Businesses Cannot Survive Without Legal Advice: Justice AK Sikri

Businesses in India or anywhere else can not survive without legal advice, feels Justice Arjan K. Sikri, Former Judge, Supreme Court of India. Speaking at the Global Legal Summit organized by BW Legal World in Delhi on December 12, Sikri said: "There is a deep connection between law and business. Law concerning the business has always kept pace with the changing nature of the business. Now, we are in a regulatory regime. Laws are enacted by Parliament and the Legislature by keeping the economic policies in mind."

Being a veteran in the modern Indian legal system, Sikri spoke at length about the changes impacting the economy, business and the regulatory scenario as India evolved from pre-independence days to post-independent India and from the days of economic liberalization to the present scenario. 

Sikri recalled how the judicial system evolved over the times, particularly from the days of early late 19th century. "In earlier days India had lesser sphere economy,  and there were less laws regulating the country or controlling the business," he says. 

Speaking about the post-independence India, Sikri recalled in 1950, when India had ushered into a new era, the legal fraternity considered it as 'mixed economy', where the states had full part in the businesses along with the private players. "Later in 1970s, it turned towards social aspects of business and concerning the economic policy, there were socialist orientation policies," said Sikri. 

Talking about the regulatory regime post liberalization in the early 1990s, Sikri said most sectors had individual regulators that were independent of the government.  "Today, there is “Cross border ramification” happening in India as it encourages foreign collaboration with Indian enterprises," he said commenting upon the current business and legal scenario.