Saturday, 8 February 2014

NEWS WRAP - FEBRUARY 8, 2014

  • Ambuja Cements, ACC to see top-level rejig with MDs of both companies offering to resign.
  • Damodar Valley Corporation to move to Supreme Court against Reliance discom over Rs. 900 crore unpaid dues.
  • Apple-Bitcoin rift has currency's enthusiasts ditching iPhones.
  • 1 billion plastic notes of Rs. 10 denomination to be introduced later this year on a field trial basis.
  • ICICI-led infradebt fund inks Rs. 50 crore loan pact for road project promoted by Jaypee Group.
  • Toyota close to $1 billion deal to settle US probe: Report
Source: Economic Times

Friday, 7 February 2014

CHARAK PHARMACEUTICALS (INFORMANT) VS. GLENMARK PHARMACEUTICALS (DEFENDANT)


ALLEGATIONS

The Informant alleged that the mark adopted by the Defendant is phonetically and structurally deceptively similar to that of the mark of the Informant and was likely to create confusion in the minds of the consumers.

BRIEF OF FACTS

The Informant started making the drug 'Evanova' from April 2002 in the form of capsules for the treatment of menopause while the Defendant had in May 2006 applied for registration of its mark 'Econova' used in probiotic capsules for the treatment of bacterial vaginosis.

According to the Informant, it learned about the illegal activities of the Defendant of infringement of the Informant's registered trademark 'Evanova' and of passing off their product as that of the Informant's. The Informant contended that the products of both the parties dealt in the same area, the standard of scrutiny would have to reckon whether there was phonetical and structural similarity and whether they were likely to create any confusion in the minds of men of ordinary intelligence. The Court should note similarities of the two marks and not decide on the basis of dis-similarities.

The Defendant argued that its mark was aurally, structurally and visually different and dis-similar to that of the mark of the Informant's. Moreover, the product of the Defendant was available only against prescription and not Over The Counter (OTC) as in the case of Informant. It further contended that since May 2006, the company had been extensively using the said trademark and enjoyed immense reputation and goodwill of its own. For these reasons, the Defendant asserted that there is no similarity in the two marks.

CONCLUSION

The Bombay High Court Judge said that he was prima facie satisfied that the Defendant's mark 'Econova' was deceptively similar to the Informant's mark 'Evanova'. He further added that both the products were entirely different and if, as a result of the confusion, the wrong drug was administered, it would lead to disastrous consequences.

DECISION

The Bombay High Court has granted relief to the Informant, directing the Defendant to rename its drug 'Econova' since its name is deceptively similar.

NEWS WRAP - FEBRUARY 7, 2014

  • Vodafone India's Rs. 10,141 crore FDI proposal cleared by Cabinet.
  • Charak Pharmaceuticals wins case agains Glenmark over drug name.
  • KKR investing $100 million in Gautam Thapar's Avantha Group.
  • Viacom18 to launch indie music channel in mid-Feb with PepsiCo as anchor advertiser.
  • Huawei faces inter-ministerial probe on BSNL hacking charges.
  • Jubilant group considers sale of its chemical business to reduce debt.
  • Henkel bet turns glorious for Jyothy Labs.
  • BOSCH gets the first investment approval under MSIPS for Rs. 436 crore.
Source: Economic Times

Thursday, 6 February 2014

NEWS WRAP - FEBRUARY 6, 2014

  • India to extend visa-on-arrival facility to tourists from 180 nations.
  • After snapping up $50 million, Myntra is now in talks to raise $40 million more.
  • Government plans new car safety norms in 3 months after some cars failed safety tests in Europe.
  • Vikram Bakshi gearing up for legal battle against McDonald's; sells assets to create fund.
  • Jabong to hike up its funds for $100 million.
  • Microsoft ties up with Tata Tele, MBD and Acer to bundle content for schools.
Source: Economic Times

Wednesday, 5 February 2014

INTEREST RATES ON FCNR (B) DEPOSITS

ISSUING AUTHORITY : RESERVE BANK OF INDIA
DATE OF ISSUE : 31/01/2014
EFFECTIVE DATE : 01/03/2014
CIRCULAR NO. RBI/2013-14/477

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, following changes in the interest rates on FCNR (B) deposits will be exercised with effect from March 1, 2014.

