HPNLU JOURNAL OF LAW, BUSINESS AND ECONOMICS (VOLUME I) ISSN: 2584-0436 EDITORIAL ADVISORY BOARD Hon’ble Justice Rohinton Nariman, Judge (Retd.), Supreme Court of India Hon’ble Justice Satyen Vaidya, Judge, High Court of Himachal Pradesh Hon’ble Justice M.M. Kumar, Former Chief Justice (Retd.), Punjab & Haryana High Court Prof. (Dr.) K.P.S. Mahalwar Chair Professor, National Law University Delhi Prof. (Dr.) K.V.S. Sarma Vice Chancellor, Maharashtra National Law University, Aurangabad Patron Hon’ble Justice M.S.Ratna Sri Ramachandra Rao Chief Justice, High Court of Himachal Pradesh Chancellor, HPNLU Shimla EDITORIAL BOARD Editor-in-Chief Prof. Nishtha Jaswal Vice Chancellor, HPNLU Shimla vc@hpnlu.ac.in Executive Editor Prof. (Dr.) S.S. Jaswal, Registrar, HPNLU, Shimla registrar@hpnlu.ac.in Editor Dr. Girjesh Shukla Professor of Law, HPNLU Shimla girjesh@hpnlu.ac.in Address - Himachal Pradesh National Law University, Shimla 16 Mile, Shimla-Mandi National Highway, Ghandal, District Shimla, Himachal Pradesh-171014 EDITORIAL COMMITTEE Dr. Girjesh Shukla (Profile) Professor of Law, HPNLU Shimla girjesh@hpnlu.ac.in Dr. Alok Kumar (Profile) Associate Professor of Law, HPNLU Shimla alok@hpnlu.ac.in Dr. Hari Chand (Profile) Assistant Professor of Economics, HPNLU Shimla harichand@hpnlu.ac.in Mr. Digvijay Singh Katoch (Profile) Assistant Professor of Law, HPNLU Shimla digvijaykatoch@hpnlu.ac.in Dr. Arun Klair (Profile) Assistant Professor of Law, HPNLU Shimla arunklair@hpnlu.ac.in STUDENT EDITORIAL COMMITTEE Mr. Aayush Mishra, 5th Year, B.A.LL.B. (Hons.) Mr. Aditya Chaturvedi, 4th Year, B.A.LL.B. (Hons.) Mr. Shrey Sharma, 4th Year, B.A.LL.B. (Hons.) Ms. Vanshika Maan, 3rd Year, B.A.LL.B. (Hons.) Ms. Aditi Dehal, 3rd Year, B.A.LL.B. (Hons.) Ms. Divya, LL.M. Mr. Saurabh Sadhwani, 2nd Year, B.A.LL.B. (Hons.) Mr. Aayush Chhadha, 2nd Year, B.A.LL.B. (Hons.) Starting Year - 2022 Frequency – Annual Subject – Law Language – English Publication Format – Online Law Journal All queries regarding the HPNLU JLBE may be addressed to: Editor, HPNLU Journal of Law, Business & Economics Himachal Pradesh National Law University, Shimla 16 Miles, Shimla-Mandi National Highway Ghandal, District Shimla, HP-171014 Website: www.hpnlu.ac.in E-mail: clbe@hpnlu.ac.in Tel No.: 0177-2779803; Fax: 0177-2779802 ISSN: 2584-0436 MODE OF CITATION: HPNLU JLBE <pg.no.> (2023) Published by Prof. S. S. Jaswal on behalf of Himachal Pradesh National Law University, Shimla, and HPNLU Journal of Law, Business & Economics is an annual double-blind peer-reviewed Online Journal and published at Himachal Pradesh National Law University, Shimla, 16 Mile, Shimla-Mandi National Highway, Ghandal, District Shimla, Himachal Pradesh-171014. The editor of the journal is Dr. Girjesh Shukla. Copyright © 2022, Himachal Pradesh National Law University, Shimla. All rights reserved. Published by Registrar, Himachal Pradesh National Law University, Shimla Owned By Himachal Pradesh National Law University, Shimla 16 Mile, Shimla-Mandi National Highway, Ghandal, District Shimla, Himachal Pradesh-171014. Disclaimer The views expressed in the HPNLU JOURNAL OF LAW, BUSINESS & ECONOMICS are those of the contributors. The Editors and the journal do not control nor necessarily subscribe or endorse the views expressed by respective contributors. The Editors and HPNLU JOURNAL OF LAW, BUSINESS & ECONOMICS disown all liability and responsibility for any error, misprint, and infringement of any right of others by printing any contribution in the journal. From the Editor’s Desk It is a matter of immense pleasure for me to present our maiden Journal of Law, Business & Economics, exclusively designed and focused to augment research and discussion in the sphere of corporate and commercial laws. The contemporary economic market is constantly evolving, thereby demanding an augmented approach toward the perception and application of the existing commercial laws. Owing to such a magnanimous transition, it is pertinent that the research and discussion around such commercial laws be promoted, so as to result in a speedy recovery and resolution of rising commercial disputes. The primary focus of the JLBE is to address the most contemporary and unexplored questions under the ambit of Corporate Laws. We are confident that the contents of this Journal will be a constructive addition in the developing jurisprudence around commercial laws and its implementation in India. The inception and creation of this Journal has been a long and arduous task. I extend heartiest congratulations and good wishes to the Editorial Team for their earnest efforts in creating this academic milestone. I am confident that this Journal will encourage researchers, academicians, and students to add onto the existing research and augment the jurisprudence around the legal aspects of corporate Laws in India. Editor-in-Chief Prof. Nishtha Jaswal Vice Chancellor Himachal Pradesh National Law University, Shimla
