Dear Patrons,
Recently, Division Bench of Bombay HC [LSI-428-HC-2015-(BOM)], while upholding Single Judge Order [LSI-267-HC-2014-(BOM)], dismissed derivation action suit instituted by minority shareholder in Gharda Chemicals. The minority shareholder had pleaded that patents registered by Managing Director of the company in his own name, ought to have been applied for and registered in the name of company. In this one of a kind case, principles of derivative action suit and ownership of patents were discussed.
In this article, the authors, Mustafa Safiyuddin (Chairman, Legasis Partners) and Nishad Nadkarni (Associate Partner), summarise the case and enumerate the principles for maintainability of a derivative action suit. The authors analyse the case and point out that controversies with regard to ownership of intellectual property rights arise as much attention is not paid to such finer aspects and state, "this can lead to drastic consequences at the time these rights are sought to be enforced." They further mention that, "From the perspective of patent rights, for businesses driven by innovations and inventions, it is essential to crystalise the ownership of inventions and consequent patents by specific agreements which clearly address the issue of ownership and vesting of rights in the inventions which are created by inventors irrespective of whether such inventors are employees or retainers or managerial personnel."
Click here to read their article titled – "Bombay HC solves a Patent Ownership Tussle!"
Best Regards,
LSI Team
IT : Where assessee-company filed contradictory affidavits and had not given true and correct facts about service of order of Tribunal, delay in filing appeal could not be condoned
[2015] 56 taxmann.com 41 (Madhya Pradesh)
HIGH COURT OF MADHYA PRADESH
Director Sagar Maize Products Ltd.
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