Wednesday, 31 July 2013

NEWS WRAP - JULY 31, 2013

  • Search on for RBI Governor's Successor, reconstituted UPA-3 to assume power in 2014: P Chidambaram.
  • RBI Policy Review: Investors upset with no-action; no Rate Change, nor any Timeline for easing Liquidity.
  • Hindalco manages to refinance Rs. 4700 crore from SEBI and Axis Bank for its Utkal Alumina Project; banks agreed to cut rates by 300 bps for the Project.
  • BCCI Probe Panel 'Illegal and Unconstitutional': Bombay High Court.
  • Sahara Chief Subrata Roy should be punished for contempt: SEBI to Supreme Court.
  • Welspun Maxsteel pleads to RBI against 'Illegal' Imports from Iran.
  • Bank of India to buy Standard Chartered's Office space in Delhi for Rs. 125 crore.
  • Google launches 'Start Searching India' Campaign with an objective to help users in India.
  • Sheikhs fail miserably in Indian consumer Market due to operational issues and religious tenets.
  • SEBI seeks fresh details from Godrej Properties - Real Estate arm of Godrej Group for Company's proposed Rs. 700 crore Rights Issue.
  • Srei Infrastructure Finance Limited seeks SEBI Nod to raise up to Rs. 200 crore through NCDs.
  • Selling Las Vegas: Macau Gamblers lured to Sin City.
  • TVS Motor Company to launch two new bikes in Kenya in next two Quarters.
  • BSE to transfer 41 stocks to restricted Trading Category from August 2, 2013 as a measure to ensure Market Safety.
Source: Economic Times

Tuesday, 30 July 2013

THE SECURITIES LAWS (AMENDMENT) ORDINANCE, 2013

The President of India on 18th July promulgated The Securities Laws (Amendment) Ordinance, 2013 which has amended the Securities and Exchange Board of India Act 1992, the Securities Contracts (Regulations) Act, 1956 and the Depositories Act, 1996.
The said amendments shall come into force with immediate effect.

Major amendments in the Securities Laws are as follows:
  • Collective Investment Scheme:
Section 11AA has been amended which states that "any pooling of funds under any scheme or an arrangement, which is not registered with SEBI and involves a corpus amount of Rs. 100 crore or more shall be deemed to be a Collective Investment Scheme and as a consequence shall be barred from operation unless registered with SEBI."
  • Power to SEBI with Retrospective Effect:
The Ordinance 2013 by amending Section 11 has empowered SEBI to call for information or furnish information to other authorities in matters relating to violations in respect of Securities Laws whether Indian or Foreign. Provided that SEBI for the purpose of furnishing any information to any authority outside India, may enter into an arrangement or agreement or understanding with such authority with the prior approval of the Central Government.

This shall be with retrospective effect from March 6, 1998.
  • Transfer to IEPF:
Any amount disgorged pursuant to directions issued by SEBI under section 11B of SEBI Act 1992 or section 12A of SCRA, 1956 or Section 19 of the Depositories Act, 1996, as the case may be shall be credited to IEPF, for utilization in accordance with the regulations made under this Act.
  • Search and Seizure Powers to SEBI:
Search and Seizure powers have been granted to SEBI after amending Section11C(8) of the Act which pertains to any person or enterprise who, during the course of investigation, has omitted to provide information or would not provide information, or would destroy, mutilate information or documents.
  • Settlement of Administrative and Civil Proceedings:
The Securities Laws are amended by insertion of new Section 15JB  in SEBI Act 1992, Section 23JA in SCRA 1956 and 19-IA in Depositories Act, 1996 which allows any person against whom any proceeding has been initiated or may be initiated under certain sections to file an application to SEBI proposing a settlement of the proceedings initiated or to be initiated for alleged defaults. These sections have been inserted with retrospective effect from April 20, 2007.
  • Establishment of Special Courts:
Section 26A in SEBI Act, 1992 and SCRA and Section 22C of Depositories Act, 1996 has been inserted to allow constitution of Special Courts for speedy trial of offences. The Special Court so constituted shall consist of a single Judge appointed by the Central Government.

All such Offences whether committed before or after the passing of this ordinance shall be eligible to be tried by Special Courts. As per the transitional provisions, any offence committed under this Act, which is triable by Special Court shall, until a Special Court is established, be tried by a Court of Session exercising jurisdiction over the area. Any appeal against the order of such a Special Court shall lie with the High Court having jurisdiction over such court.

