Ericsson says ready to take legal steps to protect its IPR
Swedish telecom gear maker Ericsson won’t hesitate to take strong legal steps to enforce its rights to protect intellectual properties in the country if resolution talks fail, a top official said, a few months after reaching a global patent license deal with Indian handset maker Micromax. “It (resolving patent issues) is important for the whole industry. We try to resolve this by negotiation. That is our preferred way, but we are always ready to enforce our rights on matters necessary,” Gustav Brismark, head of IPR and licensing at Ericsson, told ET.
Insolvency proceedings: Binani Cement likely to move SC on UltraTech plan
Binani Cement is likely to move the Supreme Court on Monday to end insolvency proceedings against it. The company’s lenders have asked it obtain the necessary permission before consenting to an out-of-court settlement. The lenders met on Saturday. After the meeting some of them confirmed the meeting was held to consider the cement maker’s revised proposal to pay back the entire sum it owed, along with interest. A banker said they were happy with the proposal.
SC for auctioning Unitech’s assets, orders issuance of public notice
The Supreme Court today took note of all the unencumbered assets of real estate major Unitech’s Limited and ordered that a public notice be issued inviting objections for auctioning them to realize the dues of the hassled home buyers. A bench headed by Chief Justice Deepak Misra also imposed a cost of Rs 75 lakh on Om Shakti Agency (Madras) Pvt Ltd for its submission that it cannot deposit Rs 90 crore with the apex court Registry in lieu of purchasing Unitech’s Ltd’s property near Chennai in Tamil Nadu.
Start-up investors must disclose deal valuations in tax returns
Promoters and investors in unicorns or new-age start-ups can no longer expect to make a tidy pile from any exits without forking out due sums to the taxman. To ensure that promoters and investors accurately report the capital gains from the sale of unlisted shares, the Income-Tax Department has introduced new disclosure norms in the latest edition of I-T return forms. The new forms — applicable for FY18 — require taxpayers (individuals) to provide the fair market value, or FMV (in the prescribed manner), of unlisted shares and also disclose the full value of consideration received/receivable in respect of unquoted shares sold by them during the year.
Axis Bank board cuts short CEO’s tenure, Shikha Sharma to stay on till Dec
Shikha Sharma, Axis Bank managing director and chief executive officer (MD & CEO), has decided to step down. She was to start her fourth three-year term on June 1. The move comes in the wake of the Reserve Bank of India (RBI) asking the private sector lender’s board to reconsider its decision to reappoint Sharma for a three-year term starting June. Sharma, after being at the helm of the bank for about nine years, has offered to stay on till December to ensure a smooth transition of the new leadership and lend support to her successor.
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