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Monday, August 28, 2023

How is Finance minister elected in India?

How is Finance minister Appointed in India?

The Finance Minister in India is not chosen by public vote. The Prime Minister appoints the Finance Minister, who serves in the Union Cabinet.

The Finance Minister is typically chosen from among the elected Members of Parliament (MPs) who are a part of the coalition or political party that holds the majority of seats in the Lok Sabha, the Indian Parliament's lower house. This choice is made by the Prime Minister taking into account the candidate's qualifications, political concerns, and experience.

In India, the procedure for choosing a finance minister is not spelt down in a single legislation. Instead, it is based on the rules and traditions set down in the constitution, which control how the Union Cabinet is formed.

The Prime Minister of India has the authority to advise the President on the nomination of additional ministers, including the Finance Minister, according to the Indian Constitution.

Articles 74 of Indian Constitution states that there shall be a council of ministers, led by the Prime Minister, to assist and advise the President, who'shall' act in accordance with such advice in the performance of his powers.

Article 75 of the Indian Constitution states Prime minister is appointed by the President. The other ministers are appointed by the President on the advise of the Prime Minister.

Conclusion

The particular process for choosing a finance minister is dependent on the political customs and standards upheld in the nation.

MAH CET LLB 5 Year course

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MAH CET LLB 5-year course is a state-level entrance exam for admission to the integrated Bachelor of Law (LLB) programme offered by various law colleges in Maharashtra. It is administered by the State Common Entrance Test Cell, Maharashtra. It is an excellent opportunity for students interested in pursuing a legal career.

MAH CET LLB 5-year course preparation necessitates a strategic approach as well as a thorough understanding of the exam pattern and syllabus. Here are some preparation tips for the exam:

1. Get acquainted with the exam format:

The exam consists of multiple-choice questions and .

a) Legal Aptitude and Legal Reasoning (40marks),

b) General Knowledge with Current Affairs (30marks)

c) Logical and Analytical Reasoning, (40 marks)

d) English (30 marks) and

e) Mathematics (10 marks) are the five sections covered in the paper.

2. Recognize the topics on the syllabus.

The syllabus covers the subjects covered in the aforementioned sections.

The section on legal reasoning and aptitude largely focuses on numerous legal propositions and legal principles.

Topics relevant to history(Ancient ,medeival,modern) , geography, national,general science, economics, Civics and current affairs of past one year, are covered in the General Knowledge and Current Affairs area.

Analogies, applying principal or rules , drawing well supported conclusions , ability to draw wel supported logical conclusion, are topics covered under logical and analytical reasoning.

Reading comprehension, vocabulary, Profeceincy and grammar are all covered in the English portion

Profit and loss, speed and distance, Time and work , alegebra , average and Venn diagram will be covered under section Basic Mathematics.

3. Previous Year Question papers:

Solve previous year's exam questions to help you understand the exam format and the kinds of questions that will be asked. Also, it will assist you in better time management during the exam.

4. Consult study materials: You can use a variety of study guides and books to get ready for the test.

Make sure you study to cover all the sections above to increase the chance of passing.

The total marks are 150 and the exam timing is 2 hours. There will be no negative marking.

Wish you best of luck.

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Space Laws in India

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Introduction:

Similar to general international law, space law is made up of a range of treaties, conventions, international agreements, decisions of the UN General Assembly, and rules and guidelines of international organisations.

In recent years, India has advanced significantly in both space technology and exploration. The Indian Space Research Organization (ISRO) has worked with various other nations on space exploration projects and has achieved many technological breakthroughs in the field of space exploration, including the launch of missions to Mars and the Moon.

It is necessary to establish a strong legislative framework to oversee space activities in India given the expanding significance of space technology and exploration.

International Legal Framework:

The Outer Space Treaty of 1967, the Liability Convention of 1972,The Rescue Agreement of 1968

and the Registration Convention of 1975 are only a few of the international treaties and agreements India is a party that pertain to space operations.

These treaties and agreements establish certain principles for the peaceful use of space, such as the ban on putting Weapons of mass destructions in orbit and the duty to ensure that space activities are carried out in a responsible and environmentally sustainable manner. They also offer a basic legal framework for space activities.

Domestic Legal Framework:

The Indian Space Research Organization was established 1969 and its policies on Satellite Communication and Remote Sensing serve as the cornerstones of the legal framework governing space activities in India .

The satellite Communication Policy includes the norms, guidelines and procedures for implementation of the policy frame-work for satellite communications in India and Remote Sensing Policy provides much essential and critical information - which is an input for developmental activities at different levels, and is also of benefit to society.

The Indian government has established the Department of Space to oversee the country's space program. This department has the responsibility of managing a number of agencies and institutes that are involved in various aspects of space exploration and development of space-related technologies.

ISRO is operated under Department of Space. Furthemore, NewSpace India Limited, a wholly owned company of the Indian government, was established on March 6, 2019, under the Companies Act, 2013. It is under the administrative control of the Department of Space (DOS) and serves as the commercial arm of the Indian Space Research Organisation (ISRO). NSIL's main responsibility is to facilitate high-tech space-related activities for Indian industries and promote and commercialize products and services derived from the Indian space program.

Further the proposed Draft on Space Activities Bill, 2017, aims to create a legal and regulatory framework for both government and private organisations for conducting space activities. It includes many different activities, such as the launching and running of spacecraft, space research, and commercial space operations.

The proposed bill would create a licencing system for space activities, requiring businesses to apply for licences from the government before engaging in any space-related operations. It also aims to create a national registry of space objects and obliges operators to give the government details about their space items.

Conclusion:

India's growing space program and the increasing involvement of the private sector in space activities make it necessary to have a robust legal framework to govern space activities in India. A well-designed legal framework for space activities is essential to ensure the safe and sustainable use of outer space and the continued growth and success of India's space program.

