Legal disputes and disparities are inevitable. We at ASC strive to assist you in all legal matters so that you can fluently sail through your corporate journey unworried about the legal complications that might place themselves in your ways to growth and prosperity. We at ASC are prepared to cater to all your legal needs with a team of esteemed lawyers and corporate professionals having expertise in targeted fields of legal occupation.
Performance of agreements or obligations under business arrangements depends upon the clarity and quality of documents so executed to ensure that every party to such understanding delivers their services without any confusion, and if the expected performance is not delivered, the document must provide for a remedy to the aggrieved party either through arbitration or a right to approach the competent court of law. A proficient service-providing Law Firm would always ensure that there is no ambiguity in the contents and at no point in time subsequently, interpretation of such documents leads to divergent opinions. The intent is that trade and business flow without any hassles and parties involved need not worry about future controversies.
Most of the agreements or understandings are arrived at based on the Indian Contract Act, 1872. However, many supporting legislation like the Sale of Goods Act, 1930, the Transfer of Property Act, 1882, laws about Intellectual Property Rights, the Negotiable Instruments Act, 1882 are inherent to the drafting of documents creating rights and obligations of agreeing parties. The format of any legal document would require that it is executed on the requisite value of stamp duty, have various recitals like names of parties, intent, and scope of objectives, covenants, termination clause, confidentiality, severability, jurisdiction in case of disputes, settlement through mediation/arbitration, etc.
Laws provide a status of separate legal entities to Companies and LLPs. Such corporate persons are backbones of the economy and almost all major activities relating to manufacturing and services are carried on under their names. These entities can avail loans in their own names and various tax-related laws of the country apply to them. Such laws provide ease of business to the promoters who set up these corporates and also give promoters liberty to wind up their businesses as and when they desire. Experience of Company Secretaries and Chartered Accountants in the matter of incorporation and taxation is of utmost necessity for the proper conduct of the business of such entities to earn profits. These corporate persons contribute immensely to the economy of India as they can also attract Foreign Direct Investment and Foreign Institutional Investors.
Given the increasing emphasis on adherence to norms of good corporate governance, Company Law assumes indispensable significance in the corporate legislative milieu, as it deals with the structure, management, administration, and conduct of affairs of Companies. Assistance may be required by corporates and individuals in strategic Mergers & Acquisitions, Joint Ventures, Corporate Restructuring, and General Corporate maneuvers.
Law also protects intangible properties like creations of the mind besides the protection accorded to tangible properties like a constructed dwelling or goods. Such property is known as Intellectual Property and is protected by Intellectual Property Law, generally by way of copyrights, patents, and trademarks. Legal assistance acquires significance in the usage, commercial vivacity, marketing, and distribution processes and techniques, infringement and duplication, ownership and usage rights for any creation or invention which falls within the ambit of Intellectual Property.
The IBC provides for Insolvency Resolution of Companies, Partnership Firms, and individuals as Borrowers or Personal Guarantors. The creditors (Financial or Operational) of such persons can move applications before NCLT for initiation of their Insolvency. Also, the companies or the individuals as Borrowers/ Personal Guarantors themselves can move to NCLT for curing their Insolvency. The intent is to revive or rescue such persons first to protect the inherent enterprise value embedded in them. If, however, such revival is not possible, the companies are to be liquidated and individuals to be pronounced bankrupt. Liquidation or the Bankruptcy involves selling of assets of such persons through a defined, transparent and legal process with the assistance of the Resolution Professional/ Liquidator to pay off their liabilities.
The IBC provides a strategic opportunity to Personal Guarantors to get rid of their personal liabilities for a loan taken by a company and start a fresh life within a short period by getting themselves declared insolvent or bankrupt.
The Loan given by banks turns Non-Performing Assets (NPAs) forcing banks to think of strategies to recover the overdue. SARFAESI Act 2002 gives powers to the bank officials to take custody of secured assets charged to them without the intervention of courts and sell it through a public auction for recovery. Through the enabling provision under SARFAESI Act, the banks can seek the assistance of the District Magistrate/CMM for taking custody of the asset in question should there be any resistance from the Borrower. The Debt Recovery Tribunals are quasi-judicial bodies specially established for the recovery of NPAs of banks and financial institutions. The recovery process under DRT is in two stages, first, the default of debt is adjudicated by the Presiding Officer, and in the second stage, and the Recovery Officer executes the decree for effecting the sale of the assets through public auctions.
Recognizing the importance and contribution of MSMEs to the Indian economy, the MSMED Act provides that payments related to the supply of goods and services by MSMEs are to be made within 45 days. The Institute of Chartered Accountants of India (ICAI) has made it mandatory for all corporates to reflect in their balance sheets separately, the outstanding payments of MSMEs for more than 45 days. However, this important benefit accruing to MSMEs is often ignored by companies, and their payments are not released within the stipulated time. If such payments are not released within 45 days, MSMEs can approach a Forum with Complaints identified under the MSME Act.
The Labor laws of the land give sufficient protection to the workforce to prevent their exploitation by the employers by providing minimum entitlements under various categories. Major Labor intensive laws about eligibility and payments to the workforce are regarding Provident Funds, Gratuity, Pensions, Maternity Benefits, ESI, Minimum Wages, etc. Employers are under a legal obligation to implement such laws at their workplaces and if not complied, there are provisions for penalties and imprisonment. The employers must adhere to compliance under Labor laws as a part of sound corporate governance. The Trade Unions very often baffle the employers and they require legal and moral support on how to balance the interests with the Trade Unions for a harmonious industrial relation and supportive work culture.
With the growth of digital technology businesses is increasingly resorting to electronic commerce to modernize and expand their operations. E-commerce essentially implies the conveyances of goods and services through electronic systems. Certain fields of work are more susceptible to e-commerce than the others such as sales, distribution, financial transactions, service, and support.
Commercial Law, Drafting and Vetting of Documents/ Notices
Incorporation of Companies and Limited Liability Partnerships (LLPs), Mergers, Amalgamation, Acquisition, Compromise & Arrangement
Registration of your intellectual property like a trademark, copyright, patents, designs, and geographical indications while assisting in filing the application and contesting it before the respective Tribunals;
Insolvency and Bankruptcy Law (IBC)
Debt recovery under SARFAESI Act/ DRT Act for Banks, Financial Institutions (FI), and Asset Reconstruction Companies (ARCs)
Recovery of Outstanding of Micro, Small and Medium Enterprises (MSMEs)
Drafting of legal notices for release of due payments, if payment to MSMEs is not made within 45 days.
Labor Laws/ Industrial Relations
Guidance to employers/ establishments for systematic compliance of all related labor laws, provisions to be made for gratuity fund, or contributions to be made towards PF or ESI.