LEXIS AND COMPANY

 Legal Validity of NFTs in India Non-fungible tokens (NFTs) are asset-backed or digital assets with unique identification codes and information stored in a blockchain ledger reflecting the ownership and legitimacy of an associated unique tangible or intangible item. NFTs are distinguished by their non-fungibility, as implied by their name, and NFTs’ legal validity in India is a thing to take into consideration. In economic terms, fungibility is the capacity of an asset to be traded for value with other individual assets of the same sort. This implies that fungible assets of the same denomination have the same worth. NFTs, on the other hand, are not interchangeable, irreplaceable, or unique by definition. Concept of NFTs The idea behind NFTs' legal validity in India is to generate scarcity and shortage in the seemingly unlimited supply of virtual commodities. As a result, NFTs promise to develop a one-of-a-kind "digital original" that can be unambiguously identified to the...

Adoption Process of Under The Adoption Laws in India According to research conducted by the Indian Association for the Promotion of Adoption and Child Welfare, the number of single women who wish to adopt is gradually increasing in India, reinforced by the desire to have a family. The Hindu Adoptions & Maintenance Act of 1956 governs adoption in India for Buddhists, Jains, and Sikhs. Because Muslims, Parsis, Christians, and Jews do not recognise full adoption, a person of such a religion may seek guardianship of a child under Section 8 of the Guardians & Wards Act 1890. The Juvenile Justice and the CARA Guidelines & Adoption Regulations, 2017, are legislation that enhances the adoption action. The Capacity of A Male to Adopt A Child in India Any Hindu male who is not insane & is not a minor is eligible to adopt a son or daughter. However, suppose he has a live wife; in that case, he shall not adopt without her agreement unless his wife has totally and finally forsaken t...

 8 Things To Do Immediately If You Lost Your Phone We all have lost a phone at some point, and it’s essential to not panic at the moment and take appropriate steps to keep your data secure. We have shared eight mindful tips to help you act immediately after losing your smartphone. And also, make sure that it does not happen again. What to do if you have lost your phone? 1. Try Calling Your Number Immediately when – Lost my Phone lost my phone The first thing you should do after discovering that you have lost my phone, call it from another number. Maybe you have not lost it yet; perhaps you have replaced it with someone’s phone or mistakenly left it at a store. If your phone is not on silent, you can still hear it and find it. However, if someone picks up your phone after it falls from your pocket or bag, they may answer it instantly. So if it rings and no one answers, contact the generous assistance. 2. Lock Down Your Phone Right Away It is always recommended for Android and iOS us...

Bona fide Dispute What is bona-fide dispute? If there is a bona fide and reasonable dispute as to a substantial part of the debt on which the petition is based, and the defence is a substantial one, the Court tends to refuse winding up. However, a dispute is considered to be substantial and genuine if it is bona fide and not spurious, speculative, illusory or misconceived. When the question as to genuineness of the dispute is put before the Court, the Company Court, at that stage, is not expected to hold a full trial of the matter. A bona fide dispute must be differentiated from ‘neglect to pay’. This means, even when a debtor company believes wrongly that it justified in law to refuse payment, such a refusal cannot be regarded as neglect to pay. On the contrary, where the debt is undisputed, the court will not act upon a defence that the company has the ability to pay the debt but did not choose to pay that particular debt. Now the question which comes up is whether it is necessary to...

 Termination of Service, Layoffs and Retrenchments - Legal Viewpoint This article contemplates and articulates the broad legalities and operational standpoint on Termination of employees from Service, Lay-off, and Retrenchment so as to allow the business management to make well-informed decisions weighing legalities against business objectives. Law provides broad-level directives and guidelines which companies shall have to oblige and comply with, without compromising the interests of the subject matter of the Act (welfare of workforce). Employment and Labour laws are a cumbersomely clumsy, yet comprehensive compendium of labour Acts applicable to deal with the law relating to employment and labour aspects. The common objective of all is to provide safeguard and protection to varied kinds of the workforce, be it an employee, workman, contract employee, etc., working in varied lines of business at different levels from daily wager to contract labour and all kinds of employees in bet...

The Startup India Scheme What is the Start-up India Scheme? The start-up culture in India is booming. The recent news of Cred and Meesho becoming unicorns has spread a sense of positivity among the early-stage founders. The government of India, too, wants to capitalize on this high sentiment. To boost the further growth of start-ups, India's government started the Startup India Initiative on January 16, 2016. The start-up India initiative has three objectives:  Create a uniform stage for the entire start-up ecosystem to come together.  Facilitate and encourage entrepreneurship Promoting entrepreneurship not only in metro cities but also in smaller regions of the country.  Through this article, we shall explore the various aspects of the Start-up India scheme. Who can Register in Start-Up India? Eligibility for registering under the Start-up India Scheme depends upon the nature of the entity.  A Private Limited Company (Pvt. Ltd. Co.), a Partnership Firm under Section...

 MSME Registration in India What is MSME Registration? The Micro, Small and Medium-sized Enterprises Development Act allows MSMEs in the manufacturing and service sectors to register as MSMEs or SSIs. It is not compulsory to register as an MSME. But, you should still register as it provides several projects benefits such as tax benefits and protection against non-payment. Who is eligible for MSME Registration?  Only manufacturers, producers, and service providers must use the MSME tag and register under it. Any manufacturer or service provider who meets the eligibility requirements may use the MSMEs single window registration system to register. The revised eligibility requirements effective from July 1, 2020, are applicable for the three types of Enterprises. This includes Micro Enterprises with Investment up to Rs 1 crore and turnover up to Rs 5 crore, for Small Enterprises with Investment up to Rs 10 crore and turnover up to Rs 50 crore, for Medium Enterprises with investme...