HPNLU JOURNAL OF LAW, BUSINESS AND ECONOMICS (VOLUME I)
ISSN: 2584-0436
EDITORIAL ADVISORY BOARD
Hon’ble Justice Rohinton Nariman, Judge (Retd.), Supreme Court of India
Hon’ble Justice Satyen Vaidya, Judge, High Court of Himachal Pradesh
Hon’ble Justice M.M. Kumar, Former Chief Justice (Retd.), Punjab & Haryana High Court Prof. (Dr.) K.P.S. Mahalwar Chair Professor, National Law University Delhi
Prof. (Dr.) K.V.S. Sarma Vice Chancellor, Maharashtra National Law University, Aurangabad
Patron
Hon’ble Justice M.S.Ratna Sri Ramachandra Rao Chief Justice, High Court of Himachal Pradesh Chancellor, HPNLU Shimla
EDITORIAL BOARD
Editor-in-Chief
Prof. Nishtha Jaswal Vice Chancellor, HPNLU Shimla vc@hpnlu.ac.in
Executive Editor Prof. (Dr.) S.S. Jaswal, Registrar, HPNLU, Shimla registrar@hpnlu.ac.in Editor Dr. Girjesh Shukla Professor of Law, HPNLU Shimla girjesh@hpnlu.ac.in Address - Himachal Pradesh National Law University, Shimla 16 Mile, Shimla-Mandi National Highway, Ghandal, District Shimla, Himachal Pradesh-171014
EDITORIAL COMMITTEE
Dr. Girjesh Shukla (Profile) Professor of Law, HPNLU Shimla girjesh@hpnlu.ac.in
Dr. Alok Kumar (Profile) Associate Professor of Law, HPNLU Shimla alok@hpnlu.ac.in Dr. Hari Chand (Profile) Assistant Professor of Economics, HPNLU Shimla harichand@hpnlu.ac.in
Mr. Digvijay Singh Katoch (Profile) Assistant Professor of Law, HPNLU Shimla digvijaykatoch@hpnlu.ac.in
Dr. Arun Klair (Profile) Assistant Professor of Law, HPNLU Shimla arunklair@hpnlu.ac.in
STUDENT EDITORIAL COMMITTEE
Mr. Aayush Mishra, 5th Year, B.A.LL.B. (Hons.) Mr. Aditya Chaturvedi, 4th Year, B.A.LL.B. (Hons.) Mr. Shrey Sharma, 4th Year, B.A.LL.B. (Hons.) Ms. Vanshika Maan, 3rd Year, B.A.LL.B. (Hons.) Ms. Aditi Dehal, 3rd Year, B.A.LL.B. (Hons.) Ms. Divya, LL.M. Mr. Saurabh Sadhwani, 2nd Year, B.A.LL.B. (Hons.) Mr. Aayush Chhadha, 2nd Year, B.A.LL.B. (Hons.)
Starting Year - 2022
Frequency – Annual
Subject – Law
Language – English
Publication Format – Online Law Journal
All queries regarding the HPNLU JLBE may be addressed to:
Editor, HPNLU Journal of Law, Business & Economics Himachal Pradesh National Law University, Shimla
16 Miles, Shimla-Mandi National Highway Ghandal,
District Shimla, HP-171014
Website: www.hpnlu.ac.in E-mail: clbe@hpnlu.ac.in Tel No.: 0177-2779803; Fax: 0177-2779802 ISSN: 2584-0436
MODE OF CITATION: HPNLU JLBE <pg.no.> (2023)
Published by Prof. S. S. Jaswal on behalf of Himachal Pradesh National Law University, Shimla, and HPNLU Journal of Law, Business & Economics is an annual double-blind peer-reviewed Online Journal and published at Himachal Pradesh National Law University, Shimla, 16 Mile, Shimla-Mandi National Highway, Ghandal, District Shimla, Himachal Pradesh-171014. The editor of the journal is Dr. Girjesh Shukla.
Copyright © 2022, Himachal Pradesh National Law University, Shimla. All rights reserved. Published by Registrar, Himachal Pradesh National Law University, Shimla
Owned By Himachal Pradesh National Law University, Shimla 16 Mile, Shimla-Mandi National Highway, Ghandal, District Shimla, Himachal Pradesh-171014.
Disclaimer
The views expressed in the HPNLU JOURNAL OF LAW, BUSINESS & ECONOMICS are those of the contributors. The Editors and the journal do not control nor necessarily subscribe or endorse the views expressed by respective contributors. The Editors and HPNLU JOURNAL OF LAW, BUSINESS & ECONOMICS disown all liability and responsibility for any error, misprint, and infringement of any right of others by printing any contribution in the journal.
From the Editor’s Desk
It is a matter of immense pleasure for me to present our maiden Journal of Law, Business & Economics, exclusively designed and focused to augment research and discussion in the sphere of corporate and commercial laws. The contemporary economic market is constantly evolving, thereby demanding an augmented approach toward the perception and application of the existing commercial laws. Owing to such a magnanimous transition, it is pertinent that the research and discussion around such commercial laws be promoted, so as to result in a speedy recovery and resolution of rising commercial disputes.
The primary focus of the JLBE is to address the most contemporary and unexplored questions under the ambit of Corporate Laws. We are confident that the contents of this Journal will be a constructive addition in the developing jurisprudence around commercial laws and its implementation in India.
The inception and creation of this Journal has been a long and arduous task. I extend heartiest congratulations and good wishes to the Editorial Team for their earnest efforts in creating this academic milestone. I am confident that this Journal will encourage researchers, academicians, and students to add onto the existing research and augment the jurisprudence around the legal aspects of corporate Laws in India.
Editor-in-Chief Prof. Nishtha Jaswal Vice Chancellor Himachal Pradesh National Law University, Shimla
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