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Emerging Areas of Practice for Lawyers in India

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Topic: New Practice Areas for Indian Lawyers

Introduction:

The legal environment in India is changing significantly, and new fields of practice are opening up. While new legal disciplines are rising to popularity in India, the classic practice areas of civil, criminal, and corporate law are still widely used.

We shall examine the new practice areas for Indian lawyers in this article.

1) Technology Law: As technology is used more often across a range of industries, there is a rising need for lawyers with expertise in this area. Cybercrime, data protection, privacy, and intellectual property are all topics covered by technology law. New legal challenges that call for specialized knowledge and experience have been brought about by the expansion of e-commerce, social media, and digital payments.

2) Sports Law: India is a sports loving country, and the success of the Indian Premier League (IPL) has led to a growth in demand for attorneys who specialize in this area of the law. Contract negotiations, sponsorship arrangements, and intellectual property rights are all covered under sports law. This field of law is anticipated to expand in India as sports gain in popularity. The work under this Law includes creating Sports Endorsement Agreements,. Athlete Sponsorship Contracts, Advertising Rights in Sports,Intellectual Property Rights in Sports Marketing, Tort Laws etc.

3) Environmental Law: Environmental law is a new area of practice. Numerous environmental issues, including deforestation, air and water pollution, and climate change, are present in the nation. Consequently, there is a rising demand for attorneys who can counsel corporate clients on environmental compliance, ethical business conduct, and environmental impact evaluations.

The list of few laws governing Environment in India are

a) Water (Prevention And Control Of Pollution) Act, 1974.

b) Water (Prevention And Control Of Pollution) Cess Act, 1974,

c) Air (Prevention And Control Of Pollution) Act, 1977,

d) Forest Conservation Act, 1980

4) Media Law: Lawyers who specialize in entertainment law are in high demand due to the expansion of the entertainment sector. Areas including talent management, licencing contracts, and copyright are all covered under entertainment law. Actors, musicians, filmmakers, and other professionals in the business are all represented by lawyers in this field of practice. The Cinematograph Act 1952, Cable Television Networks( Regulation) Act 1955, The Copyright Act 1957 are few acts governing media and entertainment industry.

5) Alternative Dispute Resolution (ADR): ADR a quicker and more affordable substitute for traditional litigation. ADR attorneys can assist clients in resolving conflicts through mediation, arbitration, and negotiation. ADR is growing in popularity as a client choice given the backlog of cases the Indian legal system is now dealing with. The Arbitration and Conciliation Act, 1996 governs arbitration cases in India.

In conclusion, the legal industry in India is developing, and those attorneys who focus on cutting-edge aspects of the law will be well-positioned to serve their customers' requirements in the years to come. A few of the emerging fields of practice in India are alternative dispute resolution, sports law, media and environmental law, technology law, and environmental law. There will probably be more practice areas as the nation develops, which will open up new career options for attorneys.

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Career as a Company Secretary

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SCOPE OF COMPANY SECRETARY IN EMPLOYMENT:-

Appointment as Whole time Company Secretary

As per Section 203 read with Rule 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Every private company which has a paid up share capital of ten crore rupees or more shall have a whole -time company secretary.

Company Secretary as Key Managerial Personnel (KMP)

Every listed company and every other public company having paid-up share capital of ten crore rupees or more is required to appoint the whole time Company Secretary as the Key Managerial Personnel.

Company Secretary as Compliance Officer:

Under Regulation 6 of the SEBI (LODR) Regulations, 2015, a listed company is required to appoint a qualified company secretary as the compliance officer.

Company Secretary as a part of Senior Management

The senior management will also include chief executive officer/managing director/whole time director/manager and specifically include company secretary and chief financial officer.

SCOPE OF COMPANY SECRETARY IN PRACTICE:-

Company Secretary as Secretarial Auditor Section 204 of the Companies Act, 2013 , following classes of companies are required to obtain Secretarial Audit Report from Company Secretary in practice and shall annex the same with its Board’s report

(b) Every public company having a paid-up share capital of 50 crore rupees or more; or;

(d) Every company having loans or borrowings from banks or public financial institutions of one hundred crore rupees or more

Further, pursuant to Regulation 24A of the SEBI (LODR) Regulations, 2015, every listed entity and its material unlisted subsidiaries incorporated in India shall undertake Secretarial Audit and shall annex with its Annual Report, a Secretarial Audit Report, given by a Company Secretary in Practice,

Company Secretary as an Expert

Section 2(38) of the Companies Act, 2013 include the company secretaries as an expert

“Expert” includes an engineer, a valuer, a chartered accountant, a company secretary, a cost accountant and any other person who has the power or authority to issue a certificate in pursuance of any law.

Company Secretary as Registered Valuer

A Company Secretary in practice is recognized to be registered valuer for the asset class “Securities or Financial Assets” under the Companies (Registered Valuer and Valuation) Rules, 2017.

Company Secretary as Insolvency Professional

A company secretary can become Insolvency Professional if he has passed Limited Insolvency Examination and has ten years of experience as a company secretary enrolled as a member of ICSI.

Company Secretary as Internal Auditor

Company secretary in practice is authorized to undertake internal audit of:

-Portfolio Managers

- Stock Brokers/Clearing Members/ Trading Members

-Credit Rating Agencies

-Registrar and Share Transfer Agents (RTAs)

-Internal Audit & Concurrent Audit of Depository Participants

Company Secretary as IPR Expert

The Company Secretaries can act as registered Trade Marks Agent and also advise their client on IPR matters

Advisory services:-

Corporate Laws Advisory Services extend beyond the boundaries of Companies Act, 2013 into the following laws and activities:

– SEBI Act, 1992