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Reptilian showdown in Court

In a landmark decision that concluded a protracted legal saga, the Delhi High Court (“Court”) has recently resolved a 23-year dispute between two global fashion titans – Lacoste S.A. (“Plaintiff”) and Crocodile International Pte Ltd (“Defendant”). The Court issued a permanent injunction against the Hong Kong-based Crocodile International, prohibiting the use of the Crocodile trademark, which was found to infringe upon the iconic trademark of the French luxury sportswear brand, Lacoste.

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IFSC Funds Regime 2.0: Sweeping Changes Proposed by IFSC Authority

The International Financial Services Centres Authority (“IFSC Authority”) released a consultation paper on August 5, 2024 (“Consultation Paper”), proposing a host of amendments to the IFSCA (Fund Management) Regulations, 2022 (“FM Regulations”).

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Buy-back of shares: Will recent changes in the tax laws end the party?

Rationale for Buy-Back Provisions

A cardinal principle of company law, incorporated in Section 67 of the Companies Act, 2013 (“the Act”), prohibits the purchase by the Company of its own securities for the protection of creditors.  Section 68 is an exception to this general rule; hence, it starts with a non obstante clause laying down several conditions and restrictions for the companies undertaking a buy-back of its shares, primarily with a view to protect the creditors.

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Regulatory framework governing employee benefits by equity listed companies

This post analyses the scope of the regulatory framework governing employee benefits by equity listed companies in India and the applicability of the SEBI (Share-Based Employee Benefits and Sweat Equity) Regulations, 2021, to employee welfare trusts set up by promoters and share-linked but purely cash-based employee benefits.

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Background

In Mahesh Gupta v Assistant Controller of Patents and Designs, the Delhi High Court affirmed the refusal order issued by Assistant Controller of Patents and Designs (“Respondent”) against a patent application filed for “Portable Vehicle Management System”(“Subject Patent”). The Respondent refused the patent application on the grounds that it did not meet the inventive step requirement under Section 2(1)(ja) of the Indian Patent Act, 1970, and failed to qualify as an invention under Section 2(1)(j) of the Act.

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Revamping the Investment Advisers and Research Analysts Frameworks – the SEBI Way

Introduction

Pursuant to the recommendations of the Ministry of Finance, the Securities and Exchange Board of India (“SEBI”) constituted several groups to recommend simplification of various regulations specified by it and invited suggestions from market participants[1]. Post deliberations on the suggestions received, the Working Group for review of compliance requirements for Investment Advisers (“IAs”) and Research Analysts (“RAs”) submitted its recommendations to SEBI’s Intermediaries Advisory Committee (“IAC”). SEBI has now released a consultation paper dated August 6, 2024, on ‘Review of Regulatory Framework for Investment Advisers and Research Analysts’ (“Consultation Paper”)[2] incorporating the recommendations proposed by IAC.

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NCLT rejects a scheme of merger citing public interest concerns

Introduction

In a recent case, the National Company Law Tribunal (“NCLT”) rejected a scheme of merger of three related entities on the ground that it was against public interest. Unlike the other cases of arrangements and schemes where the NCLT focused on the technical compliance of the provisions of the Companies Act, 2013 (“the Act”), in the instant case, the NCLT, in addition to analysing the scheme and verifying its satisfaction of the technical requirements, also went through the facts presented and the reports submitted by the Ministry of Corporate Affairs (“MCA”) and the Income Tax Department (“ITD”), who had carried out their separate investigations. The trend of recent decisions appears to show that the NCLT is not just mechanically sanctioning schemes of merger but is also going beyond the facts provided and reviewing them holistically.

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Mastery of Moment Marketing: Maximum Impact & Minimal Legal Risk

Introduction

In the dynamic world of digital marketing, moment marketing is emerging as a potent strategy for leveraging real-time events and trending issues to engage audiences across social media platforms. Its agility and virality have helped many brands successfully connect with the general public, particularly social media users, across the globe in unprecedented ways. As brands race to capitalize on such viral moments, the relevance of moment marketing in generating a high number of impressions on their social media posts and even physical hoardings has never been more pertinent.

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FIG Paper (No. 37 – Series 1) | SEBI Proposes to Introduce ‘New Asset Class’

Background and Key Features:

  • The Securities and Exchange Board of India (“SEBI”) regulates the asset management and wealth management sector through a graded approach in relation to prudential, governance and investment norms, with flexibility given progressively, basis minimum investment threshold. This sector has also seen a significant rise in assets under management (“AUM”) over the last decade:
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Beyond the Basket: Inside India’s Diverse E-Commerce Food Landscape – Part 2

Introduction

In our previous blog post, we provided insights into the regulatory framework governing E-Commerce Food Business Operators (“E-FBOs”)[1] that operate under the purview of the Food Safety and Standards Authority of India (“FSSAI”). The FSSAI, along with its state counterparts, is primarily empowered under the Food Safety and Standards Act, 2006 (“FSS Act”) and its accompanying rules, regulations, and guidelines to regulate the food industry and establish standards that ensure the safety and quality of food products. We also delved into the recent amendment to the FSS Licensing and Registration of Food Businesses Amendment Regulations, 2021 (“2021 Amendment Regulations”)[2], which were primarily introduced to regulate E-FBOs. We also analysed it in line with the key challenges and obstacles that E-FBOs might encounter, on their road to ensuring full compliance with the regulations.

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