This issue contains six papers. The first paper, “Food Security: Issues and
Concerns”, by V G Ranganath, displays the keenness of judiciary to exercise
its review power in constitutional interpretations pertaining to right to life, including human right to food. The author points out that food security needs to be given top priority in the national planning and asserts that efforts should be made to realize the right to food, including steps to promote conditions for everyone to be free from hunger and possibility of enjoying fully the right to food. The author takes a close look at the issue of food security and seeks to suggest that the government should develop appropriate policies and programs to treat malnutrition as a human right issue.
The second paper, “Currency War and International Trade Law: A Legal Perspective”, by Ajit Kaushal and Tabrez Ahmad, analyzes the existing laws relating to currency, exchange and international trade. The authors make an appraisal of underlying intricacies of the legal regime of currency manipulations and competitive devaluation. They examine a number of issues related to exchange rate volatility and the implications of large swings in currency values in a globalized economy. The authors emphasize the need to infuse the IMF with more powers which could ensure penal consequences in case of breach of currency law.
The third paper, “Commutation of Death Sentence to Life Imprisonment on Grounds of Delay: The Ground Realities”, by Ashutosh Hajela, attempts to focus on the origin and development of ‘Mercy Jurisprudence’ by the Supreme Court of India relating to the notion of commutation of death sentence to life imprisonment on grounds of exorbitant delay. The paper throws light on the practical consequences or repercussions of the ‘active style’ of the judiciary in dealing with the cases which have already passed the test of the ‘rarest of rare’ category. The paper also examines the impact of such ‘commutations’ upon the sense of retribution potently inherent in human beings, especially in cases involving extreme moral turpitude, cases of terrorism, etc. It highlights the fact of inconsistencies in the decisions of the Apex Court even during a relatively short period of time which reflects poorly upon the justice delivery mechanism.
M Madhuri Irene, in the fourth paper, “Maritime Arbitration: Blend of Unity and Diversity”, examines the process of diversification of the types and sources of arbitrational law relating to maritime matters. The paper highlights how widespread maritime arbitration has emerged, as well as the operators’ perception of maritime arbitration. The paper considers the emerging problems related to arbitration clauses and the risk of international conflicts of jurisdiction in maritime matters. The paper also advocates that steps should be taken to review the Federal Act in line with the
amendments to UNCITRAL in 2006, and the States should also move in to ensure that their laws are modern and up-to-date to reach amicable maritime arbitration settlements.
The next paper, “Corporate Governance: Financial Regulatory Bodies in India”, by Sunitha Kanipakam, attempts to analyze as to how the concept of corporate governance has gained a lot of importance across the globe and the significant role of various regulatory bodies established in India. The paper highlights the rapidly increasing economic growth that corporate India has witnessed since the 1990s which has brought to the forefront the need for Indian companies to adopt corporate governance practices and standards that are consistent with the international principles. The paper provides a broad overview of the regulatory framework governing corporate governance and the various financial regulatory bodies in India.
The last paper, “Corporate Socialization: A New Facet of Participatory Prudence”, by Aarti Tyagi, examines the new legislation on The Companies Act, 2013 and projects the salient features contained therein, particularly in relation to the new concept of Corporate Social Responsibility (CSR) with a statutory status. The paper aims at focusing on the need to compromise the liberty of the trade and commerce segment inclusive of corporate enterprise with the earnest discharge of its legal obligation towards imparting benefits to the society through effective implementation of the provisions of CSR to avoid friction between our constitutional philosophy adumbrated under Part-III and Part-IV of our Constitution.
-- V Hemalatha Devi
Consulting Editor
