• NATIONAL NEWS

Non furnishing of information in response to summons issued by Board is indeed a serious wrong: SAT

SAT has held that Section 15A(a) of the Act provides that any person who is required under Act or any rules/ regulations made thereunder to furnish any document or report to the Board fails to do so shall be liable to a penalty saying that non furnishing of information cannot be taken lightly.

NSDL to go by the Order of the Mohan Gopal Panel

SEBI has asked the NSDL to go by the order of the two-member Mohan Gopal committee in the IPO scam and revived an order that was declared as null and void in the past. The move comes in the wake of a Supreme Court observation raising questions about the clean chit to the depository.

Union Cabinet Approves Draft Lokpal Bill

Union Cabinet has approved the draft Lokpal Bill. The draft bill has not included the Prime Minister under the purview of Lokpal and he can be investigated only after he demits office.

Insurance Companies cannot escape its liability of payment of compensation to 3rd Parties or claimants: SC

SC has held that Section 146 of the Act gives complete protection to 3rd Party in respect of death/bodily injury or damage to property while using the vehicle in public place. Thus, compulsory insurance is obviously for the benefit of 3rd Parties & Insurance Cos cannot escape its liability

Petitions Challenging the Land Acquisition by UP Government referred to the Chief Justice of Allahabad HC

Allahabad HC has referred the petition challenging the land acquisition to the Chief Justice of the HC with a request that a larger bench decide the matter and next hearing for the same is scheduled for August 17. It also gave an option to the parties involved to reach an out of court settlement.

Provisions of Section 76 of the Finance Act, 2011 to come in to force w.e.f 1st day of August, 2011

Central Governement has appointed the 1st August, 2011, as the date on which, provisions of Section76 of Finance Act, 2011 substituting the words & figures "Legal Metrology Act, 2009" for the words & figures "Standards of Weights and Measures Act, 1976 (60 of 1976)" in MTP(ED) Act, 1955, shall come into force.

Bombay HC Upheld the Right of the Music Companies Over the Song Recording

Bombay HC has held that the Indian Performing Right Society Limited was not entitled to claim or demand royalty or licence fees from a private FM channel for the recorded music it plays, thereby FM channels are required to only deal with Phonographic Performances Limited to obtain a licence.

RBI Releases First Quarter Review of Monetary Policy for 2011-12

RBI has released the First Quarter Review of Monetary Policy for 2011-12 increasing the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points. The repo rate will accordingly move up from 7.5 per cent to 8.0 per cent.

India signs Double Taxation Avoidance Agreement with Lithunia

The Government of India has signed an Agreement and Protocol for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Lithuania.

Supreme Court asks Government Hospitals in Delhi to refer Poor Patients to Private Hospitals for Free Treatment

The Apex court has instructed the overcrowded government hospitals in Delhi to refer poor patients to private hospitals for free treatments saying that private hospitals will provide them necessary treatments & maintain a separate account of the cost incurred by them, pending finalisation of the scheme.

India Inks Civil Nuclear Deal with South Korea

India and South Korea has signed a civil nuclear agreement, a deal that gives the north-east Asian country an entry into India's nuclear energy sector.

SC Lays Down the Broad Principles To Be Considered While Determining Maintenance

SC has held that in divorce cases, the amount of maintenance fixed for the wife should be such as she can live in reasonable comfort considering her status and mode of life she was used to live when she lived with her husband & does not affect the living condition of the other party.

Panel of Secretaries Approves Proposals to Allow FDI in Retail

A panel of secretaries has approved the proposals to allow FDI in retail paving the way for a cabinet decision. The approved proposal permits multi-brand retailers to hold upto 51 per cent in Indian companies that would build up retail outlets subject to riders.

Companies Bill 2011 to Place Equal Responsibility For Corporate Scams on Audit Firms

Companies Bill 2011 proposes to put equal responsibility on the audit firms and provides that if the audit firm were proved to have acted in the fraudulent manner or colluded in any fraud by company in any manner, they would also be equally liable for civil or criminal proceedings.

Exemption From Filing Income Tax Returns is Voluntary: Ministry of Finance

Ministry has clarified that the exemption from filing IT returns is voluntary and it is not mandatory for the taxpayers to avail this exemption. Accordingly, ministry has issued the instructions to the tax officers to cooperate with taxpayers willing to file their returns.

TRAI Releases Consultation Paper on "Mobile Value Added Services"

TRAI has released the consultation paper suo-motu focusing on future looking regulatory framework for provisioning of Mobile Value Added Services & considering the market potential for mobile value added service in the coming years & need for harmonized ecosystem for ushering growth.

