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.
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