The obligation of compulsory licenses: During certain events, if the patentee, in the eyes of the Government, is not exercising the use of the patent fairly and reasonably, then the Government has the right to authorize the exploitation of the patent by other parties in light of public interest.

Steps for forming a Company in India A company can be incorporated as either public limited or private limited.

Types of Audit Company audits in India are classified as follows: Statutory Audits Internal Audits Requirement Statutory Audit Internal Audit Applicability All companies irrespective of nature of business or turnover Classes of companies mentioned under the Companies Act Auditor Independent Chartered Account or a firm of chartered accounts Independent Chartered Account or a firm of chartered accounts (other than statutory auditor) / Cost accountant / any other professional that the company deems fit Scope Financial statements and records  Financial statements and other aspects of the company’s activities.

The provisions for 'Patent of Addition' are under sections 54, 55 and 56 of the Indian Patents Act, 1970.

Most start-ups and new businesses in India are registered as private limited companies.

India is part of a global community where there are several technological innovations created on a daily basis.

Conditions for Revocation of Patents The patent which is ambiguous or vague in its mode of application, and is not considered in the interest of the public is revoked by the Central Government.

Regulatory Mandates:  As Indian keeps promoting FDI policies and ease of doing business, we see a lot of foreign companies coming in.

Acts beyond Scope: The parameters for the director’s role and duty are defined and governed by the Memorandum of Association and Article of Association, which ultimately sets the pretext for the powers of the board.

More on: How to close the Private Limited Company in India?