Business law, also called commercial law or mercantile law, is the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters.
Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals. Every state defines its own set of regulations and laws for business organizations. Similarly, it is also the responsibility of the business concerned to know the existing rules and regulations applicable to them.
- Compensation Issues: Business law is essential to handle various compensation issues in an organization. A professional business attorney can help companies in settling issues related to compensation and salary management. It is the responsibility of the attorney to ensure that his or her client does not violate compensation and benefits laws at any cost. The consequences can be fatal in case of any discrepancies.
- Safeguard the Rights of Shareholders: Business law plays a vital role when it comes to safeguarding the rights of a company’s shareholders. An experienced business law attorney can successfully handle such issues along with conflicts related to minority shareholders, constitutional documents, resolution by arbitration, and more.
- Business Formation: Business law plays the role of a foundation stone for any business concern. Establishing a business includes a lot of legal processes, leasing, and permits. A business law attorney is well-versed with all the relevant regulations and can help the concern establish its operations successfully.
“Any system that values profit over human life is a very dangerous one indeed. Simply put, it lacks values, and such a system will eventually collapse once its true light is discovered by the masses. Though some say that capitalism is a modern system, corruption has been the source for the demise of every great civilization.”
Every business concern, either large-scale or small-scale, is bound to comply with its respective legal regulations. Here are some significant functions of business law that can help you in understanding it better.
- Includes laws related to business ethics, substantive law, procedural law, court system structure, and so on.
- Business law entails the taxation system for different types of businesses.
- The level of competition and antitrust are also involved.
- Business law also includes regulations about employee rights and privileges, workplace safety, overtime rules, and minimum wages law.
- It strives to alleviate the impact businesses have on the environment and nature. It aims to regulate pesticides, limit air and water pollution, chemical usage, and so on.
- Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities.
- It also includes rights assignment, drafting, work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement.
- Business law defines laws related to business partnerships, entities, sole proprietorships, liability companies, and corporations.
- It describes laws related to business and real property.
- Business law analyses the overall impact of computer technology on other business domains.
- Includes laws related to bankruptcy and governance of the securities.
Laws against Business Crime
Fraud, Forgery, Cheating:
Forgery is the process of making or adapting documents with the intention to deceive. It is a form of fraud and is often a key technique in the execution of identity theft. Questioned document examination is a scientific process for investigating many aspects of various documents and is often used to examine the provenance and verity of a suspected forgery. Section 420, 468, and 471 of the Pakistan Penal Code deal exclusively with these offenses and are the most common offenses committed in Pakistan. We have built a strong working relationship with forensic and handwriting experts in order to provide efficient and effective representation for our clients
Property, Land, Real Estate Offences:
In the past ten years, Pakistan has witnessed a major boom in the property sector. In particular, the huge investments made by foreign nationals in the property sector due to the growing need for housing and high rises have caused a mushrooming effect that has rippled throughout Pakistan. The recent surge, growth, and investments made over the last few years in the property market have also brought with it illegal elements that through illegal means have tried to take advantage of the property boom. The following are the illegal means against which we protect our clients and provide a legal, yet practical, solution to the problems they might be facing with regard to their property.
Illegal Dispossession is a new addition to the laws of property and has come about through the Illegal Dispossession Act of 2005.
Transfer of title through forged documents (Forgery)
- The Pakistan Penal Code 1860 (hereinafter referred to as Penal Code) provides punishment for acts of mischief by damaging or destroying property or killing animals. Such offenses together with their aggravated forms are mentioned in Sections 425 to 440 of the Penal Code.
- Section 425: defines the offense of mischief as under.
- Whoever, with intent to cause, or knowing that he is likely to cause, wrongful loss or damage to the public, or to any person, causes the destruction of any property, or any such change in any property or in the situation thereof as destroys or diminishes its value or utility, or affects it injuriously, commits “mischief”.
- Explanation 1: It is not essential to the offense of mischief that the offender should intend to cause loss or damage to the owner of the property injured or destroyed. It is sufficient if he intends to cause, or knows that he is likely to cause, wrongful loss or damage to any person by injuring any property, whether it belongs to that person or not.
- Explanation 2: Mischief may be committed by an act affecting property belonging to the person who commits the act, or to that person and others jointly.
- Section 426: provides punishment for the offense of mischief as under:-
- Whoever commits mischief shall be punished with imprisonment of either description for a term which may extend to three months, or with fine, or with both.
- Sections 427, 428, 429 & 435 describe the aggravated forms of mischief by prescribing the value of the property or animals destroyed or damaged by the act of mischief. Such aggravated forms of offenses attract higher punishments through the imprisonment of various periods as well as fines. The value of the property or animals was fixed, keeping in view the value of the currency in 1860 when the Penal Code was enacted. Such values have since never been revised. With the passage of time and constant devaluation of the currency, the value/price of property and animals have considerably increased. They are not commensurate with this present-day market price/value. As such the punishments prescribed for aggravated forms of offenses appear to be disproportionate, indeed harsh. The relevant Sections may be quoted below:
- Section 427: Whoever commits mischief and thereby causes loss or damage to the amount of fifty rupees or upwards, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.
- Section 428: Whoever commits mischief by killing, poisoning, maiming, or rendering useless any animal or animals of the value of ten rupees or upwards, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.
- Section 429: Whoever commits mischief by killing, poisoning, maiming, or rendering useless, any elephant, camel, horse, mule, buffalo, bull, cow, or ox, whatever may be the value thereof or any other animal of the value of fifty rupees or upwards, shall be punished with imprisonment of either description for a term which may extend to five years, or with fine, or with both.
- Section 435. Whoever commits mischief by fire or any explosive substance, intending to cause, or knowing it to be likely that he will thereby cause, damage to any property to the amount of one hundred rupees or upwards or where the property is agricultural produce ten rupees or upwards, shall be punished with imprisonment of either description for a term which shall not be less than two years or more than seven years and shall also be liable to fine.
- In Section 427, the value of the property in the amount of fifty rupees is now too small and the punishment prescribed i.e. imprisonment for up to two years appears to be disproportionately higher, therefore, it is proposed to enhance the said amount to one thousand rupees.
- In Section 428, the punishment prescribed is up to two years imprisonment or a fine or both for the offense of killing any animal of the value of ten rupees or upward. This amount is also too small and needs to be enhanced. It is therefore proposed to enhance the value of the animal to rupees five hundred.
- Similarly, in Section 429, the value of the animals fixed as fifty rupees is too inadequate, especially when the other category of animals mentioned are elephant, camel, buffalo, etc. It is, therefore, proposed to enhance the sum of fifty rupees to five thousand rupees.
- Likewise, in Section 435, the sums of one hundred rupees and ten rupees are also too inadequate, as the price/cost of property has escalated manifold.