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Law & Policy Updates
Weekly Round-Up:
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Trademarks
Judgement
Dec 23, 2024
Delhi High Court issues interim injunction against sweet shop for using name "EVERGREEN"
Delhi High Court granted interim relief to Evergreen Sweet House, a sweetshop company, in their trademark infringement case against "JV Evergreen Sweets & Treats". Court observed growing significance of online food delivery and apps like Zomato and Swiggy, and noted that since both contesting parties are listed on Swiggy and Zomato, and if any unsuspecting consumer is to search for ‘Evergreen’ on these platforms, both the outlets of parties would show up.
Evergreen Sweet House vs. JV Evergreen Sweets and Treats & Ors.
Insolvency
Judgement
Dec 18, 2024
NCLAT: Date of default for personal guarantor depends on terms of guaranteed contract
NCLAT, New Delhi Bench, held that that while liability of a borrower and guarantor is co-extensive, a guarantor's liability arises from the terms of the contract of guarantee. Guarantor's default of dates has to be determined by specific terms of agreement for such guarantee.
Mavjibhai Nagarbhai Patel Vs. State Bank of India & Ors.
Securities
Policy/Directive/Notice/Circular
Dec 17, 2024
SEBI introduces measures to address regulatory arbitrage with respect to Offshore Derivative Instruments (ODIs) and FPIs with segregated portfolios vis-à-vis FPIs.
The Securities and Exchange Board of India (SEBI) has rolled out new measures aimed at addressing regulatory arbitrage in the context of Offshore Derivative Instruments (ODIs) and Foreign Portfolio Investors (FPIs) with segregated portfolios. This includes updates to the current regulations, such as stricter conditions for issuing ODIs, expanded disclosure requirements for certain ODI subscribers, and specified exemptions for certain entities. Additionally, the circular outlines transitional provisions to aid compliance and sets clear timelines for implementation.
Securities
Statute/Regulation/Amendment
Dec 16, 2024
SEBI introduces amendments to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013
The Securities and Exchange Board of India (SEBI) has issued the second amendment regulations, amending the Investment Advisers Regulations, 2023. The Amendments aim to enhance and refine the regulatory framework for investment advisory services. The key amendments provide clear definitions of investment advice, introduce part-time investment advisers, and establish new qualification and certification requirements. They also cover compliance measures, the use of AI tools, and transition provisions for advisers managing over 300 clients or handling fees above three crore rupees.
Securities
Statute/Regulation/Amendment
Dec 16, 2024
SEBI aments Research Analysts Regulations to include new definitions, qualifications, and requirements for research analysts.
SEBI has revised the Research Analysts Regulations, incorporating new definitions, qualifications, and requirements for research analysts. These updates aim to enhance accessibility, transparency, and regulatory standards within the profession. Significant changes include reduced educational requirements, the introduction of part-time roles, and mandatory disclosures about the use of AI tools.
Arbitration
Judgement
Dec 8, 2024
Bombay High Court: Validity of arbitrator's interlocutory orders can be reviewed by High Court, under Articles 226 and 227 of Constitution
Bombay High Court observes that the High Court can examine the validity of interlocutory orders issued by an Arbitrator, as extension of court's powers and jurisdiction under Articles 226 and 227 of the Constitution
Shri Guru Gobind Singhji Institute Vs. M/s. Kay Vee Enterprises
Arbitration
Judgement
Sep 20, 2024
Supreme Court: A plausible view taken by Arnitral Tribunal based on evidence led by parties cannot be termed perverse.
Supreme Court held that a plausible view taken by Arbitral Tribunal based on evidence led by parties cannot be termed perverse. Arbitral Award is not amenable to interference in a challenge under Section 34 of the Arbitration & Conciliation Act, 1996.
