Page 96 - NITI - Navigating Indian Traditions in Industry

Example:3

The Companies Act, 2013 in India sets out corporate governance rules that enforce
accountability and ethical conduct in business operations. It ensures that company
directors are responsible for the company’s actions and that they act in the best
interests of shareholders, employees, and society at large.

Human Rights Protection and Social Welfare:
The Manusmriti advocates for societal roles to be fulfilled with fairness and justice,
ensuring the protection of individuals’ rights. Modern legal systems have incorporated
this concept into human rights laws, emphasizing the protection of workers’ rights,
consumer protection, and ensuring that businesses operate in a socially responsible
manner.

Example: 4
The Human Rights Protection Act enforces the protection of individual rights in the
corporate context, preventing exploitation and ensuring that all individuals, whether
employees or consumers, are treated fairly and with dignity.
The Manusmriti provides foundational principles of ethics, justice, and fairness that
continue to shape contemporary corporate law. Its teachings on individual roles,
responsibilities, and the importance of safeguarding rights align with modern principles
of corporate governance, anti-discrimination, labor rights, and social responsibility.
By emphasizing ethical behavior and fairness, the Manusmriti serves as a guide to
ensuring that businesses not only achieve success but do so while protecting human
dignity, promoting social welfare, and acting responsibly in their dealings with all
stakeholders. The ancient wisdom of the Manusmriti, though centuries old, continues
to influence the ethical frameworks of modern corporate law and practices.

5.6 Mahabharata: Foundation for Ethical Leadership and Corporate
Dispute Resolution
The Mahabharata, one of the greatest epics in Indian literature, offers profound
insights into leadership, decision-making, ethics, and conflict resolution. Its teachings,
especially through characters like Yudhishthira and Lord Krishna, provide timeless
wisdom that is directly applicable to modern corporate governance, particularly
in areas of ethical leadership, crisis management, and conflict resolution. The
Mahabharata’s principles offer valuable guidance on how leaders should navigate
challenging situations with fairness, transparency, and integrity, which are essential
qualities in today’s business world.

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