Wednesday, 9 May 2018
GIBS students get a taste of legal matters in the business worlds
Mr. David M Paul conducted the vigorous and immensely informative SME or Subject Matter Expert Session on legal matters for the benefit of GIBS students. Global Institute of Businesses Studies in Bannerghatta on the outskirts of garden city cum software capital Bangalore has been taking great strides in launching student careers through internships and placements. After achieving a high reputation in the international arena, GIBS plans to branch out with more institutes within India.
While it is generally understood that legal matters are crucial to businesses, the idea and application of laws are usually missed out by students eager to progress along career paths. A great majority of the students who pass out with business management degrees initially set their sights upon services with the fastest promotion prospects existing in business rather than any other sector. Don’t forget that management extends to every category of business under the sun. The combination of human resources, finance and materials or services is responsible for delivering all the wonders that surround our modern day lives, according to the specializations and dimensions.
Some students who graduate or postgraduate do take up independent businesses, individually or in partnerships, while a few attempt to set up corporations. They are certainly more enterprising and are well connected to business houses with the potential of obtaining the finance and connections to further business dreams.
Legal consciousness is lacking in the majority
Since legal matters concern individuals, homes and families too, there is no escape from the law. Basically, our existence is reflected in the constitution that confers certain basic rights upon the citizens like secularism and the right to work and settle in any part of the country. In a sense, the family unit to which everybody belongs reflects the three aspects of a workforce, workers, finance and raw materials or products that make life meaningful. The essential formula is present in every organization, including the neighborhood shop.
Not only the business management students, but every boy and girl in India should be conscious and aware of legal matters from an early age like the smart students in the western countries! What we are capable of and the rights and responsibilities would only make us stronger and productive in national matters to increase the workforce and productivity to new dimensions.
Would you agree that the purchase of a product from a shop can be considered a theft, technically speaking, in the absence of a receipt? Small matters need not bother us, but the fact that you were present at the scene of a crime can become a liability, indicating involvement in the absence of any other evidence! What happens if some contraband was planted in your baggage at the airport? How would you prove your innocence?
The answer is to get smarter and anticipate the kinds of problems that could possibly arise. In other words, you should carefully examine all the ifs and buts, pros and cons connected with any task or enterprise. Just like doctors are entrusted with any kind of physical problem that could arise, lawyers or legal advisers are similarly entrusted with the legal requirements of the organization. The law appears to be too complicated for us to understand in depth, just like medical matters are best left to the doctors.
A system of laws, rules, regulations and legal procedures would govern each aspect of life and activity. Wildlife and forests are governed with particular acts and rules. When it comes to the transport sector, a long list of legal structures covers it. Housing and commercial building constructions and their hire, sale and purchase have their associated procedures. In an age of specializations, certain subjects are taken up to learn them in depth.
GIBS specializations for MBA and PGDM
According to the interests and aptitudes, skills and resources available, the boys and girls opt for in depth studies of certain subject areas. Learning the laws would be part of the package that might remain all through their lives and careers. HRM and Marketing, Finance and Supply Chain, International Business, Operations and Information Technology are those charmed specializations offered. Each of them functions within a legal cocoon.
Understanding SEBI and Company Acts
Securities and Exchange Board of India or SEBI functions as the regulatory body for the investment and financial matters in India. As can be imagined, the financial marketplace requires a lot of systems, laws and procedures to work effectively. SEBI plays a complex role like administering the securities market and protecting the interests of the investors. The issuers of securities and the market intermediaries are also supervised appropriately. The board works with the three powers of quasi-judicial, quasi-legislative and quasi-executive.
The Companies Act came into existence in 1956 and is still valid. Further, the Companies Act of 2013 makes some consolidations and amendments to the company laws as a legal framework for the functioning of companies.