NATIONAL LAWSCHOOL INDIAUNIVERSITY OF BANGALORE M.B.

L PARTII ANNUALEXAMINATION (JUNE) 2011 INVESTMENT LAWS Marks: 100 Time: 3 hours Instructions : 1. No clarifications can be sought on the question paper. 2. Mobile Phones are strictly prohibited inside the Examination Hall. 3. The emphasis must be on the legal and enforcement aspects. 3. Bare Acts are not permitted. Answer ANY FIVE of the following. 1. All questions carry equal marks

What is Circular Trading and discuss how SEBIcan take action against those indulging in this practice and the punishment that can be meted out to prevent occurrence of this practice? DoCapital Market Infrastructure Institutions (MilS)typically perform the functions of a SROas recognised internationally? Do you see any potential conflict of interest between the regulatory function and the commercial interest of MilS?Can the conflict of interest be eliminated through specific stipulations on structure and governance? How are exchange subsidiaries regulated? Discuss the objectives of Insider Trading the regulatory aspect and the deficiencies if any in the Law. Answer ANY TWO of the following: a) What are the major advantages and disadvantages of Future Trading v. Stock Trading; b) What is a green shoe opinion? c) What are the limitations of Credit Rating? d) How different is United Stock Exchangeof India. Short a) b) c) d) e) f) notes on: FCCB Securitisation of receivables of Micro Finance Institutions Independent Directors Corporate Democracy Joint Mechanism (Resolvingdifferences of opinion on any instrument) "Persons connected with Securities Market" and SEBIJurisdiction

2.

3.

4.

5.

6.

What are the listing requirements for Securitized Corporate Debt Instruments?

NATIONAL LAW SCHOOL OF INDIA UNIVERSITY, BANGALORE M.B.L. PART II EXAM (June) 2011 LAW OF INSURANCE Total Marks -100 Time - 3 hours INSTRUCTIONS: i. ii. iii. iv.
v.

vi.

Students are expected to rely upon the question paper as it is and respond to it; no clarifications can be sought. Answer must be brief but covering all points on issue: Additional weight-age will be given to bring-in relevant case law on the point; Please develop your answer by making visible paragraphs; Mobile phones are strictly prohibited inside the Examination Hall. Anyone found in possession of the same will be subject to disciplinary proceedings; lh question is compulsory and any four from questions 1 to 6. All questions carries 20 marks

1. What is Insurable Interest? Discuss Insurable General Insurance Contracts with decided cases.

interest in Life Insurance

and

2. Define Special Insurance Doctrines and discuss how these doctrines are applicable to Life and General Insurance Contracts. 3. Critically Examine the role, power and functions of Insurance Regulatory and Development Authority, under IRDA Act, 1999. 4. Comment on the following with cases a) 'The right of contribution between different insurers depends on an equitable right arising out of the fact that the first insurers have paid more than ought to be paid by them, b) 'The insurers are entitled to the advantage of every right of the assured, whether such right consists in contract, fulfilled or unfulfilled, or in remedy for tort capable of being insisted or already insisted on, or in any other right.. ...' c) 'Once a deviation always deviation'. d) 'Nominee is a Trustee for Insured's legal hair in Life Insurance' 5. Mahajan Deolal was a resident of village Singhpur, Tahsil Narsinghpur. It appears that he was a small landholder and possessed several acres of land. Sometime in December 2002, Mahajan Deolal submitted a proposal through one Rahatullah Khan, an agent of the respondent company at Narsinghpur, for the insurance of his life with the LIC for a sum of Rs. 30,000 only. Mahajan Deolal's age at that time was about 45 as stated by him in the proposal form. The Mithoolal Nayak, poor man who took an assignment on October 18, 2005 of a life insurance policy on the life of one Mahajan Deolal for a sum of Rs. 25,000. Mahajan Deolal died on November 12,2006. Thereafter, the Mithoolal Nayak made a

demand against the LlC for a sum of Rs. 26,000 and odd on the basis of the life insurance policy which had been assigned to him. This claim or demand of the Mithoolal Nayak was repudiated by the LlC by a letter dated October 10, 2007 which in substance stated that the insured Mahajan Deolal had been guilty of deliberate misstatements and fraudulent suppression of material information in answers to questions in the proposal form and the personal statement, [ ie. actual age of insured was 48 years but he had mentioned 45 years in the propos:)1 form} which forml~d the basi:3 of the contract between the insurer and the insured. On the repudiation of his claim the Mahajan Deolal wants to file a case against LlC. Advice him. 6. Life Insurance Corporation floated a "Salary Savings Scheme" under which Bhim Singh, an employee of Delhi Electric Supply Undertaking (DESU) took an insurance . policy for an amount of Rs. 50,000/- with the LlC. Insurance policy was to commence on January 28, 2008. Bhim Singh had paid Rs. 636/- as premium for two months to the LIe. Premium for the third month was payable by March 29, 2008. The amount of the premium was deducted by the DESU from the salary of Bhim Singh and remitted by it to the LIe. It appears that premium for the subsequent months was deducted by DESU from the salary of Bhim Singh but was not remitted to LIe. In the meantime Shim Singh died on August 17, 2008. Basanti Devi, widow of Bhim Singh informed LlC of the death of her husband and requested for payment of the amount due under the policy. LlC disclaimed any liability for payment under the policy as the instalments of premium after June, 2008 were not received by it. LlC, therefore, repudiated claim of Basanti Devi. LlC said that since default h~Hi hep.n committed in payment of premium the policy taken out by Bhim Singh lapsed. This led Basanti Devi to file a complaint before the Consumer Forum against LlC and DESU with the result as aforesaid. Decide.