Opg Power Generation Private Limited vs Enexio Power Cooling Solutions India
Insolvency
Judgement
Dec 18, 2024
NCLAT: Can’t challenge non admission of claim by RP for first time in appeal
NCLAT New Delhi bench rules that "non-admission of claim" by Resolution Professional cannot be challenged in appeal before the NCLAT if the same has not been challenged before the Adjudicating Authority.
State Tax Officer Vs. Ricoh India Ltd. & Ors.
Insolvency
Judgement
Dec 18, 2024
NCLAT: CoC approved resolution plan binds all stakeholders, including dissenting financial creditors
NCLAT, New Delhi bench, held that a Resolution Plan once approved by commercial wisdom of the CoC is binding on all stakeholders, including dissenting financial creditors. CoC's decision to approve the Resolution Plan is binding authority over every stakeholder involved.
Union Bank of India Vs. Mr. Dinkar T. Venkatasubramanian & Ors.
Consumer Protection
Policy/Directive/Notice/Circular
Dec 17, 2024
Central Consumer Protection Authority (CCPA) issued notices to 45 coaching centers for misleading advertisements and imposed penalties on 19 of them.
The Central Consumer Protection Authority (CCPA) has taken action against 45 coaching centers for misleading advertisements, imposing penalties on 19 of them. The CCPA's mission is to safeguard consumer rights by regulating unfair trade practices and false advertising. Additionally, the National Consumer Helpline has assisted in securing refunds for students who were subjected to unfair practices within the coaching sector. In India, the Consumer Protection Act, 2019 regulates misleading advertisements. The law prohibits false claims and unfair trade practices, protecting consumer rights. The Central Consumer Protection Authority (CCPA) can impose penalties, order corrective advertisements, and secure consumer refunds. It aims to maintain market fairness and consumer trust.
Securities
Statute/Regulation/Amendment
Dec 16, 2024
SEBI amends the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996
SEBI has revised the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. These changes introduce new asset classes, easing regulations for passive mutual funds and implementing stricter compliance measures for fund managers. The changes also include the use of AI tools and new qualification requirements. Additionally, mutual fund units are now covered under the Prohibition of Insider Trading (PIT) regulations. Overall, these measures aim to make the mutual fund sector more investor-friendly and efficient.
Insolvency
Judgement
Dec 10, 2024
NCLAT: Petition under Section 7 of IBC cannot be barred for defaults that occurred prior to enactment of Section 10A
NCLAT, New Delhi Bench observes that proceedings under Section 7 of the IBC can be initiated if the default is committed prior to period as per Section 10 A of the Insolvency & Bankruptcy Code, 2016 (IBC) and if such default continues. Section 10 A of IBC does not obviliate the liability to pay interest for default committed prior to Section 10 A period which stil continues.
Mobile Constructions Private Limited Vs. Apple Land Development Private Limited
Arbitration
Judgement
Oct 8, 2024
Delhi High Court: Parties should be supplied with all materials submitted to the AT, opportunity should be given to respond to such materials. Arbitrator's act of not supplying materials and denying opportunity to respond violates Section 18 of the A&C Act. Arbitral Award set aside.
Delhi High Court in this judgement held that Section 24(3) of the Act reflects a facet of natural justice, a party must be given the materials supplied by the other party to the arbitral tribunal, and have an opportunity to respond. Act of the Arbitrator restricting supply of documents violates Section 18 of the Act, which requires parties to be given a full opportunity to present their case.
Flfl Travel Retail Lucknow Private vs Airports Authority Of India & Anr.
Arbitration
Judgement
Sep 12, 2024
Supreme Court: Application for extension of the time period for passing an arbitral award - maintainable even after the expiry of the twelve-month or the extended six-month period.
Supreme Court has held that an application for extension of the time period for passing an Arbitral Award under Section 29A(4) read with Section 29A(5) of The Arbitration & Conciliation Act, 1996, is maintainable even after the expiry of the twelve-month or the extended six-month period, as the case may be. The while providing a guiding principle for courts stated that while adjudicating such extension applications courts have to be guided by the principle of sufficient cause and observations made in the judgment.
