Preface to the Second Edition

I am glad to present this second edition of Business Law. It will aid commerce and management students to learn business law or legal aspect of business. This book also serves the students pursing CWA (Inter) from ICAI.

Like the previous edition, an attempt is made to cover the subject widely in a lucid way without compromising on the technical details.

The book is divided into 27 chapters. Each chapter is designed in four segments: 1) theory supported with necessary example and case study; 2) landmark judgements; 3) Questions—Test your knowledge; and 4) Multiple-choice Questions.

Chapters on Contract Act have been framed more concisely. Nowadays, company and LLP have become popular format of business, and therefore, provisions on Limited Liability Partnership Act, 2008 have been explained in detail. Following three new topics have been included in this edition:

1. Provident Fund and Miscellaneous Provisions Act, 1952;
2. Limited Liability Partnership Act, 2008; and
3. Employees’ State Insurance Act, 1948.

The Companies Act, 2013 has repealed old Companies Act, 1956 during the year 2013 by Ministry of Corporate Affair (MCA) and it has become fully functional by 2014. Chapters 18 to 22 contain applicable provisions of Companies Act, 2013. Likewise, all applicable amendments in topics of Foreign Exchange Management Act, 1999 and Information Technology Act, 2000 have been incorporated at suitable places.

Although every effort has been made on the accuracy of the content, there could always be some glitches. Moreover, there may be differences in interpretations also. I shall be happy to receive suggestions and comments from readers.

I would like to thank the publisher, Pearson Education, especially Vipin Kumar and Varun Goenka for their commitment to the project. I would also like to thank the faculties of various business schools and universities, students and readers for their continuous appreciation and creative suggestions.

Tejpal Sheth