Changing Landscape Of The Domestic Corporate Legal & Regulatory Framework In An Increasingly Globalizing World: An Indian Perspective

Vibhor Goel, LL.M., Specializing in Corporate and Financial Laws, Jindal Global Law School

ABSTRACT

The article follows a doctrinal study into the questions of (i) whether there have been any influence of globalization on the domestic corporate laws of countries and (ii) in case there has been an influence, whether such influence has translated into any real change in the form of changes in the legal and regulatory framework of countries? The article examines these questions taking the legal framework of India as an example. The article begins by taking a look at the concept of globalization, the effects it has had on companies and the development of international commercial transactions as a result of the increasing interconnectedness or interdependence amongst nations. Thereafter, the article examines the growth of international commercial law through international institutions and legislations such as the General Agreement on Tariffs and Trade 1947, Incoterms, United Nations Convention on Contracts for the International Sale of Goods, Model Law on International Commercial Arbitration 1985 etc. Finally, the article examines the developments taken place in the Indian legal and regulatory framework that are in tandem with the developments taken place in international law, in relation to commercial activities or corporate practices. The article concludes that there has indeed been an influence of international law on the domestic law of countries, more specifically India, with such influence being translated into real legislative change.