News
IRDAI (Investment by PE Funds in Indian Insurance Companies) Guidelines
03 January 2018
IRDAI has issued certain guidelines with respect to investment in insurance companies either as an investor or as a promoter. These Guidelines provide clarity as they set out a regulatory framework that will now apply, and which will enable increased flow of Foreign Direct Investment into the country and will also unleash a new era for formation of new-age insurance companies that will lead to deeper penetration and growth of the insurance industry.
Highlights of 11th Ministerial Conference held in Buenos Aires
02 January 2018
The 11th Ministerial Conference (“MC’11”) was flagged off on 10 December, 2017 at Buenos Aires, Argentina. MC’11 has been held at a time when the Trade Facilitation Agreement has entered into force mandating (for the first time ever) a revision of the WTO Rule Book, the WTO Members have eliminated agricultural export subsidies, adopted measures to support LDCs (especially with respect to cotton trade) and expanded the Information Technology Agreement to eliminate substantial tariffs on trade.
Trademark – Prefix ‘’Bookmy’’ descriptive in nature for online booking services
27 December 2017
The plaintiff, registered proprietor of word mark and logos BOOKMYSHOW, was seeking permanent injunction against defendant from using in any manner mark BOOKMYSPORTS, of using prefix BOOKMY.
Trademarks Act does not contemplate permission of civil court to override other provisions for filing of rectification application
27 December 2017
The Supreme Court examined the various sections under the Trade & Merchandise Marks Act 1958 and Trademarks Act, 1999 to determine whether a person could resort to rectification proceedings before the statutory authorities (Registrar/IPAB) even in a situation where infringement proceedings had been instituted and the plea of validity of registration has not been taken or in case not taken up within the time limit specified.
Copyright of producer in cinematograph film includes dubbing rights
27 December 2017
The author of the script for a cinematograph film sought permanent injunction against the producer of the movie in Tamil language, from dubbing the film in Telugu language. The appellant-author claimed that he held the copyright in the script and had only permitted the producer to make the film in one language.
Non-receipt of royalty from overseas subsidiary can be subject to TP adjustment
27 December 2017
The petitioner was aggrieved by the addition of royalty income in the year it had ceased to receive royalty from its subsidiary.
Income on cessation of liability arises if no consideration passes to creditor for the same
27 December 2017
The department sought to tax the sum of share application money which was adjusted against sums due to the assessee as income from cessation of liability.
Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017
06 December 2017
The President of India, on 23rd November, 2017 [Notification No. DL- (N)04/0007/2003-17], promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, which amends the existing Insolvency and Bankruptcy Code, 2016 (IBC), in order to strengthen the insolvency resolution process.
SEBI (International Financial Services Centres) Guidelines, 2015 – Amendments
06 December 2017
In its Circular dated November 14, 2017 (“Circular”), SEBI has amended the guidelines for International Financial Services Centres (“IFSC”) wherein SEBI has introduced an amended definition of an ‘Issuer’ in the SEBI (IFSC) Guidelines, 2015 (“Guidelines”).
Contract – SC rules on when express term can be implied
06 December 2017
The Supreme Court has held that a contract should be interpreted in accordance with the terms expressly provided in its agreement. A term can only be implied to be present in the contract if it is necessary to give efficacy to the business transaction.