Asia Pacific

Mandatory to Give Reasons for Refusal of Trade Mark Registration

In a recent judgement delivered by the Delhi High Court vide its order dated October 16, 2019 in the case of Intellectual Property Attorneys Association vs The Controller General of Patents, Designs & Trade Marks & Anr. [W.P.(C) 3851/2019], the High Court has observed and clarified that the Registrar of Trade Marks (“Registrar”) is duty bound to send a copy of the order containing the grounds for conditional acceptance or refusal of the application for registration of trade marks under the Trade Marks Act, 1999 (“Act”).

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Potential Direct Tax Implications for Digital Economy

Multinational companies such as Google, Facebook, Airbnb etc., engaged in providing digital services in different countries, without any physical presence, are likely to be adversely impacted by the changing international tax regime. The tax challenges arising from digitalisation of the economy were identified as one of the main areas of focus of the Base Erosion and Profit Sharing (BEPS) Action Plan, leading to the 2015 BEPS Action 1 Report on ‘Addressing the Tax Challenges of the Digital Economy’. Thereafter, the focus of the countries has been to draw up a conclusive plan for the governments’ right to tax multinationals, through the Organisation for Economic Cooperation and Development (OECD), which is currently working on releasing a methodology for such taxation, by 2020.

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Proposed changes in the Companies Act, 2013 – Decriminalization of various offences

Since the inception of the Companies Act, 2013 (“Act”), the Government of India (“Government”) has undertaken and continues to undertake various amendments to the Act including the recent amendment dated July 31st, 2019, in which approximately 21 (twenty-one) criminal offences were decriminalized and re-categorized as civil offences.

Since then there have been constant deliberations to decriminalize more and more criminal offences under the Act, with the intent to avoid unwarranted prosecutions against the executives of the companies and provide a fair chance to compound the civil offences by paying penalties only.

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Singapore Summit to Gather Anti-Corruption Experts in Industry, Government

Anti-corruption enforcement has never been more aggressive or coordinated. In light of this current situation, multinational corporations have continued to emphasize investment in strong anti-corruption compliance programs. In the Asia-Pacific region, jurisdictions have taken strong steps to reinforce their anti-corruption legislative framework by requiring organizations and businesses to comply with internal policies and local regulations.

To address this issue, Duxes will host the 8th Anti-Corruption Compliance Asia Pacific Summit 2020 (ACAP) from February 20-21 in Singapore. The event is designed to help companies adapt to the new anti-corruption environment. The two-day summit will gather government officials and industry leaders to discuss important developments, including anti-corruption enforcement trends, third-party due diligence, and risk management, as well as best practices for compliance, internal communication and internal audits.

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RELEASE OF THIRD-PARTY ASSETS PERMITTED DURING MORATORIUM UNDER THE BANKRUPTCY CODE

Can you rescue your raw materials or unfinished products from a company after it goes under insolvency?

The answer is yes, as held by the National Company Law Tribunal (“NCLT”), Chandigarh Bench.   

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Euromoney Legal Media Group Asia Women in Business Law Awards 2019: Shortlist announced

Congratulations to ILN member, Josephine Peng, of Lee & Li, Taiwan, who has been shortlisted for Tax Dispute Resolution by Euromoney Legal Media Group in the Asia Women in Business Law Awards 2019! Further congratulations to Lee & Li for their country award for Taiwan. The awards will be given during a celebration of the advancement of women in the legal profession in the region on November 3rd in Hong Kong. Read more…

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EMPLOYEE AND WORKMEN DUES ARE NOT PART OF LIQUIDATION ESTATE – TO BE PAID ON PRIORITY

Judgment: State Bank of India v Moser Baer Karamchari Union [Company Appeal (AT) (Insolvency) Number 396 of 2019]

Forum: National Company Law Appellate Tribunal (“NCLAT”).

Judgments delivered on: August 19, 2019.

Act/Law: The Insolvency and Bankruptcy Code, 2016 (“Code”).

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Finance Minister announces major reduction in Corporate Tax Rates

Finance Minister Smt. Nirmala Sitharaman at the 37th GST Council Meet held today i.e. September 20th 2019 has announced to reduce the corporate taxes for domestic companies and new local manufacturing companies through an ordinance.

The highlights of the Taxation Laws (Amendment) Ordinance of 2019 (“Ordinance”) are enumerated below:

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IBC proceedings maintainable against a company whose name has been struck off by the Registrar of Companies

 

The Hon’ble National Company Law Appellate Tribunal (“NCLAT”) has held that the Corporate Insolvency Resolution Process (“CIRP”) can be initiated against a company whose name has been struck off by the Registrar of Companies (“ROC”) on an application filed under section 7 or section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by any creditor or workman of such company.

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Financial Services in Focus – Issue 30

Funds and financial products

Treasury releases draft Design and Distribution Obligations Regulations

On 12 September, Treasury released for public consultation exposure draft regulations to support the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (‘Act’) and an exposure draft explanatory statement.

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