NON COMPETE AGREEMENTS
With over 50% FTAs driving imports, it's time to reorient them for export growth
Currently, India has 14 FTAs and 6 preferential trade agreements. While these FTAs have significantly boosted foreign trade with partner countries, a concerning trend has emerged: more than 50% of these agreements have resulted in a significant rise in imports, indicating a shortfall in achieving one of the primary objectives of increasing exports from India.
Builder fined for charging parking space separately over the flat price; Know what your legal rights are
RERA: A builder charged separately for parking space inside a flat from a retired Major of the Indian Army. Legal experts say that the builder also violated various other laws like Rajasthan Apartment Ownership Act, 2015 also. Feeling cheated, the Major decided to fight the case in consumer forum and ultimately NCDRC ruled in his favour after a seven year fight.
Mankind Pharma competes with EQT-ADIA combo for Rs 14,000 cr buyout of BSV Group from Advent
The buyout of BSV Group (formerly Bharat Serum & Vaccines Ltd) is contested by Mankind Pharma and EQT with ADIA, each offering around Rs 14,000 crore ($1.6 billion). This acquisition, one of India's largest pharma buyouts, will significantly impact the domestic market and mark a successful exit for Advent International.
Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.
China competes for influence in the South Pacific
The South Pacific, dotted with small and vulnerable island states, has become a battleground for influence between China and the traditional benefactors of Australia, New Zealand, and the USA.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
Germany just launched its new point-based Opportunity Card. The best part? You don't need a job offer or family sponsorship
Germany's new Opportunity Card, also known as 'Chancenkarte,' offers a one-year residence permit for non-EU candidates to search for employment without a permanent contract, attracting skilled workers with simplified entry and job search processes.
Godrej split: Tanya Dubash to lead brand mgmt of Godrej Industries, Nyrika Holkar that of Godrej Enterprises
Tanya Dubash, executive director of Godrej Industries, will oversee brand management for Godrej Industries Group (GIG), including Godrej Industries, Godrej Consumer Products, and Godrej Properties. Nyrika Holkar, also an executive director, will lead Godrej Enterprises Group (GEG), comprising Godrej & Boyce and affiliates. The formal split, signed last month, divides the conglomerate into two branches, each managing its brand independently.
Non-compete agreement: Godrej vs Godrej a no-no even in realty business
Godrej Properties, which is part of GIG, will have the right to use the brand for real estate development. GEG entity Godrej & Boyce will use the brand for any development on land parcels it owned on January 1 and it will not undertake any development outside of those holdings.
Godrej family settlement: For next 6 years, the two sides can compete in only one business
In family settlement cases, non-complete agreements are a standard practice, in India as elsewhere. For the Godrejs, the non-compete period started on April 30.
Non-compete clauses: Unenforceable under law, but companies love them
While Indian law is clear on the unenforceability of a non-compete clause operating beyond the term of employment, companies still include it in contracts, particularly for senior executives, as it¡¯s seen as a soft deterrent, said Jay Parikh, partner at Luthra and Luthra Law Offices. Employees would rather comply than bear litigation costs and carry the burden of being sued by their previous employer.
To compete with China on economic front, India must focus on manufacturing: Jaishankar
Jaishankar stresses India's shift towards manufacturing to rival China. Emphasizes technology and counter-terrorism. Highlights India's global collaborations post-COVID-19, including strengthened ties with UAE and agreements with various countries for mobility opportunities.
Non compete clauses in C-Suite executive employment contracts: The dos and don'ts
Non-compete clauses aim to restrict employees from using confidential information for competitive purposes after their employment. Breaching the clause can lead to legal repercussions, damage to reputation, and financial penalties.
IT freshers beware! Non-compete clauses woven into contracts are unenforceable in India, experts say
Indian IT companies are using non-compete clauses in their contracts to deter new hires, but legal experts argue that this tactic is not enforceable in India. Non-compete agreements, ranging from six to twelve months, are a standard feature of contracts from major Indian IT companies like TCS, Infosys, Wipro, HCLTech, and Tech Mahindra.
IT executive exodus: a primer on breach of contract, lawsuits
IT major Wipro has filed at least two legal complaints against its former senior executives including former senior vice president Mohd Haque and ex CFO Jatin Dalal for breach of his employment contract with Wipro. What does this mean?
Explainer: A primer on breach of contract, lawsuits
Wipro and Infosys are pursuing legal action against former executives joining Cognizant, raising questions on non-compete clauses' validity in India. While Wipro sued ex-SVP Mohd Haque and CFO Jatin Dalal, Infosys accused Cognizant of unethical hiring. Experts note the challenges enforcing non-compete clauses due to constitutional rights. Past cases lack significant precedents. The desperation to retain talent amid a sluggish market and geopolitical uncertainties might be driving these legal battles among IT giants.
Wipro seeks Rs 25 crore damages from ex-CFO Jatin Dalal for breach of non-compete rule
As part of the non-compete agreement, one of the clauses bars Dalal from joining any other rival company for a period of 12 months from the date of his resignation.
Wipro files complaint against ex-US staffer who joined Cognizant
In its complaint, Wipro said Mohd Haque, who quit Wipro in June this year, had agreed to certain restrictions on his post-employment activities, including prohibition of work for a small set of Wipro competitors including Cognizant, for 12 months after his employment ended.
Infosys says 'non-compete' clause will not impact employees from switching jobs
Infosys, in its statement, said that it is a standard business practice in many parts of the world for employment contracts to include controls of reasonable scope, duration to protect the confidentiality of information, customer connection, other legitimate business interests
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