Laws can be defined as a set of guidelines and rules, which must be followed by every business entity to carry out smooth, just and legal business. Any violation in the law is treated as an offence to the Indian constitution. A huge number of laws and Acts were passed in the Indian history in the field of business. Still new laws are being made according to the market scenarios. Many laws have also been removed as and when required.
The law also provides certain rights and privileges to certain groups or ranks of people.
Since the creation of the constitution, various Acts were made.
These acts may contain hundreds of sections.
The sections are again subdivided into various parts or articles.
Although the laws are considered to be rigid and strict, corrections, termed as amendments, can be made to rectify a certain law for a specific amount of time.
Any default or offence committed against the laws may be punishable by the Court of Law.
Depending on the intensity of the offence, the punishment may vary from a penalty of few thousand Rupees to imprisonment for several months.
All the companies must respect and maintain the integrity of the law.