The "6th China IP Counsel Congress" organized by JFPS Group will come to Shenzhen, China on May 15-16 of this year. The 2013 Annual National Tour of the "5th China IP Counsel Congress" in Shenzhen, Shanghai and Beijing has established a solid foundation for the event to expand the strategic layout throughout China, and also bring the China IP Counsel Congress of JFPS to a new high level. Under such circumstances, the 6th Congress aims to create an excellent platform for the IP practitioners to learn from the best and showcase their finest. It will cover four main topic areas of Latest Policies & Laws, IP Commercialization & Capitalization, IP Management Enhancing, and Best Practice. Compared with the previous events, the significant difference is that two workshops are set up to discuss the IP practice by the speakers from different fields on their respective viewpoints at the end of this Congress. For more information contact Allen Sun at allen.sun@jfpsgroup.com.cn or by phone on +86-21-51720000 Ext:126.

(Source: Nishith Desai Associates)

The Bombay High Court in its recent judgment of Yashvant Chunilal Mody v. Yusuf Karmali Kerwala & Ors. dealt with the issue of admissibility of oral evidence to establish the existence and validity of an arbitration agreement not produced before the court. This issue arose in the context of Yashwant Mody's inability to produce the written arbitration agreement / clause relied upon for the purposes of appointment of an arbitrator under Section 11(6) of the Act. The primary issue before the Bombay HC, was "whether the party invoking arbitration must, therefore, produce that mandatory written agreement or whether such party can only allege that an agreement is in writing and seek to prove it by oral evidence."

(Source: Nishith Desai Associates)

The Supreme Court of India has ruled in a recent appeal1 from the Securities Appellate Tribunal that the powers of the Securities and Exchange Board of India under the SEBI (Substantial Acquisition of Shares and Takeovers Regulations) 1997 to permit withdrawal of an open offer made under the Takeover Regulations are limited and cannot be given a wide and expansive definition. The Supreme Court applies principle of caveat emptor to investment acquisitions and holds that an investor should exercise due care and caution before investing. The Supreme Court holds that withdrawal of an open offer under the Takeover Regulations would be on limited grounds of impossibility, such as statutory impossibility. Economic hardship is not sufficient ground for withdrawal of an open offer. The discretionary powers of SEBI are limited while considering an application for withdrawal of an open offer.

(Source: Nishith Desai Associates)

The Securities and Exchange Board of India has by its recent notificationagreed to include clauses relating to preemptive rights, right of first offer, tag-along right, drag-along right and call and put options, when contained in shareholders' agreements, as valid contracts, for the purpose of the Securities Contract Regulation Act, 1956.

(Source: Nishith Desai Associates)

In a major boost to research mission of GNLU, Microsoft has established a dedicated Chair in Intellectual Property Rights (IPR) Chair at GNLU. This is first ever chair by Microsoft in any Law University in the country. The Microsoft Chair, in long-term aims to capacity creation and development of thought leadership in IPR Law and Policy research, education and awareness through a multidisciplinary approach. In the short-term, within five years, the Chair will develop suitable academic research projects, as agreed between Microsoft India and GNLU; provide a framework for analyzing the impact of IPR Law and Policy on development and growth of the Indian economy and disseminate knowledge and information on IPR Law and Policy through outreach programmes.

The Financial Services Commission of Mauritius recently revised the Guide to Global Business to enhance the level of substance required to be demonstrated by Mauritius based entities for holding a Category 1 Global Business Licence. This development is important since it is necessary for a company to obtain a GBL-1 to be eligible to apply for a Tax Residence Certificate which itself is a necessary pre-condition for a company to qualify for treaty benefits under the India-Mauritius Double Taxation Avoidance Agreement. The Communique issued by the FSC on September 4, 2013 has prescribed a deadline of January 1, 2015 on all companies holding GBL-1 for compliance with the amended Guide. Financial Services Commission enhances substance requirements for obtaining Category 1 Global Business Licence (GBL-1); sets deadline of January 1, 2015 for compliance with the new substance requirements.Additional substance requirements include having appropriately qualified directors who are resident in Mauritius and exhibit an application of mind while considering matters.