News
GST Model Law in India – Credit mechanism specified
15 June 2016
Model Goods & Services Tax Act has been released by the Indian Finance Ministry on 14th of June. The Model Law amongst other details also provides mechanism for taking Input Tax Credit (ITC) in respect of defined inputs, capital goods and input services.
Guidelines for public issue of units of Infrastructure Investment Trusts
02 June 2016
The SEBI (Infrastructure Investment Trusts) Regulations, 2014 introduced the concept of Infrastructure Investment Trusts (‘InvITs’).
Insolvency and Bankruptcy Code passed by Indian Parliament
02 June 2016
The Indian Parliament has passed the major economic reform Bill moved by the Government i.e. the Insolvency and Bankruptcy Code, 2016 (‘Code’).
‘Due diligence’ means doing everything reasonable, not everything possible
02 June 2016
The Securities Appellate Tribunal on 13-5-2016, has held that even though a merchant banker has to employ its own independent due diligence, in practice, it operates with a limitation that its due diligence is based on the material brought before it by the Issuer Company.
Action under Negotiable Instruments Act when not affected by winding up process
02 June 2016
The Division Bench of the Bombay High Court on 6-5-2016 has held that expression ‘suit or other proceedings’ in Section 446(1) under Chapter II of Part VII of Companies Act, 1956, does not include criminal complaints filed under Section 138 of the Negotiable Instruments Act, 1881.
National IPR Policy announced
20 May 2016
The Ministry of Commerce and Industry of the Government of India released the much awaited National IPR Policy (“the Policy”) on May 13, 2016, with a vision to transform India as a knowledge economy. Under the tag line “Creative India; Innovative India,” the Policy hopes to catalyse the innovation ecosystem towards India’s economic growth and socio-cultural development.
Patent (Amendment) Rules, 2016
20 May 2016
On May 16, 2016, India brought in various changes to the Patent Rules, 2003 making it more aligned with use of technology like mandatory e-submission of documents and hearing through video-conferencing besides changes in procedure and providing for expedited examination and so on.
Trademark – Non-receipt of consideration for assignment not relevant when same registered
20 May 2016
The Delhi High Court has held that even in case of non-receipt of consideration for assignment of the trademark by the assignor, unless the entry made in the Trademark Register is removed by the appropriate authority, the assignor has no right to infringe the same very mark which is assigned by him.
Exemption for supply to R&D establishment
19 May 2016
CESTAT Mumbai has allowed benefit of Notification No. 10/97-C.E. to air-conditioning and refrigeration equipment supplied to Research & Development Organisations namely, Vehicle Research & Development Establishment, and the Electronic & Radar Development Establishment, when the AC system were specially designed and modified, by the said customers, for use in specialized mobile operation theatres for use by the Indian Army in the field.
Lease equalisation levy is not consideration and not liable to Service tax
19 May 2016
To qualify as ‘gross amount charged’ there must be a payment and it must be in the nature of a consideration for a service.