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Newsletter |
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Short Term foreign currency
loans for NBFCs allowed |
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Reseve Bank of India has
permitted Non-Deposit taking
NBFCs (NBFCs-ND-SI) to raise
foreign currency short term
borrowings under the approval
route subject to certain
conditions in terms of RBI Press
Release: 2008-2009/602 dated
October 31, 2008. In this
connection, all the NBFCs-ND-SI
that have availed short term
foreign currency loans have been
advised to furnish a monthly
return as per the prescribed
format within 10 days from the
end of the month to which it
pertains. The first such return
may be furnished for the month
of December 2008 so as to reach
Reserve Bank of India, DNBS,
Central Office latest by January
10, 2009.
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MetLife wins TM case against
Mankind |
MetLife has won a
TM case against Mankind Pharma "Mankind"
preventing Mankind from selling its
diabetic drugs branded as ‘Metlife’ in
India. The Delhi High Court (HC) gave
an interim injunction to prevent Mankind
from using the word Metlife or similar
word to sell its medicines. MetLife
contended that selling the drug under
Metlife brand was misusing the company’s
goodwill and harming its brand. Mankind
had moved the SC to challenge MetLife’s
move, but the apex court returned the
case back to Delhi HC. MetLife and
Mankind do not compete directly. But,
MetLife contended that Mankind’s use of
its brand in its drugs would dilute the
distinctiveness of
the MetLife brand.
Mankind launched
Metlife brands about a year ago as part
of its range of drugs used to treat
lifestyle diseases. MetLife India is
part of the world’s largest insurance
firm Metropolitan Life Insurance. It
currently ranks ninth in the highly
competitive Indian insurance space, as
per the data compiled by insurance
regulator IRDA
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No tax to Ikea trading Liaison Office |
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Ikea, company incorporated in Hong Kong,
has established a liaison office in New
Delhi for the purpose of undertaking
liaison activities in connection with
the purchase of goods from India.
The
following functions are performed or
would be performed by the liaison office
in India. (a) Enquiry into and
consideration of potential suppliers for
the IKEA product range. (b) Collecting
information and samples of various home
furnishing items from manufacturers and
passing on information with regard to
various textiles, rugs & carpets and
other material (such as plastics, metals
and lighting products) available in
India. (d) Doing quality check of the
various products at labs to see whether
they adhere to the costing and quality
parameters as prescribed by IKEA group.
(e) Coordinating and acting as the
channel of communication between the
applicant and the Indian Exporters. (f)
Follow up with the Indian Exporters for
timely export of goods ordered by the
applicant and supervising the inland
logistics. (g) Doing social audit of the
suppliers to ensure that they adhere to
various environmental and other
regulations.
The main question was Whether looking at
the nature of activities carried on or
to be carried on by the liaison office
of Ikea Trading (Hong Kong) Ltd. in
India, as listed in Annexure III, any
income would accrue or arise or deemed
to accrue or arise in India in terms of
section 5(2)(b) of Income Tax Act, 1961.
Authority for Advance Rulings (Income
Tax), New Delhi held that that no
income accrues or arises or deemed to
accrue or arise in India to Ikea.
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Get
Company Records / Search
Company name |
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If you need primary info of
Company Records of any Indian
company or need to search any
company name in India,
mail us the details. This service is
complementary. |
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Get Status of your pending TM
application in India, by
mailing us the
TM application at no cost. You can
also Set Reminders for
renewal of TM and Patent by
mailing us the TM /
Patent number. This
service is complementary. |
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RBI
has now allowed corporates, engaged in the
development of integrated township. to avail of
ECB (foreign loans) under the Approval Route.
Integrated township includes housing, commercial
premises, hotels, resorts, city and regional
level urban infrastructure facilities such as
roads and bridges, mass rapid transit systems
and manufacture of building materials.
Development of land and providing allied
infrastructure forms an integrated part of
township’s development. The minimum area to be
developed should be 100 acres for which norms
and standards are to be followed as per local
bye-laws / rules. In the absence of such
bye-laws/rules, a minimum of 2000 dwelling units
for about 10,000 population will need to be
developed. |
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Rights Reserved |
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HAPPY NEW YEAR
2009
www.indiajuris.com
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Delhi, Mumbai,
Chennai, New York |
