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Articles

Our attorneys and specialists remain up-to-date with the latest legal developments and offer their perspectives and critical commentary.

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Legal status of clarifications through Budget instructions of CBEC

23 July 2014

In this year’s budget, i.e. Budget 2014-15, the Joint Secretary, Tax Research Unit [JS (TRU)-I], Central Board of Excise & Customs [‘CBEC’ or ‘Board’], has sought to clarify the legal position involving interpretation of certain Customs and Central Excise notifications through an annexure to his covering letter [see end note 1] addressed to the Chief Commissioners and Commissioners of Customs and/or Central Excise.

Direct Tax

Tax treatment of exchange fluctuation loss on ECB

23 July 2014

One of the most apprehensive subjects for India for last couple of years has been the dwindling rupee value which besides triggering inflation and broadening the current account deficit has also augmented certain tax related issues.

International Trade & WTO

Investment protection - Investing in confidence

23 July 2014

The divergence between a nation’s domestic laws and the provisions in international treaties is not something new.

Satellite Communications Policy in India – Time to revisit and revise

23 July 2014

Recently, the Indian Space Research Organization, popularly known as ISRO, launched a PSLV C-23 rocket carrying a French Earth Observation Satellite along with four other satellites belonging to Germany, Canada and Singapore.

Intellectual Property Rights

Is new hardware required for patenting computer implemented inventions in India?

20 June 2014

Interpretation of Section 3(k) of the Patents Act, 1970 (the Act) that imposes an absolute bar on patentability of business methods, mathematical methods, algorithms and computer programs per se continues to remain a contentious issue for applicants and IP professionals in India.

Corporate Advisory

Committees under the Companies Act, 2013

17 June 2014

With an eye on improving governance the Companies Act, 2013 (2013 Act) mandates a number of Board committees for specified companies for audit, nomination and remuneration, Corporate Social Responsibility and stakeholders relationship. Clause 49 of the Listing Agreement also envisages such committees for listed entities.

How impartial is service tax law to partial constructions?

11 June 2014

Section 66E(b) of the Finance Act, 1994 enacted pursuant to the introduction of the negative list regime with effect from 1-7-2012 reads as under:

International Trade & WTO

Unforeseen developments under safeguard investigations – International standard and Indian practice

06 June 2014

By Tarun Bhati Introduction WTO Members who initiate and conduct safeguard investigations are required to abide by the requirements of both, the WTO Safeguards Agreement as well as GATT, Article XIX. Article XIX: 1(a) of GATT states, in relevant part, as follows: “If, as a result of unforese

Intellectual Property Rights

Issue of design-copyright interface – A ‘triable issue’

26 May 2014

The High Court of Madras, in a recent decision in the matter of Standard Corporation India Inc., v. Tractors and Farm Equipment Ltd [see end note 1].

Securities Laws

The perfect Share Purchase Agreement

16 May 2014

Share Purchase Agreements (SPA) come in different colors and shapes - long, short, detailed, complicated, conditional, two or multi-party. One common thread is the need to make SPAs balanced and most importantly, enforceable.

Centrica’s law on secondment of employees – Hurting hard UK companies

15 May 2014

By Sumeet Khurana & Ashish Karundia In this era of rapid globalization, the multinational companies (MNCs) are increasingly outsourcing ‘non-integral’ and ‘non-revenue generating’ (business support) functions to their subsidiaries or to third party vendors, located in low cost jurisdiction such

Direct Tax

Centrica’s law on secondment of employees – Hurting hard UK companies

15 May 2014

In this era of rapid globalization, the multinational companies (MNCs) are increasingly outsourcing ‘non-integral’ and ‘non-revenue generating’ (business support) functions to their subsidiaries or to third party vendors, located in low cost jurisdiction such as India.

International Trade & WTO

India’s stand before WTO as an instance of evidence in trade remedy investigations

08 May 2014

This article presents a short analysis of the recently issued final findings in the safeguard review investigation on imports of PX-13 also known as 6 PPD into India, issued by the Directorate General of Safeguards (“DG”) on 24 April 2014.

Intellectual Property Rights

Trademark – Prosecution under PMLA for alleged infringement

22 April 2014

In a new dimension to enforcement of trademark rights in India, the Enforcement Directorate (ED) of the Government of India has reportedly initiated action against two firms for allegedly infringing the registered trademarks of the public sector enterprise, Steel Authority of India Ltd. (SAIL).

Regulatory Laws

Sports law reforms in India – Agenda for 2014

21 April 2014

The United Nations estimates that 3% of the total economic activity globally emanates from sports. This is significant, given that most leading industries cannot boast of such a large impact on the world GDP.  Further, the frenzy, patriotic fervor and passion generated by sports makes it the equivalent of war leading some legends like Bill Shankly to comment: “[football] wasn’t a matter of life and death, it was far more important”.

Intellectual Property Rights

Patents (Amendment) Rules, 2014 – Certain issues with the definition of small entities

24 March 2014

On February 28, 2014 the Indian Patent Office (IPO) notified the Patents (Amendment) Rules, 2014 (“Rules”).

Intellectual Property Rights

Patents Act – IPAB re-emphasizes compliance with Sections 14 and 15

24 March 2014

The Intellectual Property Appellate Board (IPAB) by its recent orders [see end note 1] dated 20th January, 2014 and 23rd January, 2014, set aside the orders of Assistant Controller rejecting the patent applications for a "sterile pharmaceutical composition" [see end note 2] and a "crystalline polymorph of a bisulfate salt of a thrombin receptor antagonist" [see end note 3] on grounds of lack of compliance with Section 14 and Section 15 of the Patents Act, 1970 (the Act) respectively.

Securities Laws

Voting rights of holders of depository receipts abroad

19 March 2014

Depository Receipts (DR) are negotiable securities issued outside India by a depository bank against underlying rupee shares that are issued by a company incorporated in India. The DR can represent a fraction, single or multiple shares of an Indian issuer company (‘the Company’).

Excise Valuation: Sales Tax – Incentive or Deterrence?

18 March 2014

Valuation under Central Excise law has always been one of the areas of dispute and it has again been brought to the fore front of discussions with the recent decision of the Supreme Court in the case of Super Synotex (India) Ltd and Others.

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