An Arbitration Agreement Does Not Require Registration Under Registration Act: SC

SC has held that an arbitration agreement does not require registration under Registration Act. Even if it is found as one of the clauses in a contract or instrument, it is an independent agreement to refer the dispute to arbitration, which is independent of main contract or instrument [File attached

Dot Proposes One Tariff For Each Licence Holder Across the Country

In order to simplify the country's telecom landscape, department of telecommunications has proposed one tariff for each licence holder across the country, all- India mobile number portability and doing away with roaming charges.

Union Cabinet Approves Benami Transactions (Prohibition) Bill, 2011 replacing Existing Law

In order to cap the benamni transctions Union Cabinet has approved the Benami Transactions (Prohibition) Bill, 2011 replacing existing law. The said bill providing for confiscation of property after the person involved has given 'due opportunity' of being heard is likely to be tabled in monsoon session.

Principle Behind Quota for SC/ST Different From the One Providing Reservation to OBC: SC

SC has observed that the principle behind quota for Scheduled Castes & Scheduled Tribes was different from the one under which Other Backward Classes were given reservations in educational institutions while hearing arguments on what should be the criteria for admitting OBC students in University.

Expert Panel Constituted by SC on Kerala Temple Riches

The Apex court has constituted a panel headed by the national museum chief to suggest preservation, security and display of the rich artifacts unearthed from Sree Padmanabhaswamy temple in Kerala.

MCA Releases User Guide on Paying MCA21 Fees Via NEFT

In order to eliminate inconveniences caused due to payment processing delays, MCA has introduced the option to pay MCA fees via NEFT (National Electronic Fund Transfer) mode, in addition to already exiting payment modes.

Pension Fund Regulatory and Development Authority Bill Likely to be Cleared by Standing Committee

The Standing committee on pension bill is expected to clear the bill in next two sittings after having received the support from the BJP. The said Bill striving to provide statutory powers to the pension regulator is pending since 2005 and revised version of it was tabled in last session of parliament.

New Companies Bill Likely to Ensure Answerability of Privately-held and Unlisted Companies to SEBI

The New Companies Bill is expected to ensure that privately-held and unlisted companies do not escape SEBI scrutiny saying that they are governed by the registrar of the companies and the companies Act and not by SEBI rules.

• INTERNATIONAL NEWS

Katina and the Waves object to use of "Walking on Sunshine"

In a recent post on their official website, Katrina and the Waves stated that they do not approve of the unauthorized use of their 1985 hit song "Walking on Sunshine" by a Republican presidential candidate Michele Bachmann. Michele Bachmann in her South Carolina campaign recently used the "Walking on Sunshine" song.

Us Patent Regime to Be Altered to Be Similar to Asia and Europe

In a recent move to attain uniformity in the International Patent Order, the United States Patent Regime has been targeted by the Congress to alter its provisions and bring its provisions in harmony those in Asia and Europe, regions that do not produce anywhere near the scope of innovation in America. At the crux of this amendment is the deep concern of inventors and legal heads alike which is the America Invents Act (HR 1249) will stall American innovation and send more of our jobs overseas. The main flaw in this Act is envisaged in the fact that it rejects the traditional and centuries old American Rule of ownership of a patent being the inventor himself. The proposed amendment Act, HR 1249 would switch America's patent system from "first to invent" to "first to file" that would turn our system into a race to the Patent and Trade mark Office.

Federal Prosecutors aim for control of the Mongols Trade Mark to Avoid Gang From operating

In a pioneering move implying the importance of IP in a most unique way, US Federal prosecutors have recently moved for a final judicial order to prevent absolutely, the Mongols gang and its members from using its famous trade mark, of a pony tailed man riding a chopper, the element and core of the gang. The federal prosecutors are pushing to gain control of the trade mark to curtail the gangs operations and activities and to prevent all of its members from using the trade name or logo or mark on merchandise or other forms and will not allow for distribution either of an such trade marked article. If the prosecutors succeed, this will be the first time that a government has sought control of a gang's identity through a court order to curtain and restrain gang movement in the country. A brave and pioneering effort to dismantle criminal organisation is what this action may be termed. The final decision and action will soon be reported, watch this space...!

Wipo to Urge the General Assembly for Protection on Audiovisual Performances

After the uncontested success of the Agreement for the Transfer of Rights, the apex copyright negotiating body at WIPO has taken it upon themselves to recommend to the General Assembly in its September Session, to resume a Diplomatic Conference for the Protection of Audiovisual Performances after agreement on the last outstanding issue relating to the transfer of rights. This diplomatic conference is a sign of treaty negotiations with the objective of concluding a bundle of provisions in the form of a treaty that would ensure rights of performers for their audiovisual performances. The last diplomatic conference which was deemed significant was held in 2000 and made progress with provisional agreement on 19 of the 20 articles under negotiation. The negotiations at the time did not conclude on the core issues of performers' rights and was silent on several of such core issues such as how to should deal with the transfer of rights from the performer to the producer and suspended the diplomatic conference. The upcoming conference holds promise and should take this progress further and in the right direction, which is towards the protection of audiovisual performances.