It has also been inserted that the provisions of Code of Criminal Procedure, 1973 shall be applicable to the proceedings before a Special Court.
  • Omission of provisions to appeal of consent orders to SAT:
Section 15T(2) of SEBI Act, 1992 has been omitted which prohibited any appeal from being made to SAT of any consent order.
  • Amendment to provisions pertaining to Cognizance of Offence by Courts:
Section 26(2) of SEBI Act, 1992 and SCRA and Section 22(2) of Depositories Act, 1996 has been omitted which prohibited any court inferior to that of a Court of Session to try offence punishable under these acts. 

NEWS WRAP - JULY 30, 2013

  • FIPB clears Rs. 2058 crore Jet Airways-Etihad deal with some riders; disputes on Shareholder Agreement will have to be settled under Indian Law.
  • Parthasarathi Shome, Advisor to Finance Minister, P. Chidambaram likely to head Tax Administration Reforms Commission (TARC).
  • Post Tavera recall fiasco, General Motors fires Top Executives.
  • Cooking Gas Bizarre: Distributors want License to sell Cylinders in black, refuse Home Delivery, Charge customers for checking Weight.
  • At $10.9 Billion, Tata is India's top brand followed by Reliance and Airtel: Interbrand's 'Best Indian Brands' Study.
  • Arvind Limited revives Bangladesh Unit Plan, will invest Rs. 60 crore to set up Garment factory.
  • Co-operatives Body to challenge NABARD's decision on Farmer's Loan.
  • General Motor India's Tavera recall puts Auto Industry under the Lens.
  • LIC Investment calls come under criticism from Market Participants.
  • Indian Grand Prix may crash out of Formula One Calendar for 2014: F1 boss - Bernie Ecclestone for reasons being High Taxation and Bureaucratic Hurdles.
  • IPL Spot fixing: Mumbai Police have enough evidence to nail Meiyappan.
Source: Economic Times

Monday, 29 July 2013

NEWS WRAP - JULY 29, 2013

  • Etihad makes major concessions in favour of Naresh Goyal to speed up Jet deal.
  • Aadhaar or Cards: UIDAI and Banks disagree on use of biometric Authentication at ATMs.
  • Omnicom, Publicis merge to form World's biggest Advertising Firm worth more than $35 billion.
  • After Tavera, General Motors India may recall Sail Sedan, UV-A too.
  • Maruti to retain focus on Small Cars for growth in India says MD & CEO, Kenichi Ayukawa.
  • Rupee Fall, Monetary tightening lead Mutual Funds to shed pricey FMCG, Healthcare and switch to IT Sector.
  • RBI Policy and US Federal Reserve meet to keep D-Street on egde.
  • LIC invests Rs. 8700 crore to raise stake in 17 Blue Chip Companies.
  • Holcim to form Panel to integrate Ambuja, ACC operations.
  • IPL Spot-Fixing Scandal: Raj Kundra, Owner of Rajasthan Royals get clean chit; Srinivasan may return as BCCI Chief.
  • Walmart halts India-specific lobbying in US.
  • Usha Sangwan to be First woman Managing Director at LIC.
  • After Bharti Airtel, Department of Telecommunications (DoT) to issue Rs. 100 crore Notices to Vodafone.
  • Heavy Rains damage Soybean Crops in Madhya Pradesh, Cardamom and Pepper in Kerala.
Source: Economic Times

Saturday, 27 July 2013

WHISTLE BLOWERS PROTECTION POLICIES - WORLDWIDE

WHISTLE BLOWERS IN INDIA - UNARMED!

INDIA
Whistle Blowers Protection Bill passed by the Lok Sabha in 2011, remains stuck in Rajya Sabha.

UNITED STATES
Whistleblower Protection Act, 1989 protects the federal government employees who provide evidence for any trangressions. 

UNITED KINGDOM
Public Interest Disclosure Act, 1998 covers both private and public sectors and offers compensation to anyone who suffers after whistle blowing.

CANADA
Public Servants Disclosure Protection Act, 2007 protects the public servants if they blow the lid off a scam or any type of wrongdoing.

