Tag Archives: LexCounsel Law Offices

ILN Today Post
June 14, 2012

Blood Relatives “Can” form a Society

By LexCounsel Law Offices

The Delhi High Court (“DHC”) has recently held that the right to register a society, as a legal entity, is available to any seven or more persons coming together, whether they are related to each other by blood or not.

The Registrar of Societies, Government of NCT of Delhi (“Registrar”) has been, based on the guidelines issued by the Government of NCT of Delhi, requiring all persons desirous of registering a society with its offices, to submit an affidavit confirming that the members of the society are not related by way of blood or otherwise.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
June 14, 2012

Government Debates “Drugs Vs. Food” Status of Health Supplement

By LexCounsel Law Offices

The Department of Pharmaceuticals and the National Pharmaceutical Pricing Authority (“NPPA”) have approached the Drug Controller of India (“DCI”) and the Food Safety and Standards Authority of India (“FSSAI”) for clarity on the parameters for classification of health/nutritional supplements as food products or as drugs. Various products, claiming to contain higher amounts of vitamins and minerals, are being sold in the Indian market as health/nutritional supplements. At the same time, multivitamin tablets and products containing other nutrients are being sold as drugs, with requisite licensing from the Drug authorities.

It, therefore, largely remains the choice of the manufacturer to sell its multivitamin/mineral products as a “food product” or as a “drug”. Food supplements are sold at considerably higher prices as compared to their drug counterparts, and are also subjected to lesser regulatory monitoring and restrictions. Regulators believe that various pharmaceutical companies accordingly sell drugs and medicines camouflaged as food/health supplements.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
May 29, 2012

Service Tax on Renting of Immovable Property to Educational Institutes

By LexCounsel Law Offices

Whilst most educational institutes have been lucky to escape the service tax net when the Finance Bill, 2010 sought to rest the raging controversy surrounding imposition of service tax on renting of immovable property for commercial purposes in favour of the Revenue, their luck has finally run out.

Renting of immovable property to educational institutes will no longer be a service tax exempt service. The Finance Act, 2012 (“FA 2012”), which has received Presidential assent on May 28, 2012, seeks to overhaul the entire service tax regime by widening the ambit of India’s service tax laws.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
April 13, 2012

Fifth Edition of the Consolidated FDI Policy Released by DIPP

By LexCounsel Law Offices

The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India (“DIPP”) on April 10, 2012 released the fifth edition of the consolidated Foreign Direct Investment (“FDI”) Policy of India vide circular 1 of 2012.

The circular consolidates the extant FDI policy of India and has accordingly introduced, inter alia, the following revisions to the FDI Policy:

  1. FDI in Commodity Exchange – Foreign investment mandate in commodity exchange, which until now required approval from the Foreign Investment Promotion and Board (“FIPB”) under the composite cap of 49% for FDI as well as investment by Foreign Institutional Investor (“FIIs”) (26% for FDI and 23% for FIIs) has been liberalized. Henceforth, investment by FIIs, in commodity exchanges will not require prior FIPB approval. However, other than FII investment, FIPB approval will still be required for FDI in commodity exchanges. 
Posted in Asia Pacific | Legal Updates
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ILN Today Post
April 13, 2012

The ‘Fight’ to Education: The Right of Children to Free and Compulsory Education Act, 2009 (“RTE Act”)

By LexCounsel Law Offices

Bone of Contention – The Right of Children to Free and Compulsory Education Act, 2009 (“RTE Act”)

The Government of India enacted the RTE Act with the objective of providing free and compulsory education and equal opportunity to all children between the ages of 6 to 14 years and remove financial barriers which prevent a child from accessing education. The word “Free” in the title to the RTE Act stands for removal by the Government of any financial barrier that prevents a child from completing 8 years of elementary schooling. The word “Compulsory” in that title stands for compulsion on the Government to provide and ensure admission and completion of elementary education and the parental duty to send children to school.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
April 3, 2012

India Grants its First Compulsory License

By LexCounsel Law Offices

The Controller General of Patents Designs and Trademarks (“Patent Office”) on March 12, 2012 granted its first ever compulsory license to the Hyderabad based Natco Pharma Limited (“NATCO”) for a cancer drug sold under the brand name “Nexavar” owned by a German based company Bayer Corporation (“Bayer”) and which until now was more or less inaccessible to the common man.

The Patent Office believes that NATCO’s application qualified for the grant of a compulsory license under Section 84 of the Patents Act, 1970 (“PA 70”) on three main grounds, viz.:

Posted in Asia Pacific | Legal Updates
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ILN Today Post
April 3, 2012

Single Brand Retail – Relaxation of Local Sourcing Condition

By LexCounsel Law Offices

The Government of India (“GoI”) is actively considering relaxation of the 30% local sourcing requirement presently applicable to single brand retail trading ventures wherein foreign equity participation exceeds 51%.

The requirement of sourcing 30% of the value of products from small industries, village and cottage industries, artisans and craftsman was prescribed by the GoI in January this year while allowing foreign investment beyond 51% in single brand retail trading ventures in India. The condition has proved to be a major impediment for brand owners wishing to invest in India owing to concerns over availability and seriousness of small suppliers, quality control and protection of intellectual property rights.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
March 7, 2012

CCI Amends Merger Control Regulations

By LexCounsel Law Offices

The Competition Commission of India (“CCI”) on February 23, 2012 has notified Amendments1 to the Merger Control Regulations2.

The Merger Control Regulations required the proposed combinations3 or the combined entity (if the combination has been effected) to notify the CCI of such combination within seven (7) days of the approval of the board of directors for the merger or execution of the acquisition agreement. (Refer our newsletter of May 16, 2011)

The Amendments have been issued to streamline the procedure of notifying the CCI of any proposed combination, and effect, inter alia, the following modifications to the Merger Control Regulations:

Posted in Asia Pacific | Legal Updates
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ILN Today Post
February 9, 2012

IRAN SANCTIONS: CAN INDIA WALK THE TALK?

By LexCounsel Law Offices

Sanctions are not new to Iranians who have defiantly lived through sanctions and asset freezes since 1979 when US President Jimmy Carter froze about $12 billion in Iranian assets, including bank deposits, gold and other properties. Without doubt, the latest spate of sanctions – US sanctions that deny access to the US financial system to any financial institution that conducts business with the Central Bank of Iran for transactions that involve sale of petroleum or petroleum products, and the EU ban on imports of Iranian crude oil and petroleum products – would hurt Iran, but who would hurt more – Iran or purchasers who are heavily dependent on its crude oil? Two of the largest importers of Iran’s oil, China and India (together accounting for about 36% of Iran’s oil exports) have indicated that they would continue their oil trade with Iran, leaving Iran some elbow room, and mitigating to some extent the impact of US and EU sanctions.

Posted in Asia Pacific | Legal Updates
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ILN Today Post
January 20, 2012

Nippon Life Insurance Acquires 26% in Reliance Capital

By LexCounsel Law Offices

Japan’s Nippon Life Insurance (Nissay) has signed a Memorandum of Understanding (MoU) with Reliance Capital Asset Management (RCAM), India’s second largest mutual fund, for buying 26% stake in RCAM.  Nissay has agreed to invest an amount of approximately Rs. 1,450 Crore in RCAM, making it the largest investment in the mutual fund industry of India by a single foreign firm. Nissay is already a strategic partner of Reliance Life Insurance Co. Limited, after it acquired 26% stake in Reliance Life last year.

The deal, however, is yet to get the approval from the mutual fund regulator in India, the Securities Exchange Board of India (SEBI).

Posted in Asia Pacific | Legal Updates
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