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Industrial Acts and Legislations 

In India there are several Acts and legislations enacted by the Government of India for regulation of industries in the country. These enactments play a veryimportant role in the country's overall progress and economic development.

These legislations are amended from time to time in accordance with the

changing circumstances and environment. The most important Act is the

Companies Act,1956 which relates to setting up and operation of companies inIndia. It empowers the Central Government to regulate the formation, financing,

functioning and winding up of companies. It contains the mechanism regarding

organisational, financial, managerial and all the relevant aspects of a company.

In order to provide the Central Government with the means to implement its

industrial policies, several legislations have been enacted. The most important being the Industries (Development and Regulation) Act, 1951 (IDRA). The main

objectives of the Act is to empower the Government to take necessary steps for 

the development of industries; to regulate the pattern and direction of industrialdevelopment; and to control the activities, performance and results of industrial

undertakings in the public interest.

The bulk of the transactions in trade, commerce and industry are based on

contracts. In India, the Indian Contract Act,1872 is the governing legislation for contracts, which lays down the general principles relating to formation,

 performance and enforceability of contracts and the rules relating to certainspecial types of contracts like Indemnity and Guarantee; Bailment and Pledge; as

well as Agency.

Another important aspect of legislations is the industrial relations, which involves

various aspects of interactions between the employer and the employees; among

the employees as well as between the employers. In such relations whenever there is a clash of interest, it may result in dissatisfaction for either of the parties

involved and hence lead to industrial disputes or conflicts. The Industrial

Disputes Act, 1947 is the main legislation for investigation and settlement of allindustrial disputes. The Act enumerates the contingencies when a strike or lock-out can be lawfully resorted to, when they can be declared illegal or unlawful,

conditions for laying off, retrenching, discharging or dismissing a workman,

circumstances under which an industrial unit can be closed down and severalother matters related to industrial employees and employers.

Trade unions are also an important part of an industrial set up. The legislation

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regulating these trade unions is the Indian Trade Unions Act, 1926 . The Act

deals with the registration of trade unions, their rights, their liabilities and

responsibilities as well as ensures that their funds are utilised properly. It giveslegal and corporate status to the registered trade unions. It also seeks to protect

them from civil or criminal prosecution so that they could carry on their 

legitimate activities for the benefit of the working class.