Introduction to Company Law By Prof. Chirag Chotrani
What is Law ? Law is nothing but set of rules and regulations imposed by an authority, over the people under that authority. The above Interpretation carries three elements: Set of rules and regulations Imposed by an authority Over the people under that authority a) b) c) Lets understand the above definition by referring to the constitution of India,
Under the Constitution of India there are 3 bodies: i) Legislative ii) Executive 11) Judiciary The legislative body is nothing but the law maker, executive body imposes the law and the third body i.e. the judiciary is there to interpret the law and remove any error In India Parliament is the law maker , and the government is the law imposer, while the work of judiciary is done by the courts.
How do we know that which government imposes law on which matter? The answer to this is also given in the constitution of India(COI). Schedule VII of the COI gives 3 lists: i) Union List ii) State List iii) Concurrent List
What do we mean by a company? Before we understand company, let's talk about the evolution of companty Company Partnership Barter system Sole Proprietorship
COMPANY A company is an artificial person, which is a separate legal entity, having perpetual succession and a common seal, if any, which has the right to sue and be sued. Now all the laws governing a company comes under the head of Company Law.
My students call me ‘THE RANK MACHINE’, AIR 9 Jay Modi, AIR 19 Neha, AIR 25 Tejas Kapoor and many more! Are you ready to be the next?