Theory and Practice

I learnt “Business Law” as a subject in my “Marketing Management” course, during the first job. Although I was pursuing a marketing career then, yet I could not appreciate the importance of the subject.
I failed to understand the utility knowing and recalling various Acts, Statutes, Case Laws, Customs and Usage of “Business Law”. I thought that the information was catalogued in the law books and one could easily access it as and when the need arose.
I switched over to entrepreneurship and there after my circumstances led me to litigation four times during the last two and a half decades. In my first two litigations, it was me who filed for prosecution. Both the times, I had to drop the proceedings half way during the cases and I failed to recover my dues in spite of being right. I lost both times primarily due to my lack of faith in the legal system and probably due to lack of knowledge of “Business Law”.
I believed that the court cases, shown in the films or narrated in the books had no bearing to the real world.
On the third occasion it was me who was on the mat, because I was being prosecuted and I was left with no option other than to defend myself .Luckily I was referred to a conscientious lawyer, through an old associate. The lawyer had handled similar cases in the past but interestingly on behalf of the prosecutors. Therefore he knew their mentality well. He built a good proposal and sent it to the prosecution .My defense was accepted by the prosecution and we had an out of the court settlement and I miraculously emerged out of a very sticky situation.
The fourth time, I had to knock at the court door, as I had been defrauded by somebody due to my vulnerability. I had no option other than to go for litigation. Luckily this time again, I had a good lawyer, who was referred to me by a sincere friend. During three years of the litigation, three judges changed. One of them had the longest tenure, who was a young judge. He went through the entire proceedings of law step by step. However it was the third judge, who passed the judgment in my favor.
While I underwent the legalities for so many times over so many years, I finally understood the importance of Business law and understanding of various Acts, Statutes, Case Laws, Customs and Usage.
I have shared my experience with the only reason that we come to know the importance of specific knowledge only when we practically implement it in our lives.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>