Rohan Builders (India) Private Limited vs Berger Paints India Limited
Arbitration
Judgement
Dec 18, 2024
Supreme Court: Parties can jointly request the Arbitrator to correct or interpret an award even after expiry of 30 days period of receipt of Arbitral Award
Supreme Court has ruled that the period of 30 days as provided in Section 33(1) is not an inflexible period based upon the language of sub-Section (1) of Section 33 of the Arbitration & Conciliation Act, 1996. Said period can be extended if mutually agreeable between the Parties.
North Delhi Municipal Corporation Vs. M/s S.A. Builders Ltd.
Consumer Protection - ASCI
Policy/Directive/Notice/Circular
Dec 18, 2024
Central Consumer Protection Authority (CCPA) issues 325 notices for violations related to consumer rights, misleading advertisement, and unfair trade practices, imposing penalties totaling Rs. 1.19 crore.
The Central Consumer Protection Authority (CCPA) issued 325 notices for violations related to consumer rights, misleading advertisement, and unfair trade practices, imposing penalties totaling Rs. 1.19 crore. The Consumer Protection Act, 2019, aims to modernize consumer protection with a three-tier quasi-judicial system and guidelines toprevent misleading advertisements andunfair practices. The Department of Consumer Affairs also promotes consumer awareness through campaigns like "JagoGrahak Jago."
PIB Press Release, Ministry of Consumer Affairs, Food & Public Distribution
Insolvency
Judgement
Dec 17, 2024
NCLAT: Can’t extend CIRP beyond 330 Days u/s 12(3) of IBC unless exceptional circumstances present
NCLAT, New Delhi bench, rules that the maximum timeline prescribed for CIRP is 330 days as per Section 12(3) of Insolvency and Bankruptcy Code, 2016 and an extension beyond this period can be granted only in exceptional circumstances.
Sibanarayan Chhotray Vs. Indian Overseas Bank & Anr.
Technology
Policy/Directive/Notice/Circular
Dec 16, 2024
C-DOT ties up with Trois Infotech for ‘Face Recognition Using Drone” technology.
The Centre for Development of Telematics (C-DOT) has joined forces with Trois Infotech to create cutting-edge facial recognition technology using drones. This partnership is set to transform aerial surveillance using advanced drone-based facial recognition technology. These drones will feature high-resolution, industrial-grade long-range cameras, and AI-powered recognition software, capable of capturing facial images from distances of up to 600 meters, even in low-light conditions. This technology aims to improve real-time intelligence and decision-making in areas such as traffic management, emergency response, defense, and environmental monitoring. Furthermore, the initiative supports the "Atmanirbhar Bharat" vision by fostering indigenous innovation and bridging the digital divide.
Arbitration
Judgement
Dec 11, 2024
Supreme Court: Disputes under exclusive jurisdiction of statutory authorities are not arbitrable
The Supreme Court has ruled that disputes related to non payment of wages and legality and validity of the order of termination are under exclusive jurisdiction of Authority under the Payment of Wages Act, 1936 and the said authority would exercise jurisdiction over such disputes under Section 15(2) of the Payment of Wages Act, 1936 to the exclusion of civil courts and such disputes are non-arbitrable.
Dushyant Janbandhu Vs. M/S Hyundai Autoever India Pvt. Ltd.
Arbitration
Judgement
Sep 30, 2024
Delhi High Court: Arbitral Tribunal has discretion to grant pre-award interest and/or post-award interest, on either whole or part of the principal amount
Delhi High Court in this judgement held that Arbitral tribunal under section 31(7)(a) and 31(7)(b) of the Arbitration and Conciliation Act, 1996, has the discretion to grant pre-award interest and/or post-award interest, on either whole or part of the principal amount.
M/S Star Shares & Stock Brokers Ltd vs Praveen Gupta & Anr.
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