EconomicandCommercial Laws PDF

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STUDY MATERIAL
EXECUTIVE PROGRAMME
ECONOMIC AND ECONOMIC AND ECONOMIC AND ECONOMIC AND COMMERCIALCOMMERCIALCOMMERCIALCOMMERCIAL LAWLAWLAWLAWSSSS
MODULE 1
PAPER 3
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 © THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
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Laser Typestting by Delhi Computer Services, Dwarka, New Delhi November, 2015
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 EXECUTIVE PROGRAMME
ECONOMIC AND COMMERCIAL LAWS
India has made considerable economic progress since its Independence. Over the years, the various policy initiatives and economic reforms in India have made India one of the fastest growing economies in the world today. The emerging economic environment involving rapid technology changes, response in terms of change in methods, trade and services, globalisation of economy, liberalisation of trade and industry and emphasis on international competitiveness and bringing the existing laws in tune with the future market needs, the Government has also initiated legislative reforms in the area of economic and commercial laws. The Government enacted Foreign Exchange Management Act, The Competition Act, 2002 replacing the MRTP Act and amended the Consumer Protection Act in the year 2002. The Legal Metrology Act, 2009 replacing Standards of Weights and Measures Act, 1976 and Foreign Contribution (Regulation) Act, 2010 replacing Foreign Contribution (Regulation) Act, 1976. In the area of Intellectual property, the Government has enacted Trade Marks Act and Designs Act, and amended the Patents Act and the Copyright Act. In this regard the Government has further amended the Patents Act in 2005 and Copyright Act in 2012. The Foreign Trade Policy 2009-14 has also been announced in line with the reform agenda and amended from time to time. Further, the Prevention of Money Laundering Act to deal with new categories of economic offences, has also been made effective w.e.f. 1st July, 2005 and amended in 2009 and 2012. Similarly, in the area of Environment Laws, the process of reforms is going on and Parliament enacted National Green Tribunal Act, 2010. In the light of above developments, this study material has been prepared to provide an understanding of certain economic and commercial legislations which have direct bearing on the functioning of companies. The study material has been divided into two parts consisting of fifteen study lessons. Part A consists of Study Lessons I to IX, whereas Part B consists of Study Lessons X to XV. This study material has been published to aid the students in preparing for the Economic and Commercial Laws paper of the CS Executive Programme. It is part of the education kit and takes the students step by step through each phase of preparation stressing key concepts, pointers and procedures. Company Secretaryship being a professional course, the examination standards are set very high, with emphasis on knowledge of concepts, applications, procedures and case laws, for which sole reliance on the contents of this study material may not be enough. Besides, as per the Company Secretaries Regulations, 1982, students are expected to be conversant with the amendments to the laws made upto six months preceding the date of examination. The material may, therefore, be regarded as the basic material and must be read alongwith the original Bare Acts, Rules, Regulations, Case Law, as well as recommended readings given with each study lesson. As the area of economic and commercial laws undergoes frequent changes, it becomes necessary for every student to constantly update himself with the various legislative changes made as well as judicial pronouncements rendered from time to time by referring to the Institute’s journal ‘Chartered Secretary’ as well as other law/professional journals.
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(iv)
The legislative changes made upto October 30, 201
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 have been incorporated in the study material.However, it may so happen that some developments might have taken place during the printing of the study material and its supply to the students. The students are therefore, advised to refer to the e-bulletin and other publications for updation of the study material. In the event of any doubt, students may write to the Directorate of Academics in the Institute for clarification at academics@icsi.edu. Although due care has been taken in publishing this study material yet the possibility of errors, omissions and/or discrepancies cannot be ruled out. This publication is released with an understanding that the Institute shall not be responsible for any errors, omissions and/ or discrepancies or any action taken in that behalf. Should there be any discrepancy, error or omission noted in the study material, the Institute shall be obliged if the same are brought to its notice for issue of corrigendum in the `e-bulletin’.
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