TAIT Conducts Knowledge Session On Business Laws

B Swaminathan


Mumbai: City-based leading IT association Trade Association of Information Technology (TAIT) had conducted a session on the aspect of Business and Laws as a part of ‘TAIT Knowledge Series’, with Agenda of ‘Business and Laws’.

Sidharth Murarka, leading Advocate from the Supreme Court of India was the speaker. Murarka started his address with enlightening the Members on something very unique and unusual from the routine. Advocate Murarka touched upon a very crucial basic aspect relating to power of attorney. How power of attorney Stamp paper is to be purchased, in what name and how to deal with the power of attorney. He also enlightened the members on what is to be done when they get their documents notarized, which thumb impression is to be put up and other issues were discussed. He highlighted the issues of misguidance to the members to buy stamp paper of at least INR 200 for every document. In fact, he informed the members that the Maharashtra government department does not require stamp papers.

From the very basic, he then turned up to the areas relating to the cheque bouncing cases, how notice is to be issued and what precautions are to be taken. He even highlighted supreme court judgments including Indian banking judgment where supreme court has tried to expedite the entire process, but he highlighted that the magistrate courts are not implementing it in true spirit. He informed that the supreme court has gone to the extent of digital hearing wherein filling can be done and summons can be issued online.

Apart from this he also covered, how MSME benefits can be taken by the members not only restricted to the trade benefits but for loan finances too and also briefed members about , project reports and the legal benefits available to small and micro-enterprises. He informed the members about the difficulties faced and issues relating to arbitration and how the provisions of MSME act is not implemented by the facilitation council and how the trade should proceed and get this implemented immediately. He went on to highlight the provisions of commercial law which is the latest enactment and how commercial court function. However, his suggestion was that those who are not covered under MSME act should go for arbitration. He pointed out the provisions of law including section 17
where even the arbitration council can grant interim relief. He advised the TAIT to go into arbitration. Members continuously kept asking questions that were satisfactorily answered by Advocate Mr. Murarka. He covered every aspects relating to trade laws be it arbitration, be it civil suit and other issue. The idea was to enlighten the members on the legal aspects of law. .

Secretary of the association Viren Bavishi updated members about upcoming Events of TAIT Seagate Cricket Tournament, which is being spearheaded by TAIT Director Sunil Thariani. Seagate has already confirmed themselves as Title sponsor, and Tournament is Powered by HikVision. Many Other participation opportunities are still available and interested members need to contact TAIT office.