The legal basics for startups that an entrepreneur must know, like important startup documents and contracts, startup laws, dispute resolution and the important clauses.
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Litigation
Supreme Court of India;
High Courts of various States;
District Courts;
Company Law Board;
Environmental Tribunals;
Competition Commission;
Board and Appellate Tribunal Authority
for Industrial & Financial
Reconstruction;
Anti-Dumping Authorities;
Consumer Protection Fora;
Armed Forces Tribunal;
Debt Recovery Tribunal;
Labour Courts.
Arbitration
The International Chamber of
Commerce (ICC),
London Court of International
Arbitration (LCIA),
Zurich Chamber of Commerce,
Singapore International Arbitration
Center (SIAC),
Dubai International Arbitration
Center (DIAC),
Stockholm Chamber of Commerce,
The Institute of Arbitrators and
Mediators Australia (IAMA)
United Nations Commission on
International Trade Law
(UNCITRAL)
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Companies Act, 2013 Governs all Corporate Bodies.
Competition Act, 2002: Law to ensure free and fair competition in the market.
Consumer Protection Act,
1986:
Law relating to protection of consumers from unscrupulous
traders/manufacturers.
Environment Protection
Act, 1986:
Provides framework for seeking environmental clearances.
Foreign Exchange
Management Act, 1999
Regulates foreign exchange transactions including foreign
investment.
LABOUR
Factories Act, 1948 Law regulating labour in factories, Industrial Disputes Act
and Workmen compensation act
15. Important laws
15
LABOUR LAW DEALING WITH DISPUTES
Industries (development and
Regulation act), 1951
Governs all Industries
DISPUTE SETTLEMENT
Arbitration and Conciliation
Act, 1996
Provides for statutory recognition and procedure for
arbitration and convention awards
TAXATION
Central Excise Act, 1944 Governs duty levied on manufacture.
Customs Act, 1962 Deals with import regulations.
Customs Tariff (Amendment)
Act, 2003
The Act puts in place a uniform commodity classification
code based on globally adopted nomenclature system for
use in all trade-related transactions.
Income Tax Act, 1961 Governs direct taxes on income of all persons, both
corporate and non-corporate as well as residents and
non-residents.
Sales Tax Act, 1948 Governs the levy of tax on sales.
16. Important laws
16
SPECIFIC SECTOR
Electricity Act 2003 Regulates generation, transmission, distribution, trading
and use of electricity and generally for taking measures
conducive to development of electricity industry,
promoting competition.
Securitisation and
Reconstruction of Financial
Assets and Enforcement of
Security Interest Act, 2002
Seeks to put in place securitisation and asset foreclosure
laws creating a legal framework for establishment of
Asset Reconstruction Companies.
OTHER LAWS
Information Technology Act
2000
Law governing E-commerce transactions.
Money Laundering Act Prevents money laundering and provides
for confiscation of property derived from, or involved in,
money laundering
Special Economic Zones Act
2005
A comprehensive Act : Provides for the establishment,
development and management of the Special Economic
Zones for the promotion of exports and for matters
connected therewith or incidental thereto.
17. Important laws
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Patents Act, Copyright Act,
Trade Marks Act
Protect intellectual property rights.
Indian Contract Act, 1872 The Indian law that governs contracts is codified as the
Indian Contract Act, which encapsulates provisions
governing the entire life of a contract from its formation
to its implementation and conclusion. ICA also provides
remedies for breach of contract.
Sale of Goods Act, 1930 The basic provisions of the ICA also apply to the
contract of sale of goods. The basic requirements of a
contract include offer and acceptance, legally
enforceable agreement, mutual consent, parties
competent to enter contracts, free consent, lawful
object and considerations that apply to the contract of
sale of goods.
In a contract of sale of goods the seller transfers or
agrees to transfer the property (ownership) of the
goods to the buyer for a price. A sale is an executed
contract, i.e., there is a contract as well as a
conveyance. In other words, the property of the goods
is transferred from the seller to the buyer.
19. Disclaimer
19
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