As an business entrepreneur, you should have basic knowledge of the regulatory requirements of the country. It is necessary for the healthy functioning of a business organization. In India, the most important regulation which regulates all the affairs of a company is the Companies Act,1956.

The Companies Act is administered by the Central Government through the Ministry of Corporate Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc.

The Companies Act, 1956 has been amended from time to time (in the years 2000, 2001, 2002, and 2006) in response to the changing business environment. In this discussion, our attempt is to give an bird's eye view of the key regulations in India relating to a company and its functioning.  

1. Key regulations related to environment
In India, the Ministry of Environment and Forests (MoEF) is the main administrative body for regulation, formulation, planning, promotion, implementation of different environment related regulation, and programmes. This ministry has has several Divisions, Directorate, Board, Subordinate Offices, Autonomous Institutions, and Public Sector Undertakings to assist it.

The Central Pollution Control Board (CPCB), a statutory authority, attached to the Ministry of Environment and Forests, is the statutory authority at the central level, and it is responsible for prevention and control of industrial pollution. Several State Departments of Environment and State Pollution Control Boards are also there to assist it at the state level.    

In our country, the Environment (Protection) Act, 1986, is the umbrella legislation which "authorizes the Central Government to protect and improve environmental quality, control and reduce pollution from all sources, and prohibit or restrict the setting and /or operation of any industrial facility on environmental grounds". According to this act the term "environment" includes "water, air and land and the inter- relationship which exists among and between water, air and land, and human beings, other living creatures, plants, micro-organism and property". The main provisions of the Act are:-

• The Central Government, shall have the power to take all such measures as it deems necessary or expedient for the purpose of protecting and improving the quality of the environment and preventing controlling and abating environmental pollution.

• In particular, and without prejudice to the generality of the provisions of sub-section (1), such measures may include measures with respect to all or any of the matters such as "co-ordination of actions by the State Governments, officers and other authorities", "planning and execution of a nation-wide programme for the prevention, control and abatement of environmental pollution", "laying down standards for the quality of environment in its various aspects", "laying down standards for emission or discharge of environmental pollutants", " laying down procedures and safeguards for the prevention of accidents", "carrying out and sponsoring investigations and research relating to problems of environmental pollution", etc.  
  

• The Central Government may, if it considers it necessary or expedient so to do for the purpose of this Act, by order, published in the Official Gazette, constitute an authority or authorities by such name or names as may be specified in the order for the purpose of exercising and performing such of the powers and functions (including the power to issue directions under section 5) of the Central Government under this Act and for taking measures with respect to such of the matters referred to in sub-section (2) as may be mentioned in the order and subject to the supervision and control of the Central Government and the provisions of such order, such authority or authorities may exercise and powers or perform the functions or take the measures so mentioned in the order as if such authority or authorities had been empowered by this Act to exercise those powers or perform those functions or take such measures.

• Water Pollution
• Air Pollution
• Forest Conservation
• Wildlife Protection
• Biological Diversity

• National Zoo policy
• The National Forest Policy, 1988
• The National Conservation Strategy and Policy Statement on Environment & Development, 1992
• The policy statement for abatement of pollution, 1992
• The National Water Policy,2002
• Wildlife Conservation Strategy 2002

• Convention on International Trade in Endangered Species of wild fauna and flora (CITES)
• Basel Convention on Transboundary Movement of Hazardous Wastes and their Disposal
• Kyoto Protocol to United Nations Framework Convention on Climate Change
• Convention on Biological Diversity
• UN Convention to combat Desertification

• The Factories Act, 1948: This act regulates health, safety, welfare and other working conditions of workers in factories.
• Mines Act, 1952: This act regulates health, safety, welfare and other working conditions of workers in the coal, metalliferous and oil mines.
• Dock Workers (Safety, Health & Welfare) Act, 1986: This act regulates health, safety, welfare and other working conditions of workers in ports/docks.

