A.Sinha & Associates, Advocates

Developed by Latham Watkins, DLA Piper in association with  16z Crypto (US Venture Capital Firm Andeersen Horowitz). These are a set of 6 licenses that can be adopted by NFT artists, creators, developers as per individual requirement while putting up their work on the public domain. For long, Creative Commons - CCO has catered to a wide range of creators from being adopted to Flickr, Wikipedia, etc.  Now that web3 innovations are testing the limits of traditional legal frameworks, it’s time for a new set of licenses, designed specifically for non-fungible tokens, or  NFTs . The recent wave of  CC0 (no-rights reserved) NFT projects , for example, has spotlighted the Creative Common’s most permissive agreement, but prominent creators (including record-smashing graphic artist  Beeple ) have used some form of CC license for years, while other NFT projects choose different customized terms. However, many NFT projects omit licenses altogether, or draft licenses that c...

  Whether a Petition filed under Section 7of the IBC against a “Co-Operative Society” maintainable?   Answer- No . Section7(1) of the IBC states as follows:-   “A financial creditor either by itself or jointly with [other financial creditors, or any other person on behalf of the financial creditor, as maybe notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred.”   Section 3(8) of the IBC states as follows:-   “ corporate debtor ” means a corporate person who owes a debt to any person;”   Section 3(7) of the IBC states as follows:-   “ Corporate person ” means a company as defined in clause(20) of section 2 of the Companies Act, 2013, a limited liability partnership, as defined in clause(n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008, or any o...

The Maharashtra RERA Appellate Tribunal recently adjudicated a matter claiming waiver of pre-deposit by the Promoter for preferring Appeal before the said authority only having to be disallowed by the said Appellate Tribunal in the matter of  Man Global Limited -vs- Jamal Mansuri dated 19th July 2021 . Issue: Whether RERA Appellate Tribunal is fully competent to waive the condition of pre-deposit by exercising inherent powers? Provision: Section 43(5), RERA 2016: "(5) Any person aggrieved by any direction or decision or order made by the Authority or by an adjudicating officer under this Act may prefer an appeal before the Appellate Tribunal having jusrisdiction over the matter:  Provided that where a promoter files an appeal with the Appellate Tribunal, it shall not be entertained, without the promoter first having deposited with the Appellate Tribunal at least thirty percent. of the penalty, or such higher percentage as may be determined by the Appellate Tribunal, or the to...

The Financial Conduct Authority (FCA) announced that it would not compel banks to submit LIBOR quotations after 2021. The uncertainty and potential legal, economic, regulatory risk in discontinuation of the LIBOR has made financial regulators, authorities to actively move away from LIBOR and adopt Alternate Reference Rates (ARRs). T he London Interbank Offered Rate (LIBOR) has been used extensively as a reference rate in a range of financial products and instruments for more than 40 years.  RBI Following such announcement, RBI has been closely monitoring the situation and in a recent Circular dated 8th July 2021 has issued  issued an  advisory  to banks and other RBI-regulated entities emphasizing the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR). The key steps to be taken in this regard include: Banks and financial institutions are encouraged to cease entering into new financial contracts that reference LIBOR as a benchmark...

In a decision of the U.S. Supreme Court on June 29, 2021 in the matter of  Minerva Surgical, Inc. v. Hologic, Inc,  held that, when fairness requires, a patent inventor can contest a patent's validity after assigning it to a third party. Prior to this decision, the doctrine of "assignor estoppel" prohibited inventors from doing so under US Federal Circuit law. "Assignor Estoppel" is well-grounded in centuries-old fairness principles. But assignor estoppel applies only when the assignor’s claim of invalidity contradicts explicit or implicit representations he made in assigning the patent. Courts have long applied the doctrine of assignor estoppel to deal with inconsistent representations about a patent’s validity.  The US Supreme Court first considered and approved the doctrine in Westinghouse Elec. & Mfg. Co. v. Formica Insulation Co., 266 U. S. 342. The Court grounded the doctrine in a principle of fairness: “If one lawfully conveys to another a patented r...

BSE Administration & Supervision Limited BSE Administration & Supervision Limited (BASL), a wholly owned subsidiary of BSE Limited, has been granted recognition as “Investment Adviser Administration and Supervisory Body” (IAASB) for a period of three years from June 01, 2021 vide CIRCULAR SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/579 dated June 18, 2021 for the purpose of regulating Investment Advisers (“IA”) and delegate administration and supervision of the IAs. Responsibilities of the IAASB i. Supervision of IAs including both on-site and offsite; ii. Grievance redressal of clients and IAs; iii. Administrative action including issuing warning and referring to SEBI for enforcement action; iv. Monitoring activities of IAs by obtaining periodical reports; v. Submission of periodical reports to SEBI; vi. Maintenance of database of IAs. All existing SEBI registered IAs shall be required to seek membership of BASL. Further, new applicants shall be required to obtain membership of BASL...

Whether a tenant is entitled to enjoy car parking facility in a cooperative society, if provided for in the tenancy agreement?   Yes – Recently adjudicated by the Maharashtra State Co-Op Appellate Court in A.O.No 31/2020 in the matter of Brig. Shivender S. Kadan - vs - New Miramar Co-operative Housing Society Ltd.   Appeal arising out order passed on 05/11/2020 by the Ld Judge, Co-operative Court No.I, Mumbai in Dispute No.123/20201, against the Owner Brig. Kadan wherein the tenant was disallowed to use the car parking facility in the cooperative premises.   FACTS   The petitioner/Appellant/Owner is a member and owner of flat No.12-B3 in the society. He purchased the said flat in 2006. Society has allotted him open to sky car parking in the society.  Since 2006 till 2014 the said flat was let out on leave and license basis and the licensee of the said flat was being used/enjoyed car parking space allotted to the Owner. In 2014, the said flat was occ...