Random Legal Information

What is a ‘Family Office’? A Family Office or a Single Family Office (SFO) is a professional platform dedicated to investing financials of high and ultra high net worth individuals, with the objective to manage and protect the wealth of a family through private wealth management advisory outfits. A Family Office allows the family to pursue its own customized wealth management approach and guarantees the highest degree of confidentiality, thereby giving such individuals greater control over their finances. A Family Office provides solution for building, preserving and transferring family wealth and legacy. The concept of Family Office is limited to high and ultra high net worth individuals, as they have higher risk-taking capabilities. Another common concept is Multi-Family Offices (MFO) which provides a variety of financial and non financial services including tax and estate planning, risk management, objective financial counsel, trusteeship, lifestyle management. As...

Non-Compete clause bars employees from competing with the business of the former employer during the term of the employment, as well as post termination of the employment agreement. The non-compete clause is a relatively common to employment agreements with key employees, directors and promoters.  Non-Solicitation clause prohibits the employees from persuading the former employer’s customers, workforce, third parties like agents or suppliers etc from terminating their relationship with the employer and join the former employee.  Below are the frequently asked question on non compete and non solicit clauses and their impact on employee agreements in India. 1. Whether a non-compete clause is enforceable against an employee in India as a matter of law.  1.1 Pursuant to the provisions of the Indian Contract Act, 1872, the law governing commercial agreements and transactions, agreements wherein any restraint or limitation is imposed, which restricts either...

Provided below is the procedure and timeline involved in obtaining the importer’s license under the relevant [ Indian ] laws, alongwith a checklist of information required: 1.       Under the Foreign Trade (Development and Regulation) Act, 1992 : Pursuant to the Foreign Trade (Development and Regulation) Act, 1992, there is a mandatory requirement to obtain the Importer-exporter Code Number (“ IEC Code ”) from the Director General or the officer so authorised. The IEC Code application is to be made online and obtaining the PAN card of a company is a mandatory pre-requisite. Please find below the procedure in brief: 1.   E nter the PAN of the company and the Mobile Number and Email ID of the  authorised representative/ Signatory Applicant of the company to log on to the IEC Master screen; 2.       Two different 5 digits token number with the same serial number will be sent to the Mobile number as well as the ...

Background: To understand the relevant legislations governing the sale of optical lens i.e. contact lens in India and further the regulations if any on the sale of contact lens via the e-commerce platform. Whilst I have not come across a specific legislation regulating such sale, I would like to draw attention to the Drugs and Cosmetics Act, 1940 (“ Act ”) and the Drugs and Cosmetics Rules, 1945 (“ Rules ”) made thereunder. The Act defines a drug in such a manner that it includes devices intended for external use in the diagnosis, treatment , mitigation or prevention of disease or disorder in human beings [1] . Contact lens are intended to correct or improve the vision of people with myopia, hyperopia, presbyopia, and astigmatism by wearing it over the eye, thereby it can be inferred that contact lens is in fact a device intended for external use to treat a disorder in humans. Chapter IV of the Act provides for the procedure to manufacture, sell and distribute drugs, ...

Starting off in any sphere can be a challenge, the same is no different for an entity planning to enter the commercial environment. Intense preparation, structuring and foresight is required to emerge victorious in today’s cut throat and competitive backdrop. In addition, financial assistance, infrastructure, legal safeguards, intellectual property rights and myriad requirements arise as the entity grows. In order to aid and support such entities namely startups, the Ministry of Commerce and Industry through the Department of Industrial Policy and Promotion (“ DIPP ”) vide notification dated February 17, 2016 (“ Notification ”) introduced the ‘Startup India’ initiative. The objective of the initiative is to promote the startup environment in India and give it a much needed boost. To be identified as a ‘startup’, DIPP laid down certain criterion such as: (i)                  an enterprise/ ...