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05
                             Legal Foundations

                             Nyaya and Its Role in Contemporary Business Law
                                    Dr. Sanmath Shetty and Dr. Prashant Dhopavkar






               Learning Outcomes:
               • Apply Nyaya’s principles of justice and fairness to business law.
               • Learn the role of fairness, due process, and rights protection in corporate law.
               • Understand legal compliance and ethical standards in business operations.
               • Use Nyaya to inform conflict resolution and corporate ethics.





             Introduction:
             Dharma in the Indian Knowledge System is a Sanskrit term encompassing
            righteousness, moral law, duty, and the ethical way of life. It represents a set of dynamic
            principles that guide human behavior, ensuring harmony and order within society.
            Unlike rigid legal codes, Dharma adapts to time, place, and circumstance,  offering
            a flexible framework for ethical conduct. It is deeply rooted in Indian philosophical
            and religious texts such as the Bhagavad Gita, Manusmriti, and Arthashastra, where
            it extends beyond individual behavior to encompass societal responsibilities, justice,
            and governance. Key aspects of Dharma include ethical conduct, where truth, non-
            violence, honesty, and fairness are paramount, especially in business dealings. It also
                                                     emphasizes  social  responsibility, urging
                                                     individuals  and organizations to consider
                                                     the welfare of  society in their decisions,
                                                     which  parallels  modern concepts  like
                                                     corporate  social responsibility (CSR).
                                                     Additionally,  Dharma underscores moral
                                                     obligations, stressing the duty to act fairly,
                                                     avoid exploitation, and uphold integrity in
                                                     both personal and professional realms.

                                                      Nyaya  refers to  justice or logic and  is
                                                     a philosophical  school  that emphasizes
                                                     rationality, logical reasoning, and the
                                                     pursuit  of  truth.  It  is centered on  the
                                                     systematic analysis of arguments, evidence,


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