The Covid-19 is one of the pandemic, as declared by WHO, which has impacted the humanity first and then the global business which is nearing a recession at par the one which was evidenced way back in 2009.
The Countries like Spain, Italy, China,etc., have faced the most crisis with China being the epicentre of Covid-19. India is not an exception to it with the second largest population of the world and a happening economy at any given point of time.
The various State Governments of India in order to combat it, in its first stage, has imposed curfew in cities where they felt that the pandemic may erupt. This was followed by lockout of States. Finally, the Prime Minister of India,Mr. Narendra Modi declared a lockout of entire India for a period of 21 days from the midnight of 24th March,2020.
The business in India is almost stalled other than essential services and commodities.This has compelled for provisioning of various relaxations,reliefs and packages by Finance Ministry, Reserve Bank of India, etc, from time to time, to support the Indian economy and monetary loses of Indian business houses which is facing acute financial hardship on daily basis.
This has made the work of lawyers across India to untangle the myriad legal issues impacting every business.This is the era of pandemic legal intelligence.
The time warrants that every lawyer or in-house counsel to focus on the business cycle of their client or company to ensure the best safeguard and damage control measures so that unforeseen liabilities can be avoided.
The best practices of force majeure, contractual compliances, communications, issuance of notices, streamlining the life line with the vendors or buyers, third party risk evaluation, insurance implications, etc need to be meticulously tested and implemented.
The moot questions which revolves as of now is to ensure that no loophole is left out in the following areas of working:
a. work from home policies,
b.social media policies,
d.healthcare and reporting,
e.tracking the eventualities and
f. State or Central Government Circulars, notifications & declarations.
It is also a time when companies should prepare themselves for post covid-19 implication when they would be assessing the financial impacts and compliances with various Government agencies.
The diclosures will be also to be provisioned for their shareholders and agencies like SEBI or CCI.
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