NEWS WRAP - JULY 27, 2013

  • Unilever top level rejig: Mideast Chief Sanjiv Mehta to take over in India as Nitin Paranjpe takes Charge of Home Care Business.
  • Draft M&A rules has no mention of Spectrum Sharing; Speedy Approval only to Entities with up to 35% Market Share.
  • Watered Down Jet Etihad Deal likely to get Approved on Monday.
  • RBI Bonds Auction: 80% of Rs. 15000 crore Bonds sold.
  • India dominates Global Market for Spice Oleoresin, controls 60% of Global Spice Oleoresins Market.
  • ITC aspires to be No. 1 in FMCG Sector: YC Devashwar.
  • Gujarat to buy Natural Gas from Canada at $12 per unit. would take at least 3 Years to build Infrastructure.
  • Reliance Life Insurance in talk with smaller banks for tie-up.
  • Sajjan Jindal led - JSW Energy eyes acquisition of distressed units to grow its Energy Portfolio.
  • AP Government lifts 6 Years Ban imposed on Drug Manufacturers, relief to Pharmaceutical Industry.
Source: Economic Times

Friday, 26 July 2013

INTELLECTUAL PROPERTY RIGHTS AT A GLANCE

Intellectual Property Rights can be defined as the rights given to people over the creations of their minds.
Under Intellectual Property Law, owners/creators are granted certain exclusive rights over the use of his/her creations of various intangible assets such as words, symbols, designs, artistic works, inventions, etc, for a certain period of time.

Intellectual Property Rights protected under various statutes of India are:

PATENTS:
Patent in India are presently governed by The Patents (Amendment) Act, 2005. A Patent is a Statutory Right for an invention granted for a  limited period of time to the Patentee by the Government. Patent Protection is a territorial right and effective only within territory of India, however it is possible to file an International Application known as PCT Application in India.
Examples of Patents registered are:
  • Patented Inventions: 'Mitticool' - Mitticool is a natural refrigerator made entirely from clay to store the vegetables, fruits and for cooling water without requiring any electricity or any other form of energy. 
  • Patented Drugs - Vimpat by UCB, Lipaglyn  by Zydus Cadila.
The Term of every Patent in India is of 20 years from the date of filing the Application.

COPYRIGHTS:
Indian Copyright Law laid down in the Indian Copyright Act, 1957 as amended by Copyright (Amendment) Act, 1999 fully reflects the Berne Convention on Copyrights. Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. Copyright protects the right of creators of intellectual property.
Owner of Copyright  in different cases:

Literary Work - The Author

(In case of any literary, dramatic or artistic work made by the author in course of employment, the employer shall in the absence of any agreement to the contrary be the first owner of the copyright of the work so far it relates to the publication of such work but in all other respects the Author shall be the first owner of the work).

Musical Work - The Composer

(In case of musical sound recording lyricist, composer, singer, musician and the sound recording company shall collectively have rights in musical sound recording).

Cinematograph Film - The Producer

Photograph - The Photographer
Computer Generated Work - The Person who causes the work to be created.

Copyright does not ordinarily protect titles or names or short word combinations or slogans. Unlike Patents, Copyright protects the expressions and not the ideas.

For a work to gain copyright, it has to be original and should be expressed in a material form. Copyright is thus effective upon the creation of the work, however, Registration of Copyright serves as a prima facie evidence in the court of law.

In general, the Copyright lasts for 60 years. In case of original literary, dramatic, musical, and artistic works the 60-year period is counted from the year following the death of the author. In case of cinematograph films, sound recordings, photographs, the 60 years period is counted from the date of publication.

TRADEMARKS:
India provides Trademark Protection for marks of goods and services, collective marks, certification trademarks and well-known marks under the Trademarks Act, 1999.

Marks can be in the form of Trademark or a Service Mark.  A Trademark is a word, phrase, symbol or design, or combination of words, used in the course of trade which identifies and distinguishes the source of the goods or services.

The TM or SM designations are commonly used as superscripts or subscripts after the trademark or service mark to bring to the notice of public at large that rights in the mark are being claimed. These symbols can be used as soon as the application is filed with the Registrar, on grant of a temporary number. However, the symbol Ã’  can be used only when the mark is registered.

Examples of Trademarks are Samsung, Maggi, Rasna, Bharat Matrimony, etc.  



Registration of Trademarks is valid for initial period of 10 years and can be renewed for similar period.

GEOGRAPHICAL INDICATIONS:
Protection to Geographical Indications is provided under the Geographical Indications of Goods (Registration and Protection) Act, 1999. A Geographical Indication may be registered with the Controller General of Patents, Designs and Trademarks (CGPDTM) for all goods originating from a definite territory of a country or a region.

Examples of possible Indian Geographical Indications can be Darjeeling Tea, Alphanso Mango, Kanchipuram Silk Saree, Basmati Rice, etc.
Registration of a Geographical Indication is for 10 years and renewable for the similar period.

INDUSTRIAL DESIGNS:
The Designs Act, 2000 provides protection to Registered Designs in accordance with India's obligations under the TRIPS Agreement. Industrial Designs refer to creative activity which result in the ornamental or formal appearance of the product.

