News
New Companies Act comes into force
06 September 2013
The Companies Bill 2012 received Presidential assent on 29th August 2013, after scores of amendments and years of debates and discussions, particularly on points like mandatory spending on corporate social responsibility (CSR), investor protection measures and one person company.
Medicament or cosmetic – Supreme Court decides whether product cures or cares
19 August 2013
A product used mainly to cure or treat diseases, containing curative ingredients even in small quantities, is to be considered as a medicament.
CCI imposes penalty for near identical rates and quantity restrictions
14 August 2013
Penalty at the rate of 5% of the average turnover was imposed by the Competition Commission of India (CCI) on various manufacturers of Polyester Blended Duck Ankle Boot Rubber Sole.
Service Tax Amnesty Scheme clarified
09 August 2013
The Central Board of Excise & Customs (CBEC) has, by Circular No. 170/5/2013-ST, dated 8-8-2013, clarified certain issues relating to the amnesty scheme introduced through this year’s budget – Voluntary Compliance Encouragement Scheme or VCES.
IPAB has power to review own orders
24 July 2013
The Intellectual Property Appellate Board (IPAB) has held that it has the power to review its own orders.
India moves forward for more FDI in specified sectors
24 July 2013
The policy of Foreign Direct Investment (FDI) in ten sectors, including telecom and defence has been further liberalized.
Securities laws amended - Certain unlisted firms under SEBI purview
24 July 2013
Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956 and the Depositories Act, 1996 have been amended by Securities Laws (Amendment) Ordinance, 2013.
IPAB has power to grant interim stay
23 July 2013
A Larger Bench of the Intellectual Property Appellate Board (IPAB) has held that it has power to grant interim stay. It observed that if it were to hold that IPAB has no power to entertain any interim application or to pass orders thereon, it would result in collapse of the purpose for which the Boa
Enforceability of foreign arbitration awards in India
16 July 2013
The Supreme Court of India has held that enforcement of foreign award would be refused under Section 48(2)(b) of the Arbitration and Conciliation Act, 1996 only if such enforcement would be contrary to (i) fundamental policy of Indian law; or (2) the interests of India; or (3) justice or morality; and the enforcing court does not exercise appellate jurisdiction at the time of enforcing the award.
Service tax on restaurants & accommodation struck down
12 July 2013
The Kerala High Court has, on 3-7-2013, struck down the levy of service tax on restaurants and on service of providing short term accommodation.