ILN Today Post

RBI Issues New Pricing Guidelines for FDI

The Reserve Bank of India (“RBI”) has recently modified the existing pricing guidelines governing subscription to, or transfer of, shares of unlisted Indian companies by, or to, non-residents, and for exit from investment in equity shares with or without optionality clauses of unlisted Indian companies, vide its A.P. (DIR Series) Circular No. 4 dated July 15, 2014.

In terms of the above circular, henceforth, the issue and transfer of shares of unlisted Indian companies, including compulsorily convertible preference shares and compulsorily convertible debentures with or without optionality clauses, would be at a price worked out as per “any internationally accepted pricing methodology” on arm’s length basis, while ensuring that non-resident investors are not guaranteed any assured exit price on their investments. The investments with optionality clauses will, however, continue to be subject to a lock-in period of 1 (one) year in accordance with the A.P. (DIR Series) Circular No. 86 dated January 9, 2014 (refer our newsletter of January 31, 2014).

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Lucian Freud’s ‘secret will’

A court case over the £42 million residuary estate of the painter Lucian Freud has resulted in its true recipients remaining a closely guarded secret, despite the fact that his will was made public when it was proved at the Probate Registry.

So how was this feat achieved and, for anyone not wanting the world to know to whom they leave their wealth after death, is this a trick worth imitating?

On its face, Freud’s will left his residuary estate (the rest of his assets after specific gifts) to his solicitor and one of his children – the Claimants – seemingly as a personal gift to them.  However, the Claimants were adamant that they held residue on the terms of a ‘secret trust’ instead.  A secret trust is a trust separate from a will but which impinges on a beneficiary named in a will – the will itself does not reveal that a trust exists but because of an earlier agreement between the will-maker and the recipients during the will-maker’s lifetime, the recipients are regarded in equity as bound to distribute the assets to the intended recipients under the agreement, not to themselves personally. 

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Multistate Tax Update — August 14, 2014

A majority of states have had tax amnesty programs during the past several years. Amnesty programs generally allow a business to achieve state tax compliance while paying taxes for only a limited number of past years (as opposed to all possible years). As an additional benefit, amnesty programs generally waive all or a portion of the taxpayer’s penalties and/or provide relief from all or a portion of the interest owed on past due taxes. In all, such programs are a great benefit for taxpayers who are not in full compliance with state tax law. However, most amnesty programs are available for a limited period of time. Furthermore, if your business is already under a tax audit, it is often too late to apply for participation in a state’s amnesty program – your business is either stuck with the results of the audit or, if you decide to fight the proposed audit adjustments, the outcome of litigation or negotiation. 

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Wondering Wednesdays: Inspiration for Content

It’s a Wondering Wednesday today, and our video looks at some of the sources I look to for content inspiration for blog posts and articles.

For me, it all starts with an editorial calendar.

Tip One: Have an editorial calendar

Before putting together the editorial calendar, first look at what you regularly write about now, and identify what you’d like to continue writing about. This is also a good opportunity to identify what you’d like to write more about. 

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State of the Creative Series: Interview with the Chief Creative Officer at 360i

So far in the “State of the Creative” series, we’ve heard from Chief Creative Officer’s at: Ogilvy & Mather North America, Weber Shandwick, and GREY. This week we continue to examine what it means to be a creative in today’s world…

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Expect Increased OCR HIPAA Security Rule Enforcement for Mobile Devices

The increasing prevalence of mobile technology in the healthcare sector continues to create compliance concerns for physician practices and other health care entities.  While the Office of Civil Rights (OCR) of the Department of Health and Human Services, has traditionally focused on technology breaches within larger health systems, smaller physician practices and health care entities must also ensure that their policies and practices related to mobile technology do not foster non-compliance and create institutional risk. 

Physicians Integrate Mobile Technology Into Daily Practice

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ILN Today Post

Updating social media policies: the letter and spirit of the law

Social media is a part of everyone’s daily life. Agencies use a variety of social media channels – such as Facebook, Twitter, LinkedIn, Instagram, and Pinterest – to promote their clients as well as themselves. Companies utilize these platforms to promote their own brands. Additionally, it is often expected – or at least accepted – that employees will communicate in social media and blogs about their jobs. More…

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The Value of Oaths -Telling the Truth for the Sake of the Truth

A few years into my litigation practice, a partner in the Toronto law firm where I worked asked me to conduct a trial for the brother-in-law of his legal assistant.  The brother-in-law, John, was an independent contractor whose contract had been terminated by a large corporation.  John sued the company, claiming that he was an employee rather than an independent contractor and thus was entitled to receive reasonable notice of the termination of his contract. 
At trial, John testified about the details of his relationship with the company.  After the briefest of deliberations, the judge gave oral reasons dismissing John’s claim.  Looking down, disapprovingly at John, the judge said, “I find John’s testimony to be quite phantasmagorical”.
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Flexible Working: How does it Work?

On 30 June 2014, the changes to flexible working came into force.This means that all workers now have the right to request flexible working.

Flexible working can be both beneficial for workers and employers, however being aware of the legal requirements and procedures is also important for both parties.

• In order to qualify for the tight, must have 26 weeks’ service with the business

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Healthcare Alert: FDA to focus on Laboratory Developed Tests

The Food and Drug Administration (FDA) provided notice to Congress on July 31, 2014 of its intent to issue draft guidance regarding regulatory oversight of laboratory developed tests (LDTs), including reporting and premarket submission requirements. The FDA treats LDTs as a subset of in vitro diagnostic (IVD) devices, which are currently regulated as medical devices under the Federal Food, Drug, and Cosmetic Act. According to the FDA, it has always had the authority to regulate LDTs, but has chosen to exercise its enforcement discretion.

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