Examples of Industrial Designs are new Indian Curreny Design, Motorbikes, Mosquito Repellant Mats, etc.

The duration of protection is 10 years.



    NEWS WRAP - JULY 26, 2013

    • Holcim-Ambuja Cements Deal under SEBI Scanner; February 2013 Guidelines require SEBI Nod for all Merger & Acquisition deals.
    • Crisil sounds the Debt Knell for India; a third of 11,500 Companies may not be in a position to Service Debts this Fiscal.
    • General Motors Tavera Recall: Auto Company reports Government about  inconsistencies in the Weight of the Cars.
    • India not to join US-led Electronics Trade Pact, Joining first version was a mistake: Officials.
    • DHFL gets Foreign Partner to infuse Fresh Funds; acquires 74% stake in DLF Paramerica Joint Venture deal.
    • India's Best Boards 2013: Kumar Birla-led jury finds only five winners.
    • Vaishno Devi Dairy plans expansion; Rs. 105 crore Investment by 2014-15.
    • Mondelez appoints Ex-Pepsico CEO Manu Anand as India Head.
    • Soaring Revenue silences Facebook Skeptics.
    • Hindustan Unilever sets up First Digital Media Lab in Mumbai to train Managers on Digital Media Marketing.
    • Industrialist Ravi Jaipuria to foray into packaged ready-to-eat, frozen foods.
    • Reliance Entertainment's BIGFLIX ties up with Shemaroo Entertainment for Movie Library Sharing.
    • Vodafone launches new campaign to drive 3G usage in Mumbai; Competitively priced Mobile Internet Packages.
    • SEBI slaps Rs. 4 Lakhs fine on 2 Entities in Sanjay Dangi case.
    • Foreign Funds shifting bets to Singapore having no Securities Transaction Tax (STT) & Minimum Tax on Profits. 
    • Swiss Finance Corporation sells Yes Bank shares worth Rs. 92.55 crore.
    • Blue Rooster takes over plinth at Trafalgar Square in London, representing Male dominance.
    Source: Economic Times

    Thursday, 25 July 2013

    NEWS WRAP - JULY 25, 2013

    • Ambuja to be Flagship Entity for Holcim's India operations with ACC as a Subsidiary.
    • Apple Phone Sales Record iCatching 400% growth; iPhone Shipments jump to 2.05 Lakh units in April-June.
    • Hit-and-run Case: Salman Khan to be tried for culpable homicide not amounting to murder.
    • Starbucks to team up with Danone to sell Yogurt.
    • General Motors recalls 1.14 Lakh units of Chevrolet Tavera due to emissions issues with BSIII and BSIV models.
    • South Africa's Debonairs Pizza to foray in India.
    • Jaguar to Launch more affordable Luxury Cars in 2015.
    • LIC hikes stake in Infosys to 6.7%; buys Shares worth Rs. 1200 crores.
    • Mini Cooking Gas cylinders to be sold at selected Petrol Pumps in Metros.
    • Cabinet likely to decide on Indian Oil Corporation 10% stake sale today.
    • Prime Minister's Office rejects Deepak Bagla for IIFCL top post.
    • China's Sky City Building to go 10 meter higher than Dubai's Burj Khalifa.
    • TCS expands Europe presence, acquires Alti SA for Rs. 530 crore.
    • Videocon Mobile Service to invest Rs. 800 crore in Gujarat.
    • Maruti SX4, Toyota Corolla Altis to attract 27% Excise Duty.
    • Soon, Apply for Passport through Smartphones.
    • SpiceJet plans to appoint New CEO in 2 Weeks.
    Source: Economic Times

    Wednesday, 24 July 2013

    NEWS WRAP - JULY 24. 2013

    • RBI halves daily funds available to Banks - Short term Borrowing Rates likely to go up; CRR raised indirectly.
    • Weaker Rupee leads the Luxury Companies to push up prices by 10%-15%.
    • Malls to cut Stores to size for more Business.
    • Women in Japan become Walking Billboards; paid to put ads on their thighs.
    • Ebay Eyes China as 2018 Global E-Commerce seen at $307 Billion.
    • Smartphones and Tablets taking the game away from Playstation, Xbox.
    • Volkswagen's Group Bentley to build world's most expensive SUV.
    • Hospitality Group Jukaso, ventures time-share Business; poached around 50 officials from Mahindra Group's time-share arm.
    • Brokerage Firm Emkay Global asks for SEBI's Flash-Crash Notice to NSE; SAT to hear Appeal again on 29th August.
    • BSE to refund 90% of Membership Deposit to Stockholders.
    • National Spot Exchange Ltd. (NSEL) makes changes in Contract Delivery System.
    • Sovereign Wealth Funds to get access to tax-free Infra Bonds.
    • Government planning to overhaul SEZ Policy to push declining Exports.
    • New Norms set to reduce trans-fatty-acids in Vanaspati Ghee to help it Gain lost Market.
    • Sugar Glut Easing as Bear Market spurs Supply Cuts.
    • Irish Cement major CRH PLC likely to bag Sree JayaJothi Cements Business.
    • NTPC to pump in Rs. 8,900 crore to develop Captive Coal Mines.
    • 30% Local sourcing norm can't be met, can procure only 20%: Walmart.
    • Government to get Rs. 14,900 crore from PSU Oil Companies on Gas Price Hike in Financial Year 2014-15.
    Source: Economic Times

