India Business Law Journal diagnosed the top 10 legal problems facing corporate counsel and challenged Indian lawyers to prescribe remedies Alfred Romann reports
Doing business in India can be daunting. Not only is the market highly competitive, but also heavily regulated – and the regulations change often and are issued by numerous different bodies. The rule of law, often referred to as a big plus, and the practice of law in India can create many unexpected difficulties for foreign and domestic businesses.
This has not deterred the international investors who are pouring into the country.
India is attracting unprecedented levels of foreign direct investment, jumping to US$15.7 billion in 2006-2007 from US$5.5 billion the previous year.
However, the difficulties have created a series of headaches for the corporate counsel tasked with managing their companies’ legal and regulatory affairs.
In keeping with this magazine’s commitment to enhancing transparency in the marketplace for business law solutions, India Business Law Journal recently invited more than 300 in-house counsel at major domestic and international companies to list the most serious law-related challenges facing their businesses in India.
The 10 most-frequently mentioned challenges are outlined below in rank order, each followed by a bespoke legal remedy prescribed by a respected Indian lawyer.
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Vishal Gandhi is the founder of Gandhi & Associates. He can be reached at vishal@gandhiassociates.com.
