At the ASSOCHAM Bharat GC Samagam 2024, Guest of Honor P K Malhotra, Former Secretary, Ministry of Law and Justice, Government of India, discussed the topic "General Counsels: Enhancing Governance Beyond Due Diligence," which highlighted the necessity of monitoring and adjusting new regulations, ensuring compliance, and minimising risk in order to meet India's goal of becoming the third largest economy in the world and reaching towards the goal of $5 trillion economy. He added, ''General counsels now have to deal with legal matters pertaining to data privacy, cybersecurity, and intellectual property due to the growth of digital technology. Businesses are under increasing pressure to implement ethical and sustainable practices''.
He emphasised on the landscape of litigation and dispute resolution which is evolving, with an increased focus on alternative dispute resolution (ADR) methods such as mediation and arbitration. General counsels need to be adept at managing these processes.
In her guest of honor address, Dr. Reeta Vasishta, ILS, Member Secretary, Law Commission of India Government of India said Commercial laws are equally important to reform in order to ensure that they aid in the economic development of the country. The collaboration of the Law Commission with the industry is well reflected in its 11th Report on the Negotiable Instruments Act, 1881, wherein the opinion of various commercial bodies, chambers of commerce and industry associations were sought and taken into consideration by the Commission before making its recommendations. Such cooperation between the industry and the commission has continued over the years.
In his special address Sanjay Jain Former Additional Solicitor General of India said as companies expand globally, general counsels must navigate complex international laws, trade regulations, and cross-border transactions. This requires a deep understanding of different legal systems and cultures. The adoption of AI and other legal technologies is transforming the legal profession. General counsels should leverage these tools for contract management, compliance, legal research, and more efficient service delivery.
Hitender Mehta Managing Partner, Centrum Legal gave an opening address showcasing the compliance management in the corporates and stakeholders trust is efficient to help business entities. He said the adoption of AI and other legal technologies is transforming the legal profession. Role of General Counsel is multifaceted as the concerned ensuring that the company complies with all relevant laws and regulations. This involves staying updated on legal changes and advising the board and management on compliance requirements.
Highlighting about the crisis management, Venket Rao Member, ASSOCHAM National Council on Legal Affairs and Regulatory Reforms, and Founder & Managing Partner, Intygrat Law Offices said GC should lead the legal response during crises such as litigation, regulatory investigations, and other significant legal challenges. The general counsel coordinates with external legal counsel and other stakeholders to manage these situations effectively.
Rajinder Kumar Co-Chairperson, ASSOCHAM National Council on Legal Affairs and Regulatory Reforms, and Managing Partner, Kumar Law Associates stressed on GC beings a catalyst for change and sustainability in the corporate governance. He focused on governance framework to be robust, legally compliant, and aligned with its strategic objectives.
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