    FOREIGN DIRECT INVESTMENT- REPORTING OF ISSUE/TRANSFER OF SHARES TO/BY A FVCI - CLARIFICATION

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 12/06/2013
    CIRCULAR NO. 110

    The said Circular clarifies that wherever a SEBI Registered Foreign Venture Capital Investor (FVCI) acquires Shares of an Indian Company under FDI Scheme under Notification No FEMA 20/2000-RB dated May 3, 2000 as amended from time to time;
    1. In terms of Schedule 1 - Such investments have to be reported in the form FC-GPR/FC-TRS only, as applicable.
    2. In terms of Schedule 6 - No FC-GPR/FC-TRS reporting is required, such transactions would be reported by the custodian bank.
    Revised FC-GPR and FC-TRS are annexed to the said Circular.

    For detailed Circular, log on to the Link given below


    CLARIFICATIONS ON NBFC - NOT TO BE PARTNERS IN PARTNERSHIP FIRMS

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 11/06/2013
    CIRCULAR : DNBS.PD/CC.NO.328/03.02.002/2012-13

    NBFCs were prohibited from contributing capital to any Partnership Firm or to be Partners in Partnership Firms vide Circular  CC.NO.214/03.02.002/2010-11 dated March 30, 2011.
     
    Below mentioned clarifications are issued in this connection:
    1. Partnership Firms will also include Limited Liability Partnerships (LLP) and Association of Persons (AOP).
    2. NBFCs which had already contributed to the capital of a LLP/AOP are advised to seek early retirement from LLP/AOP.
    For detailed Circular, log on to the Link given below:

    Tuesday, 23 July 2013

    NEWS WRAP - JULY 23, 2013

    • Low premium at SEBI auction shows FII interest may hinge on higher yields in next few weeks.
    • Government set to ease Foreign Retail Norms.
    • RBI tightens Gold Import Norms to squeeze Current Account Deficit.
    • Reliance Communications and Tata Tele ink 2G Intra-Circle Roaming arrangement.
    • Auctioned Coal Blocks may be sold only after output begins: Government.
    • Anil Ambani summoned to appear before CBI Court on July 26 for 2G Scam Case.
    • Reebok to open 100 Premium stores - REEBOK FIT HUBS by March next Year.
    • Indian Badminton League: Hyderabad bags Saina Nehwal for Rs. 65.28 Lakhs.
    • Wockhardt shares slump over 10% on United States Food and Drugs Administration (USFDA) Warning.
    • India Bulls Housing Finance to be listed on BSE and NSE today.
    • Private Equity Fund 'Sequoia' may invest Rs. 100 crore in Vini Cosmetics.
    • Competition Commission of India probes Gujarat Gas Company on saint Gobain Plaint.
    • Larsen and Turbo Q1 Net Profit dips 12.5% to Rs. 756 crore, shares plunged nearly to 8%.
    • Qatar Investment Authority (QIA) to invest $300 million in South India's largest Office Space Builder RMZ Corp, one of the largest Investment deals.
    • SEBI amended the Securities Contracts (Regulation) Rules, making it mandatory for all Listed Public Sector units to have at least 10% Public Holding by August 8.
    • UP, Bihar, Odisha and Jharkhand to get Rs. 200 crore push from Rural Employment Guarantee Act (MGNREGA) funds.
    • Earthquake hits China, at least 75 dead.
    Source: Economic Times

    Monday, 22 July 2013

    LAW LEXICON - The Law Dictionary

    • Causa proxima: The immediate cause.
    • Factum infectum fieri aequit: What is done cannot be undone.
    • In pari causa potior est conditio possidentis: When two parties have equal rights, the advantage is in favour of the one having possession.
    • Uti furi: To use and enjoy a thing without damage to its substance.
    • Ubi factum nullum, ibi fortia nulla: Where there is no act, there can be no force.

