Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)
As per the RBI circular A. P. (DIR Series) Circular No.39 dated December 08, 2008 on the captioned subject in terms of Para 7 of the above circular, the entire procedure of buyback should be completed by the Indian Companies by March 31, 2009. Vide Circular dated 13th March 2009 RBI has extended the date for completing the entire procedure for buyback of FCCBs from March 31, 2009 to December 31, 2009. Accordingly now, the entire procedure of buyback should be completed by December 31, 2009. All the other terms and conditions of buyback / prepayment of FCCBs as mentioned in A. P. (DIR Series) Circular No.39 dated December 08, 2008, shall remain unchanged
		India tops Anti-dumping duty list
India topped the table of the countries resorting to anti-dumping investigations between July and December 2008, while Brazil, China and Argentina were other major users of the WTO compliant trade remedy to protect their domestic industries against cheap imports. Of the total 120 new anti-dumping investigations in the second-half of calendar 2008, India accounted for 42 cases.
		Gillete wins Infringement case  for marks "Gillete" & "Mach3"

In February 2009 Delhi High Court granted permanent injunction and awarded damages of Rs. 5 Lac. (approx USD 10,000) to Gillete Company for the infringement of their trademark “Gillete” and “ Mach3” by the defendants. The defendants were carrying on the business of manufacturing, selling, advertising etc. of toothbrushes and other related products in the name and style of trade mark “Gillete” and “Mach3”. The High Court vide ex-parte order restrained defendants from manufacturing, selling, offering for sale directly or indirectly tooth brushes bearing the mark GILLETTE and MACH 3

Transfer of ownership of Indian Co. from Indians to foreign entities

At present, the transfer of shares from residents to non-residents, including acquisition of shares in an existing company, is on the automatic route, subject to the sectoral policy on FDI. Now the guidelines for transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities have been notified through Press Note 3 of 2009 dated 13th February 2009.  Accordingly:-

In sectors with caps, including interalia defence production, air transport services, ground handling services, asset reconstruction companies, private sector banking, broadcasting, commodity exchanges, credit information companies, insurance, print media, telecommunications and satellites, Government approval/FIPB approval would be required in all cases where:

· *  An Indian company is being established with foreign investment and is owned by a non-resident entity or

· *  An Indian company is being established with foreign investment and is controlled by a non-resident entity or

· *  The control of an existing Indian company, currently owned or controlled by resident Indian citizens and Indian companies, which are owned or controlled by resident Indian citizens, will be/is being transferred/passed on to a non-resident entity as a consequence of transfer of shares to non-resident entities through amalgamation, merger, acquisition etc. or

  * The ownership of an existing Indian com-pany, currently owned or controlled by resident Indian citizens and Indian companies, which are owned or controlled by resident Indian citizens, will be/is being transferred/passed on to a non-resident entity as a consequence of transfer of shares to non-resident entities through amalgamation, merger, acquisition etc.

the above guidelines will not apply for sectors/activities where there are no foreign investment limit caps.