Law is a rule of action evolved to regulate social life and to avoid conflict of interests. As a branch of knowledge, law is the body of legal principles that govern human behaviour and the observance of which is enforced in courts. While some knowledge of law is necessary for every member of the society, knowledge of company law is of an absolute necessity for a member of the business community. This does not, however, mean that a businessman should become his own lawyer. Knowledge of company law will enable him to become aware of and appreciate the legal problems arising in business. It gives him a sense of security in his business.With the pious hope that a student of commerce would set up his own company after acquiring a degree in commerce, the architects of the commerce course in our country introduced mercantile law as one of the subjects of study, and made it a compulsory subject in the commerce curriculum. Even the UGC has classified commerce as a professional course, elevating its status to that of medicine and engineering. With the introduction of management courses all over India, mercantile law, which was, till recently, confined to the curriculum at the B.Com. degree level, has transgressed its limits and established itself very firmly as an independent discipline.
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