoever voluntarily has carnal intercourse against the order of nature with any man, woman or animal, shall be Read More