Regions

MSME definition further revised by Union Cabinet

Subsequent to the revisions made in the definition of MSMEs during the INR 20 lakh crores economic package announcement made in May 2020, the government on Monday i.e. 01st June 2020 further revised the definition of MSMEs.
From now on, enterprises with investments up to INR 50 crore with a turnover of less than INR 250 crore will now be defined as ‘medium’ units. Whereas under the economic stimulus package, the revised definition for medium enterprises was kept at a turnover of INR 100 crore and investment up to INR 20 crores. Below is the tabular representation of the definition of MSMEs classification:
Micro Enterprises
Enterprises with an investment less than INR 1 crore and turnover less than INR 5 crore turnover
Small Enterprises
Enterprises with an investment less than INR 10 crore and turnover less than INR 50 crore turnover
Medium Enterprises
Enterprises with an investment less than INR 50 crore and turnover less than INR 250 crore turnover
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Llinks Client Alert – Antitrust and Competition (June 2020)

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Llinks Opens Office in Shenzhen with Four New Partners

links Law Offices (Llinks) announces its new office opening in Shenzhen on 25 May 2020. The new office is located at China Resources Tower in the Shenzhen Bay of Nanshan District, an innovative and dynamics area in Shenzhen.

The Shenzhen office is Llinks third office in Mainland China and the fifth worldwide since its establishment back in 1998. By opening its Shenzhen office, Llinks aims to further extend its dedicated presence in South China. The Shenzhen office will work closely with Llinks’ Hong Kong office and create a synergy between Shenzhen and Hong Kong. The new office will facilitate diversified development in the Greater Bay Area (GBA) by providing more convenient and efficient legal services to clients in South China. Meanwhile, as Llinks strategic move of its international development blueprint, the launch of its Shenzhen office will maximize Shenzhens strategic and innovative advantage as the centre of the GBA and an innovative city, echoing Chinas “Belt and Road” initiative and strategy of development of cross-border legal market.

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California Court Whittles Down Claims Against StubHub

After more than three years of litigation and two rounds of extensive discovery, in Calendar Research LLC v. StubHub, Inc., et al., 2:17-cv-04062-SVW-SS, the United States District Court for the Central District of California dismissed almost all the remaining claims against StubHub and the other defendants.  In doing so, the Court confirmed that in California, specific identifiable trade secrets are required and general industry knowledge and “know how” is insufficient for trade secret protection.

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Online sales of medicines are allowed

16 May 2020 the Russian Government enacted the rules on online sales and delivery of medicines (the Rules). According to the Rules, online sales of medicines are allowed. The exceptions are: RX medicines, narcotic and psychotropic medicines, and medicines containing more than 25% ethyl alcohol.

To receive authorization for online sales a pharmacy shall have a license for at least 1 year, minimum of 10 retail stores, an Internet website or a mobile app, a delivery service, or a contract with such service provider.

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What is the meaning of special conditions for registration of medical drugs for the treatment and prevention of diseases that pose a danger or in emergency situation?

This refers to the fast track registration and conduct of clinical trials, which is valid until January 1, 2021 and is worked out for medical drugs potentially effective in the fight against COVID-191

State registration of these medical drugs is carried out by the Ministry of Health of the Russian Federation.

The applicant submits for registration an application; administrative documentation; chemical, pharmaceutical, biological documentation; pharmacological, toxicological documentation; clinical documentation.

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ESTATE FREEZE OR RE-FREEZE

An ‘estate freeze’ is a common tax planning strategy. The owner of shares of a private company can ‘freeze’ the value of his/her shares and transfer the future growth of the company to other family members. The benefit of a freeze from an income tax perspective is that the future taxation of the growth of the company can be transferred to other family members particularly children, thus limiting the tax liability of the owner on death and deferring the tax to the next generation. If the shares qualify as ‘qualified small business corporation’ shares, a freeze can enable such other family members to claim the lifetime capital gains exemption. A freeze is most commonly used to freeze the value of a company that owns a business, real estate or public securities. If the owner has already implemented a freeze, a ‘re-freeze’ at a lower value can be effected if the value of the company has dropped.

A freeze or re-freeze should be considered in a down market because it may provide the owner with the opportunity to freeze his/her shares at a lower value than would otherwise have been possible.

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Insolvency of companies in Portugal

Insolvency of companies in Portugal – Liability of directors and managers article can be read here. 

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CFIUS AND EXPORT CONTROLS: A DETAILED ANALYSIS OF THE PROPOSED MANDATORY FILING CHANGES

Pursuant to the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), the Committee on Foreign Investment in the United States (“CFIUS”) is authorized to review and take action to address national security concerns arising from certain investments and real estate transactions involving foreign persons. On May 21, 2020, the U.S. Department of the Treasury (“Treasury”) published a Proposed Rule that includes two important changes impacting mandatory filings.

In October 2018, Treasury published the “Pilot Program Interim Rule,” an interim rule that implemented—on a temporary basis—a pilot program which imposed a mandatory filing requirement for certain foreign investment transactions involving a U.S. business across the five types of critical technologies as defined by FIRRMA; and with a nexus to specified industries identified in the North American Industry Classification System (“NAICS”). For more details about the critical technologies pilot program, please see our previous article.

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Attorneys Appointed/Reappointed to Committees within the Illinois State Bar Association

ROYAL OAK, Mich., May 21, 2020 – Royal Oak-based law firm Howard & Howard is pleased to announce that three of our attorneys have been appointed/reappointed to committees within the Illinois State Bar Association for the 2020-2021 term.

The attorneys and their appointments/reappointments are as follows:

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