Everything You Need To Know About GST Goods and services often include costs at every step of production. Earlier, these were added at every step of the production stage and taxed simultaneously. However, in order to simplify the system of multiple taxation and complications of filing several indirect taxes, the Government of India on July 1, 2017, introduced the Goods and Services Tax (GST). This is a cumulative tax on the costs of production. It is a single tax, which is typically levied on the seller and ultimately transferred to the government.   Need for GST The Indirect Tax regime in existence prior to the introduction of GST was inefficient and opaque. Disproportionate taxation was present. States had their own taxation requirements. Problems were made worse by the presence of cascading taxes. Taxes were collected at every stage, inevitably making the commodity’s price higher. The tax burden was pushed on to the final consumer.  It became common to practise to evad...

Assignment of Trademarks The assignment of Trademarks refers to the transfer of ownership of the Trademark to the buyer. The transfer can be with or without goodwill. Licensing refers to a limited transfer i.e.; the transferee is allowed to use the Trademark (within the limits of the agreement entered upon) without having the ownership transferred to him. The Licensor(owner of the Trademark) usually generates loyalties while the Licensee gets the ability to expand his business using the appeal of the Trademark. Types of Assignment The following are the different types of Assignments allowed under the Act: I. Complete Assignment:  As the name entails, a complete transfer of all the rights pertaining to the Trademark is transferred to the buyer. The buyer would be empowered to sell it later on if he so chooses to. II. Partial Assignment:  Herein only restricted ownership pertaining to specific products or services is transferred to the buyer. III. Assignment with Goodwill: Goodw...

 What Is A Non-Compete Clause In An Employment Contract? A non-compete clause is a provision in an employment contract whereby the employee agrees to the fact that he would not enter into any competition with the employer during the term of his employment or even after the employment period is over. Typically, a fixed period of time is agreed upon for restrictions that extend beyond the term of employment. Non-compete clauses are common in IT Departments, Media, Financial Industry, Corporate World.   Enforceability of Non-Compete Clauses The non-compete clause in an employment contract is governed by certain provisions of the Indian Contract Act, 1872. Section 27, of the Contracts Act, makes agreements that are in restraint of trade void.    A vast number of judicial decisions have emerged on the question of enforceability of non-compete clauses. These decisions are divergent, and hence, no clear answer to the enforceability of non-competes has emerged till now. We h...

 What To Do When Wrongfully Terminated From Employment? Wrongful termination of employees refers to when the employees are terminated on account of wrongful means. The different grounds on which the termination of employees is known as wrongful termination are-: Discrimination on the grounds of race, religion, caste, gender, age, rationality, and many more, When the company has specified certain guidelines for the termination of an employee and those guidelines are violated, If public policy is violated, The Employment Contract signed by the employer and the employee defines the procedure of terminating the employee. The contract may or may not have provisions regarding the procedure for the termination of employees; if it contains a procedure, then it must comply with the Labour laws; however, if it does have any such specific procedure, then the employer must follow the state-specific labour law. The two types of terminations of employees are-: Termination by Contract: The employ...

Know About The Laws For Startups Startups Accelerate The Innovative Spirit And Energize Societal-Economic Cohesion  Business is the new ongoing, ever happening movement of the world. The onward march of economy and society depends on the continual churning and development of businesses. Businesses are energized by the vigour of innovations and entrepreneurship. And, a very significant aspect of modern businesses is the rise of start-ups. Well, a startup or start-up is technically defined as a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. The concept of startup has become more popular in recent times. It is widely believed that start-ups keep up the innovative spirit, they continually make the world move and help people find new meanings and dimensions of the running time. Startups heighten the interest in business and innovation, thus they create stronger integration of society and economy, leading to more universal dynam...

How to Register Your Startup in India: 5 Simple Steps for Registration Many potential startup founders do not know what their first step should be while setting up a startup. Startup Registration is the first step a founder should take, post selecting, which entity needs to be set up. Startup registration is simple in India. We bring the five simple steps, every founder needs to follow, to register startups in India. Startup Registration in India Five steps for Startup Registration are: Step 1: Incorporation of the Startup This is the first step in which the startup is required to incorporate itself as a private limited company or a partnership firm or a limited liability partnership. A startup founder, may incorporate his startup by approaching th e Registrar of Companies, if he wants incorporate a private limited company or a LLP or by approaching the Registrar of firms, if he wants to incorporate a partnership firm. Step 2: Registration with Start-up India Under this stage, a startu...

Tax Exemptions: Know About Incentives For Start-Ups o boost up the start-up ecosystem in India, the government has introduced special tax incentives for start-ups over the years. These start-up tax deductions are for enterprises which qualify as “eligible start-ups”. Eligible start-ups must be incorporated either as a private limited company, or as a partnership firm, or a limited liability partnership with a turnover of less than INR 100 Crores in previous fiscal years. An entity is considered to be a start-up only until 10 years from the date of its incorporation. Additionally, the start-up should be attempting to innovate or improve current goods, services, and procedures, and it should have the potential to produce money and jobs. It is mandatory for the "Start-up" to not be a company created through the division or reconstitution of an existing business. Tax benefits for start-ups: Following Tax benefits have been given to startups: Income tax exemption for a period of 3...