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In a major change for the registration of designs in India, articles will now be classified in accordance with the Locarno system, further to India’s formal accession to the international treaty in mid-2019. Applicants will benefit hugely from this, as they will now have access to a single classification system in India and other countries that are parties to the treaty.
Legacies, while the sturdiest, are often the most vulnerable to that harsh cousin of time, change. The battle royale being played out between Tata Sons and Cyrus Mistry, of the Shapoorji Pallonji Group, certainly seems to echo the thought, and is being closely monitored, as the outcome will set the way forward for one of the biggest conglomerates in India.
In a recent judgment delivered by Hon’ble Judge Indu Malhotra in the case of Dalmia Power Limited and Ors. Vs. The Assistant Commissioner of Income Tax, Circle 1, Trichy, the Supreme Court of India ("Court") upheld the validity of filing of revised returns by an amalgamated company beyond the time limit prescribed under the Income Tax Act, 1961 ("IT Act").
The Government of India recently announced draft amendments to the Design Rules and Patent Rules with the primary objective of encouraging startups and small entities to protect their intellectual property. The proposed changes include new definitions of “startups” in the design rules (to align with corresponding changes on the patents and trademarks side), and significantly reduced filing and prosecution fees for startups and small entities.
Ever since India was ranked at 178 out of 189 nations in the world in contract enforcement, the government has attempted to take different steps to facilitate quick enforcement of contracts and hasten the process of dispute resolution through arbitration, so as to encourage investment and economic activity. As part of these measures to change the country’s image with regard to contract enforcement, the government has made amendments to the Arbitration and Conciliation Act, 1996 (“Act”)with the most recent amendment coming into effect on August 30, 2019 (“2019 Amendment Act”).
Rule against bias is one of the fundamental principles of natural justice which applies to all proceedings, compliance with which is the pivot point of a judicial process. This principle has been reinforced by the Supreme Court of India, on November 26, 2019, in the case of Perkins Eastman Architects DPC v. HSCC (India) Limited ,wherein the Apex Court reiterated that a person who has an interest in the outcome or decision of the dispute must not have the power to appoint a sole arbitrator.
The gig economy in India has been growing at breakneck speed. A recent study ‘Professional Gig Economy 2018-19 Report Card’ undertaken by Flexing It, a gig platform has revealed that as many as 72% of all gig projects were in large corporates and professional services firms in 2018-19 compared with 52% two years back. Plus, most of the professional gig economy segments have seen growth double in two years.
The much anticipated Personal Data Protection Bill, 2019("Bill") finally gathered the Cabinet's approval on December 04, 2019, therefore setting the stage for it to be tabled in front of the Parliament in the current winter session.
The Ministry of Corporate Affairs ("MCA") vide its press release dated November 15, 2019 has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 ("Rules"). The Rules provide a framework for the insolvency and liquidation proceedings of systematically important Financial Service Providers ("FSPs") excluding banks.
Related party transactions have once again found themselves the subject of public scrutiny due to occurrences at InterGlobe Aviation Limited ("Interglobe"), which runs and operates the low-cost airline Indigo. Interglobe has been facing stormy weather following a dispute between its promoters, Rakesh Gangwal and Rahul Bhatia. Since mid-2018 the feud between both promoters has snowballed into a very public feud. While there are several contentious issues on which the promoters disagree, one of the main reasons for their public fallout has been over related party transactions. In 2018, Rakesh Gangwal flagged and alleged that Interglobe has entered into related party transactions with several companies associated with Rahul Bhatia, a charge that the latter insists is mala fide.