    NEWS WRAP - JULY 22, 2013

    • Control of Jet Airways could pass into Foreign hands due to the Current Strtucture of deal with Etihad: SEBI.
    • Cars, Smartphones, Tablets, TVs, and Exotic Foods may cost more as Government plans to raise Import Duty to curb Deficit.
    • RBI to treat Loans to Ultra Mega Power Projects as Secured Debt.
    • Bhupendra Panwar created and sold Companies - under Lens for Gitanjali Investments.
    • State Bank of India (SBI) rejigs 2nd Tier Management; Pradeep Kumar Heads large Corporate Group.
    • With the Food Security Bill to come into existence, NABARD to extend Rs. 5000 crore funding window to private Grain Players.
    • SEBI enhances surveillance for Foreign Manupulators.
    • 100% FDI in Telecom to spur interest in upcoming Auctions: Bank of America (BOFA).
    • Mauritius wrong place for Round-Tripping: Regulator.
    • TATA Power mulling local Acquisition Opportunities.
    • ESSAR Ports to secure Rs. 700 crore Loans for VIZAG Port in 6 Months for developing 3 Iron Ore Berths at Visakhapatnam Port.
    • The Rs. 18,000 crore ADVENTZ Group explores Collaboration with International players to derisk Fertilizer and Engineering Business.
    • Bharti Airtel plans cable link to boost Net Speed in Bangladesh.
    Source: Economic Times

    Saturday, 20 July 2013

    NEWS WRAP - JULY 20, 2013

    • CBI Court Summons Anil, Tina Ambani as witnesses in 2G Case.
    • NIIT posts Q1 Net Loss of Rs. 9.4 crore.
    • VLCC to provide Wellness & Nutrition Education to 4,500 CBSE Schools.
    • CBI finds violation of rules by Walmart in Indian deal.
    • SEBI likely to rework Real Estate Investment Trust (REIT) Rules to lure Foreign Investments.
    • Get paid to Use Your Phone by Putting Advertisements on your Lock Screen.
    • Google Quarterly results miss estimates, Motorola Mobile Phone Business weighs on the Bottom Line.
    • Virgin Atlantic pushes back Airbus A380 as Future Plan Uncertain.
    • India's virtually indestructible Hindustan Ambassador car has won the crown for the World's best Taxi at the Bealieu's World of Top Gear Motorsport Show.
    Source: Economic Times

    Friday, 19 July 2013

    SAMSUNG ELECTRONICS COMPANY V/S KAPIL WADHWA & ORS

    THE HIGH COURT OF NEW DELHI, allowed the Petition filed by Samsung Electronics Company (Petitioner) and restrained Kapil Wadhwa and others (Defendants) from importing, exporting, dealing in printers/ink cartridges/toners bearing the trademark of Samsung and using the Trademark 'Samsung' in any manner.

    Further the High Court granted liberty to the Petitioners to take action against the Defendants in accordance with the law and henceforth dismissed the application filed by the defendants.

    FACTS OF THE CASE:
    1. The act of the Defandents amounted to infringement of  Trademark Law as the Trademark Law prohibits the sale of imported genuine products without the authorization of the registered proprietor in India.
    2. Parallel importation and unauthorized sale of goods bearing registered trademark 'Samsung' deprived the Petitioner to legitimately carry on the business under mark 'Samsung'.
    Date of Judgment: February 17, 2012

    NIRMA INDUSTRIES LIMITED V/S SEBI

    

    THE SUPREME COURT OF INDIA dismissed the Statutory Appeal filed by Nirma Industries Limited for withdrawal of an open offer to acquire the Equity Shares of Shree Ram Multi Tech Limited (SRMTL) against the impugned order passed by SAT, having no merits found in the Appeal.

    FACTS OF THE CASE:  
      1. Voluntary Offer once made under the Takeover Code can only be withdrawn under Regulation 27 under the exceptional circumstances and 
      2. The fact that the market price of the target company (post public announcement) is far below the offer price cannot be a reason for seeking withdrawal of an offer.  
    Civil Appeal No. 6082 of 2008
    Date of Judgment : May 9, 2013 