• Plantation Labour Act, 1951
• Explosives Act, 1884
• Petroleum Act, 1934
• Insecticide Act, 1968
• Indian Electricity Act, 1910
• Indian Boilers Act, 1923
• Indian Atomic Energy Act, 1962
• Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996
• Beedi and Cigar Workers' (Conditions of Employment) Act, 1966 .

• Improve performance in business
• Establish a responsible image of a company
• Minimize risk to employees and others.

• According to this act " with effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, a Commission to be called the "Competition Commission of India. The Commission shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued".

• The Act prohibits anti-competitive agreements. It states that "no enterprise or association of enterprises or person or association of persons shall enter into any agreement in respect of production, supply, distribution, storage, acquisition or control of goods or provision of services, which causes or is likely to cause an appreciable adverse effect on competition within India".

• This act prohibits enterprises from abusing of dominant position in various ways such as "directly or indirectly imposing unfair or discriminatory conditions in the purchase or sale of goods and services", "restricting the technical or scientific development relating to goods or services to the prejudice of consumers", "making conclusions of contracts subject to acceptance by other parties,which have no connection with the subject of such contracts", "using dominant position in one relevant market in order to enter into another market", etc.   

• The Act regulates the various forms of business combinations but doest not prohibit their formation. According to this act "No person or enterprise shall enter into a combination which causes or is likely to cause an appreciable adverse effect on competition within the relevant market in India and such a combination shall be void".

• This act states that "without prejudice to the provisions of this Act, if any person contravenes, without any reasonable ground, any order of the Commission, or any condition or restriction subject to which any approval, sanction, direction or exemption in relation to any matter has been accorded, given, made or granted under this Act or fails to pay the penalty imposed under this Act, he shall be liable to be detained in civil prison for a term which may extend to one year, unless in the meantime the Commission directs his release and he shall also be liable to a penalty not exceeding rupees ten lakhs". 

• This act empowers the Central Government to "make provisions for development and regulation of foreign trade by facilitating imports into, and augmenting exports from India and for all matters connected therewith or incidental thereto".

• According to this act "the Central Government can prohibit, restrict and regulate exports and imports, in all or specified cases as well as subject them to exemptions".

• This act authorizes  the Central Government to "formulate and announce an Export and Import (EXIM) Policy and also amend the same from time to time".

• According to this act, every exporter/importer in the country must obtain an IEC (Importer Exporter Code) from the Director General of Foreign Trade or from the officer so authorised. The act empowers the Director General of Foreign Trade or  the officer so authorised to suspend or cancel a licence for export or import business. 

• Tea Act,1953
• Coffee Act, 1942
• The Rubber Act, 1947
• The Marine Products Export Development Authority Act, 1972
• The Enemy Property Act, 1968
• The Export (Quality Control and Inspection) Act, 1963
• The Tobacco Board Act, 1975

• Payment of Wages Act, 1936
• Minimum Wages Act, 1948
• Payment of Bonus Act, 1965

• Factories Act, 1948
• Contract Labour (Regulation & Abolition) Act, 1970
• Mines Act, 1952
• The Building & Other Construction Workers (Regulation of Employment and conditions of Service) Act, 1996
• Plantation Labour Act, 1951

• Maternity Benefit Act, 1961
• Equal Remuneration Act, 1976      

• Child Labour (Prohibition & Regulation) Act, 1986
• Bonded Labour System (Abolition) Act, 1976 

• Payment of Gratuity Act, 1972
• Workmen's Compensation Act, 1923
• Employees' PF and Miscellaneous Provisions Act, 1952
• Employees' State Insurance Act, 1948

• The Mica Mines Labour Welfare Fund Act, 1946
• The Limestone and Dolomite Mines Labour Welfare Fund Act, 1972
• The Iron Ore Mines, Manganese Ore Mines & Chrome Ore Mines Labour Welfare Fund Act, 1976
• The Beedi Workers Welfare Fund Act, 1976
• The Cine Workers Welfare Fund Act, 1981

• Apprentices Act, 1961
• Employment Exchanges Act, 1959.