Changing dynamics, volatility and the complex regulatory regime of today’s retail business need frequently realigned business plans and re-planning in the board room. This is resulting into the increasing role of in-house counsel (the company’s legal team) in the companies. Keeping this in focus Retail Regulatory Summit (RPS) 2018 by Retailers Association of India (RAI) has been themed around ‘Evolving Role of the In-house Legal Counsel’
RAI is the unified voice of Indian retailers which works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India.
The Summit witnessed expert speakers (mainly retail heads and legal counsel) from companies like Aditya Birla Retail, Future Retail, Landmark Group, Adidas India, Shopper Stop and many more prestigious companies, expressing their views on the same.
Speakers were of the opinion that gone are the days when the job of the in-house counsel was limited to co-ordinating and briefing the external counsel on various litigations the company was involved in.
“In the last decade, there has been a radical shift in the role of the in-house counsel. Today’s legal heads are expected to provide valuable inputs at the business strategy and decision-making stages and be an integral part of board meetings. In-house counsel are being looked at as people who weigh the pros and the cons of a decision, scan the risks and its probable implications and suitably advise management on every important decision that has significant business impact.” – Kumar Rajagopalan, CEO, RAI
Various experts were of the opinion that the legal counsel has now moved from the courtroom to the boardroom and that it is no longer reactive but proactive.
The summit also witnessed various thought provoking discussions. To mention a few GR Srikkanth, Spencer Retail gave presentation on insolvency. The panel discussion on key regulations and compliances in retail, also gained attention.
“Retail is a complex industry and it is directly and indirectly impacted by various enactments. The need of the hour is that everyone in the compliance department should be well equipped with knowledge about technology. We have to be more agile, we have to be more alert.” – Manu Grover, General Counsel and Company Secretary, Biba India
Meenakshi Nayyar, GM, Legal and Secretarial, M&S highlighted that compliances still remain a major concern and a challenge for all corporates.
The Summit recognised exceptional contribution by legal teams as well as individuals, to the retail segment, through Retail Regulatory Awards. Some of them are as follows.
Retail Legal Team of the Year (Large Format): Landmark Group
Retail Legal Team of the Year (Small Format): Inorbit Malls (India)
Retail Legal Counsel of the Year (Large Format): Gopal Naik – Aditya Birla Retail Ltd.