MATURITY PERIOD
EXISTING
WITH EFFECT FROM MARCH 1, 2014
1 year to less than 3 years

LIBOR/SWAP plus 200 basis points
No change

3 - 5 years

LIBOR/SWAP plus 400 basis points

LIBOR/SWAP plus 300 basis points


The interest rates mentioned vide Circular dated August 14, 2013 shall be applicable till February 28, 2014.

For detailed Circular, follow the Link below:
RBI/2013-14/477

DEREGULATION OF INTEREST RATES ON NON-RESIDENT (EXTERNAL) RUPEE (NRE) DEPOSITS

ISSUING AUTHORITY : RESERVE BANK OF INDIA
DATE OF ISSUE : 31/01/2014
EFFECTIVE DATE : 01/01/2014
CIRCULAR NO. RBI/2013-14/476

The freedom to offer interest rates on incremental NRE deposits with maturity of 3 years and above without any ceiling in order to pass on the benefit of exemption provided on such deposits from CRR / SLR requirements will remain unchanged up to February 28, 2014.

With effect from March 1, 2014 the interest rate ceiling will revert to the position prior to August 14, 2013, i.e. interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee desposits.

For detailed Circular, follow the Link below:
RBI/ 2013-14/476

NEWS WRAP - JANUARY 5, 2014

  • IDFC private equity-led group in talks for stake in GVK's airport business.
  • Apple restarts production of iPhone 4 for India and 2 other markets with an eye on Rs. 20,000 segment to recoup market share.
  • Microsoft names India-born Nadella as next CEO, Gates to advise on technology.
  • Attero and Wealth out of Waste (WoW) to in Memorandum of Understanding for Clean-E-India.
  • Mahindra & Mahindra prepares a Quadricycle to take on Bajaj's RE60.
Source: Economic Times

Tuesday, 4 February 2014

NEWS WRAP - FEBRUARY 4, 2014

  • Government slashes pipe cooking gas, CNG prices by 20-30%.
  • Thomas Cook to take over Sterling Holiday Resort paying Rs. 125 per share, 36% premium.
  • Lupin buys Dutch delivery tech firm, Nanomi BV for injectables entry.
  • Singapore-based Sembcorp to buy 45% stake in NCC Gayatri project for Rs. 848 crore.
  • Government to provide Rs. 1,400 crore loan subsidy for rural women self-help groups.
Source: Economic Times

Monday, 3 February 2014

NEWS WRAP - FEBRUARY 3, 2014

  • Cheaper smartphones: Lenovo set to challenge major smartphone players after the Chinese major's acquisition of Motorola Mobility.
  • Marico forays into hair colour space with Livon; prices product 30% lower than L'Oreal.
  • Centre to hike dearness allowance by 10% to 100% for second time benefitting 50 lakh employees and 30 lakh pensioners.
  • Tata Nano, Alto, Figo and i10 fail independent crash tests, branded 'high risk': Global NCAP
Source: Economic Times

Saturday, 1 February 2014

NEWS WRAP - FEBRUARY 1, 2014

  • Hindustan Unilever promoters fined Rs. 50 lakh by Sebi for violating norms.
  • Fiat to present small Jeep in March, 500X in October: Italian Trade Union.
  • India's Rs. 400-crore automated surveillance system faces delay.
  • Price war: Airlines like SpiceJet, Indigo and others slash fares for second time in a month.
  • Yahoo detected a major email hack and is making users reset their passwords.
  • Detroit files lawsuit in US bankruptcy court to invalidate $1.44 billion of pension debt.
  • GSF launches global accelerator programme for startups.
Source: Economic Times