A Study On The Legal Metrology Act Concerning Corporate Governance

Miss. P.J.Janani, B.A.B.L., (Hons.), Corporate Legal Advisor, Hyundai Mobis India Limited, New Delhi (Since 2017) | Practised before Supreme Court of India (2015-2017) | Co-Author of Books Company Law and Family Law in India in Tamil | Expertise in handling cases and issues based on Legal Metrology Act, GST Act, Customs Act and other allied Corporate, Commercial and Regulatory Laws.

ABSTRACT

The Legal Metrology Act (LMA) is an essential component of regulatory frameworks under consumer protection laws in many nations. The LMA is crucial in defining standards for assuring the accuracy and justice of weights and measures in business transactions. The complex interrelationship among the LMA and the broader field of Corporate Governance is examined in this paper. It aims to understand how this legislation affects Corporate Governance practices across various sectors and nations. Modern business operations must have robust corporate governance system, defined by rules and guidelines meant to increase responsibility, transparency, and shareholder protection. Contrarily, the LMA mainly focuses on regulations and standards governing measurements, units, and weighing equipment used in trade and commerce. To emphasize the intersections, tensions, and synergies that arise when legal metrology concepts and corporate governance imperatives collide, this paper examines the convergence of these seemingly disparate disciplines. The impact of the LMA on corporate decision-making and compliance methods is evaluated by looking at particular facets of corporate activities. The paper compares the ways that various nations apply legal metrology norms to their corporate governance structures. It assesses how well these strategies sustain fairness and dependability in business dealings, protecting stakeholders' interests, such as shareholders, customers, and stakeholders. The analysis of this study clarifies the specific frequently ignored effects of the LMA on corporate governance procedures. This study advances regulatory compliance and corporate social responsibility discussions, making businesses more fair and accountable.

Keywords: Legal Metrology Act (LMA), Corporate Governance, Measurement, Marketing Business