    NEWS WRAP - JULY 19, 2013

    • Dalal Street fears CRR hike as RBI manages to sell just Rs. 2,500 crore worth of bonds against the issue size of Rs. 12,000 crore.
    • Seven IITs, Infosys, TCS, Cognizant and Nasscom team up to provide free online courses.
    • Global food majors PepsiCo, Mondelez, ITC and Britannia eye major stake in Balaji Wafers.
    • Saradha Chit Fund: Supreme Court issues notice to Centre and West Bengal for CBI probe.
    • Supreme Court curbs on over-the-counter sale of acid to Minors.
    • LG India to reinvent itself as a consumer technology brand.
    • Oberoi Udaivilas voted best resort in Asia for 2013 by travel magazine.
    • Jewellers cut down on ads to avoid Government attention.
    • Gold Exchange-Traded Funds lose Appeal as Price Tumbles.
    • Parthasarathi Shome to head panel and to interact with Industry as a whole or large sections of the Industry on a regular basis on Tax related issues or disputes.
    • The government's direct tax collections could fall short of the budget target by about Rs. 25,000 crore due to large number of posts being vacant in the grade of ACIT.
    • Reliance Communications (RCom) slashes 3G tariff by 50 per cent, plans start from Rs. 123 for 1GB.
    • Dailmer India reaches No. 5 spot in truck sales.
    • Tata Teleservices, RCom, Aircel and Loop sign intra-circle roaming pacts to take on giants.
    • JB Chemicals & Pharmaceuticals settles claims raised by Cilag GmbH International and Johnson & Johnson.
    • MSD and Lupin tie up to co-market Pneumonia Vaccine in India.
    • The National Stock Exchange (NSE) will exclude Indian Hotels Company and Raymond from its Derivative Segment.
    • South Africa and the world showered tributes on Nelson Mandela as the anti-apartheid leader turned 95 in hospital.
    • Former Goldman Sachs Group Director Rajat Gupta banned, fined $ 13.9 Million.
    • Mini Monet's paintings fetch 2,50,000 pounds in 20 minutes.
    Source: Economic Times 

    Tuesday, 16 July 2013

    REVIEW OF EXTANT ECB POLICY- USD 10 BILLION SCHEME

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 15/07/2013
    EFFECTIVE DATE : IMMEDIATE EFFECT
    CIRCULAR NO. 12
     
    The extant ECB Policy has been reviewed to extend the benefit of USD 10 billion scheme to Indian companies in manufacturing, infrastructure and hotel sectors which have established Joint Venture (JV) / Wholly Owned Subsidiary (WOS) / have acquired assets overseas, in compliance with the extant regulations under FEMA, 1999 and subject to fulfilment of conditions laid in the said Circular. 
     
    For detailed Circular, log on to the Link given below:
     
     
     

    Saturday, 13 July 2013

    ENHANCEMENT OF VALUE OF TRANSACTIONS FOR RECEIPTS OF EXPORTS THROUGH OPGSPs

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 11/06/2013
    EFFECTIVE DATE : IMMEDIATE EFFECT
    CIRCULAR NO. 109

    The extant instructions have been reviewed to increase the value per transaction for export related remittances received through Online Payment Gateway Service Providers (OPGSPs) from USD 3000 to USD 10,000.

    All other terms and conditions issued vide Circular No. 17 dated November 16, 2010 shall remain unchanged.

    For detailed Circular, log on to the Link given below


    

    Friday, 12 July 2013

    LAW LEXICON - The Law Dictionary

    1. Jus Scriptum - Written Law
    2. Actionable per se - The very act is punishable and no proof of damage is required
    3. Lis pendens - Pending suit
    4. Estoppel - Stopped from denying
    5. De novo - To make something new, to alter
    6. Deceit - Anything intended to mislead another
    7. Caveat venditor - Let the seller beware 
    8. A priori - From the antecedent to the consequent
    9. De jure - of right; by law
    10. Ultra valorem - Beyond the value

    Thursday, 11 July 2013

    REVIEW OF ECB POLICY - NBFC-AFC

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 08/07/2013
    EFFECTIVE DATE : IMMEDIATE EFFECT
    CIRCULAR NO. 6
    On a review it has been decided to allow NBFCs categorised as Asset Finance Companies (AFCs) to:
    1.  Avail the ECB under the Automatic Route as per the extant guidelines with a minimum maturity of 5 years.
    2. Such ECBs under the automatic route can be availed upto 75% of the owned funds subject to a maximum of USD 200 million or its equivalent per financial year.
    3. ECBs above 75% shall be considered under the approval route.
    For detailed Circular, log on to the Link given below

    ARBITRATION MECHANISM IN STOCK EXCHANGES

    ISSUING AUTHORITY : SECURITIES AND EXCHANGE BOARD OF INDIA
    DATE OF ISSUE : 05/07/2013
    CIRCULAR NO. CIR/MRD/ICC/21/2013

    In order to extend  the Arbitration facilities, it has been decided that all Stock Exchanges having nation-wide terminals shall set up Investor Service Centres at Bangalore, Pune, Jaipur, Gaziabad, Lucknow, Gurgaon, Patna and Vadodara.

