News
Delhi HC rules on ‘setting up of business’
28 八月 2014
In yet another examination of when business had commenced, this time for the purpose of availing benefit under Section 10B of the Income Tax Act, 1961 (the Act) in respect of 100% Export Oriented Unit under STPI scheme, the Delhi High Court laid emphasis also on nature of activity and distinguished between a manufacturing entity and a service provider.
Company Law Settlement Scheme 2014 introduced
22 八月 2014
Ministry of Corporate Affairs has introduced Company Law Settlement Scheme 2014. This scheme provides for condoning delay in filing of annual documents (Annual Return and Financial Statements) on the MCA 21 electronic registry.
Arbitration - Disputes alleging ‘fraud’ and ‘misrepresentation’ capable of resolution
22 八月 2014
Bombay High Court on 31-7-2014 has held that ‘fraud’ and ‘misrepresentation’ as defined under Sections 17 and 18 of the Contract Act are well accepted grounds which would vitiate ‘free consent’ and consequently the contract itself and therefore, as a general rule, it cannot be said that once fraud and misrepresentation are alleged in the context of a contract, the subject matter of the dispute would be rendered incapable of resolution by arbitration.
Directors liable for breach of RBI Regulations irrespective of sanction of amalgamation
22 八月 2014
The Delhi High Court has on 1-8-2014, in a case relating to sanction of amalgamation scheme, held that if it is found that the transferee-company has violated any provision of the Reserve Bank of India Act then the Directors of such company, who are guilty of said breach, shall continue to be liable irrespective of the sanction of the amalgamation scheme.
Trademark – Assignment not registered before dissolution of assignee-company deemed as removed
22 八月 2014
Assignment of trademark should be registered within a reasonable period and if the trademark is not so registered before dissolution of the assignor company, the mark is deemed to have been removed or rectified from the Registry of Trademarks.
Pharma patent applications – IPO issues draft examination guidelines
22 八月 2014
The Indian Patent Office released the ‘Revised Draft Guidelines for Examination of Patent Applications in the Field of Pharmaceuticals’ on 12th August, 2014. Comments and suggestions can be sent before 2nd September, 2014.
Green dot inside a square symbolizing vegetarian food cannot be copyrighted
22 八月 2014
Allahabad High Court has quashed the order granting injunction restraining the defendants-appellants (Apex Laboratories Pvt. Ltd.) from using the “green dot” on the label of the packaging of its product “Zincovit Syrup”.
No interest on provisional assessments made before13-7-2006 but finalized later
19 八月 2014
Interest is not payable by the importer when provisional assessment was made before 13-7-2006 but the same was finalized much later. Provisions for interest on finalization of assessments were introduced under Section 18(3) of Customs Act, 1962 from 13-7-2006.
Deemed exports – Interpretation by Policy Interpretation Committee, prospective
18 八月 2014
Bombay High Court has held that interpretation placed on 15th March 2011 by the Policy Interpretation Committee in respect of deemed export benefits would not apply to supplies made prior to such interpretation.
WTO Members fail to adopt the TFA protocol
07 八月 2014
India’s food security programme has been in focus in WTO since the Bali Session and thereafter till 31-7-2014.