In continuation of the previous article "Study Notes on Legal Environment for UGC NET Part-1", here is the second part
B. Corporate Laws
Corporate Laws are the rules and regulations that govern the formation, registration, share capital, board meetings, minutes, dividend, powers of the board, auditing, mergers and amalgamation, listing of shares, dissolution and winding-up, etc. if the companies.
Companies Act, 2013
Companies Act, 2013 replaced the Companies Act of 1956. This Act governs all types of companies in the country, whether listed or unlisted.
- Women empowerment in the corporate sector. This Act has brought in the mandatory appointment of women directors on board (for certain class of companies).
- The Companies Act, 2013 brought in the clause of Corporate Social Responsibility for a certain class of companies.
- More powers have been given to the shareholders of the company.
- The Act introduced National Company Law Tribunal and National Company Law Appellate Tribunal.
- Rules were amended to enable Fast Track Mergers in the companies. This Act brought in Cross Border Mergers with the prior permission of the Reserve Bank of India.
Monopolies and Restrictive Trade Practices Act, 1969.
The MRTP Act aims to prevent the concentration of economic power in the hands of a few groups of people. This provides for control of monopolies, prevention of unfair trade practices.
Main aims of the Act are:
- Control of monopolies.
- Prohibition of Unfair Trade Practices.
- Prohibition of Restrictive Trade Practices.
- Prohibition of Monopolistic Trade Practices.
Consumer Protection Act, 1986
This Act was enacted for the protection of the consumers in India. It has the mechanism for redressal of the grievances of the consumers.
- The Consumer Protection Act applies to all goods and services until and unless the Union Government exempts it.
- The Consumer Protection Act covers all public, private and cooperative sectors.
- Provisions are compensatory in nature.
- It educates consumers against exploitation.
- It provides justice to aggrieved customers.
Competition Act, 2002
This Act was enacted for the economic development of the country; for the establishment of a Commission to prevent practices that have an adverse effect on the competition, in order to promote sustainable competition in markets, to protect the interest of the consumer and to ensure freedom of trade in India.
Objectives of the Act:
- To ensure freedom of trade in the Indian Market.
- To prevent the domination of the big players in the market.
- To promote healthy competition in the market.
- To protect the interest of the consumer by providing them with good products and services at reasonable prices.
- To prevent the practices that may bring adverse impact on competition in the Indian Market.
C. Environmental Laws
Environmental Laws are those laws that enable the parliament with the need for protection and motive of conservation of the environment.
The Environment Protection Act, 1986
- This Act provides for the protection of the Environment and its improvement. The Environment Protection Act provides the framework for planning and implementing the long-term requirements of environmental safety and also lays down a system of speedy and adequate response to situations that threaten the environment.
- Under this Act, the Central Government has the power to take measures necessary to improve and protect the quality of the environment. It has set standards for emissions and discharges of pollution in the atmosphere by any person carrying on the activities of an industry; it regulates the location of industries; it manages the hazardous wastes and protects public health. The Central Government issues notifications under the Act for the protection of ecologically-sensitive areas and other places like reserves. The Central Government also issues guidelines regarding matters under the Environment Act when required.
Air (Prevention and Control of Pollution) Act, 1981
- This Act was enacted to counter the problems associated with air pollution, ambient air quality standards were established. The Air Act was enacted to combat air pollution by prohibiting the use of substances and fossil fuels as well as by regulates the appliances that give rise to air pollution.
- It provides for the enactment and establishment of boards at Central as well as state levels. The Air Act empowers the State Governments, in consultation with the SPCBs, and can declare any region within the State as air pollution control region. Under this Act, the establishment or operation of any industrial plant in the pollution control area requires permissions from SPCBs. SPCBs are also required to test the quality of air in air pollution control areas, also inspect pollution control equipment and manufacturing processes.
Water (Prevention and Control of Pollution) Act, 1974
- This Act was enacted to provide for the prevention and control of water pollution. It also provides the establishment of Boards for the control and prevention of water pollution.
- This Act prohibits the industries and manufacturing units from discharging of pollutants into water bodies beyond a given standard, and it also lays down penalties for non-compliance.
- At the Central level, this Act has set up the CPCB, which further lays down standards for the control and prevention of water pollution.
- At the State level, the SPCBs functions as per the directions given by the CPCB and the State Government.
The National Green Tribunal Act, 2010
- This Act provides for setting up of National Green Tribunal which will expeditiously dispose of cases relating to environmental protection and conservation of forest resources and other natural resources.