    These centres shall provide Investor Grievances Redressal Mechanism and Arbitration facility including Appellate Arbitration.

    For detailed Circular, follow the Link given below


      

    Wednesday, 10 July 2013

    MODIFICATION OF EXTERNAL COMMERCIAL BORROWINGS POLICY – LOW COST HOUSING PROJECTS

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 24/06/2013
    EFFECTIVE DATE : IMMEDIATE EFFECT
    CIRCULAR NO. 113
     
    The provisions of the policy regarding low cost affordable housing projects has been reviewed and modified as under:
    1. Developers/builders should have a minimum of 3 year's experience.
    2. Condition of minimum paid-up capital of not less than INR 50 crore has been withdrawn.
    3. The aggregate limit has been extended for the financial years 2013-14 and 2014-15 with a ceiling of USD 1 billion subject to review thereafter.
    4. The ECB availed shall be swapped into rupees for the entire maturity on fully hedged basis.
     
    For detailed Circular log on to the Link given below

    NAME AVAILABILITY GUIDELINES, 2011 – REGISTRATION OF ELECTORAL TRUSTS AS COMPANIES UNDER SECTION 25 OF THE COMPANIES ACT, 1956

    ISSUING AUTHORITY : MINISTRY OF CORPORATE AFFAIRS
    DATE OF ISSUE : 28/06/2013
    GENERAL CIRCULAR NO. 12/2013

    Name including phrase 'Electoral Trust' may be allowed for Registration of Companies to be formed under Section 25 of the Companies Act, 1956 under the Electoral Trusts Scheme, 2013 with below mentioned restrictions:
      1. Such company formed under Section 25 of the Companies Act, 1956 shall be the new company and will be required to comply with Section 293-A of the Act.
      2. The Name Application shall be accompanied with an Affidavit.
      3. Words indicative of Special type of business constitution or legal person for e.g. Cooperative Sehkari, trust, LLP, Partnership, H.U.F, Society, Firm, Inc,, PLC, GmbH, SA, PTE, Sdn, AG, etc. shall not be allowed.
    For detailed Circular, log on to the Link given below

    http://www.mca.gov.in/Ministry/pdf/General_Circular_12_2013.pdf

    GUIDELINES ON RAISING OF MONEY THROUGH PRIVATE PLACEMENT BY NBFC’S

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 27/06/2013
    EFFECTIVE DATE : IMMEDIATE EFFECT
    CIRCULAR NO.: RBI/2012-13/560

    A minimum set of Guidelines are placed which restrict the number of subscribers to issue securities through Private Placement to forty-nine (currently the ceiling of investors stipulated by the Companies Act, 1956 for Private Placement is not applicable to NBFCs).
     
    For detailed Circular, log on to the below given Link.

     

    EXTERNAL COMMERCIAL BORROWINGS POLICY - IMPORT OF SERVICES, TECHNICAL KNOW-HOW AND LICENSE FEES

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 26/06/2013 
    EFFECTIVE DATE : IMMEDIATE EFFECT 
    CIRCULAR NO. 119
     
    The extant guidelines issued vide Notification No. FEMA 3/2000 -RB dated May 3, 2000 Circular No. 5 dated August 1, 2005 on the captioned subject have been reviewed to include import of services , technical know-how and payment of license fees as part of import of capital goods by the companies for the use in manufacturing sectors are permissible end uses of ECB under the automatic /approval route as the case may be subject to certain conditions.
     
    For detailed Circular, log on to the Link given below
     
    http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CIRADI26062013F.pdf

    MASTER CIRCULAR ON EXPORT OF GOODS AND SERVICES FROM INDIA

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 01/07/2013
    MASTER CIRCULAR NO. 14/2013-14

    This Master Circular consolidates existing instructions on "Export of Goods and Services from India".

    Follow the Link given below to view the detailed Circular.

    MASTER CIRCULAR ON FOREIGN INVESTMENT IN INDIA

    ISSUING AUTHORITY : RESERVE BANK OF INDIA
    DATE OF ISSUE : 01/07/2013
    MASTER CIRCULAR NO. 15/2013-14

    The regulatory framework and instructions issued by the Reserve Bank of India have been compiled in this Master Circular. It also covers the area of 'Investment in Capital of Partnership Firms or Proprietory Concern.' 

    Log on to the Link given below view detailed Circular