7. Differentiate between the following:

a) Warranty and stipulation b) Nomination and Assignment c) Life insurance and non-life insurance contracts d) Wager contract and insurance contract

NATIONALLAWSCHOOL INDIAUNIVERSITY OF BANGALORE M.B.L PARTII ANNUAL EXAMINATION (JUNE) 2011

LA W RELATlNG TO FOREIGN TRADE AND COMMERCIAL TRANSACTIONS

Marks: 100 Time: 3 hours

Instructions : Hall.

1.
2. 3.

can be sought on the question paper. Mobile phones are strictly prohibited inside the Examination Bare Acts are not allowed.

No clarifications

4.
5.

Answer ANY TEN questions.

All questions carry equal marks.

1.

a)

What is meant by 'bill of lading'? How do you distinguish a 'bill of lading' document from a 'mate's receipt'? Critically examine the period of responsibility of the sea carrier under the Hague Rules, 1923and under the Hamburg Rules, 1978.

b)

2.

A ship belonging to India Steamship Co., suffered damage during the course of transportation and reputed repairers were called to attend the problem. During the repair work hatch covers were removed and temporary covers were used to protect the cargo. One of the hatch covers was not properly replaced and due to this rain water entered the hold and caused extensive damage to the cargo. The consignors thereafter fled a suit against the carrier. But the carrier denied the liability. Decide the case under: a) b) The Hague Rules, 1923; The Hamburg Rules, 1978

3.

In what respect 'multimodal transportation of goods' is advantageous than a 'unimodal transportation of goods'. Discussthe liability of the multimodal transport operator (MTO)for the negligence of an independent contractor under the Indian Mutlimodal Transportation of GoodsAct, 1993. Discussthe nature, scope and limitation of the consignor's right to disposeof the goodsunder the Warsaw Convention, 1929.

4.

5.

Critically evaluate the liability of the air carrier for causing personal injury to or death of a passengerunder the Warsaw Convention, 1929and under the Montreal Convention, 1999. Discuss the concept of "Right to Cure" under the Vienna Convention on International Sale of Goods, 1980. What is meant by 'anticipatory breach' of the contract? Discussthe scope of the concept of anticipatory breach of the contract and the remedy available for such breach under the Vienna Convention on International Sale of Goods(CISG),1980. Write short notes on the following: a) b) Clause Paramount; Himalaya Clause

6.

7.

8.

9.

'A' from England entered into a contract with' B' from India. The parties had agreed to submit their dispute to arbitration and had designated English law as the substantive law governing their contract. When a dispute arose between the parties over each others contractual obligations, the arbitrator gave the award in favour of 'A'. Subsequently, 'B' sought the Indian court to set aside the award under Section 34 of Part I of the Indian Arbitration and Conciliation Act, 1996. 'A' counter argued that the Indian court lacked jurisdiction to set aside the award as parties had designated foreign law as the law governing the contract (implied exclusion of Part I of the Indian Act). Decide the case. Critically examine the Indian judicial response to the interpretation of 'commercial reservation' clause under the New York Convention, 1958. A contract was concluded between an Indian and an American. The parties agreed to submit their dispute to arbitration under ICCArbitration Rules. The arbitral tribunal, seated in London, decided the dispute in favour of the American party. When the London award was sought to be enforced in India, the Indian party objected to the enforcement as the said award was contrary to the Reserve Bank of India Guidelines. Decide the case. Write short notes on the following: a) b) FOBContract; Definition of International Commercial Arbitration in the Indian Arbitration & Conciliation Act.
*

10.

11.

12.

", I"

NATIONAL LAW SCHOOL OF INDIA UNIVERSITY

BANGALORE MBL PART II ANNUAL EXAMINATION GUNE) 2011 LAW OF INTELLECTUAL PROPERTY RIGHTS
Time: Three Hours
Max. Marks: 100

Instructions: 1. Answer any FIVE questions. All questions carry equal marks. 2. Answers should be supported by reference to relevant provisions and appropriate case laws. 3. No clarification can be sought on the question paper. In case of any ambiguity in the question paper, students are expected to rely on the question paper as it is and respond to it 4. Bare Acts are NOT permitted 5. Candidates shall not carry mobile phones into the examination hall

Q.1.
a. Examine the works protected under the Copyright Act of 1957. What are the rights of the copyright owner? 12 b. A film produced by Hollywood had the theme of a man trapped in a telephone booth located in the midst of a public place, that man using otherwise unused telephone booth in the age of mobile telephony and trapped into conversation with a sniper, the sniper extracting a confession from that man about the evil of corruption. The entire movie runs through this central ideal expression of conversation between that man and sniper and results in getting corrupt money out. RG productions, film producer in India, produce a film in vernacular language (Bengali) with a theme of a man trapped in a telephone booth, in constant conversation with a sniper who has positioned himself on the roof of a tall building nearby, strikes and dharnas by 'Babas' and Civil Society for bringing back black money from Swiss Bank, and the sniper ensuring that the money deposited in the Swiss Bank is transferred online by the man caught in the booth despite attempts made by politicians to prevent such transfer. Hollywood producer sues for lnfringement on the ground of similarities between the two movies. RG productions contend that the theme is based on the ongoingl struggle in India and is not confined to the idea in the Hollywood movie. They also contend that the incidents of hunger strike are contemporary
1

happenings in India and therefore are a striking dissimilarity from Hollywood movie. Applying the tests of infringement, decide.
08

Q.2.
a. Examine briefly the criteria of patentability Indian position. with reference to US and
12

b.

Nortonovic has obtained patent for its compound Imatinib Mesylate in India and also obtained market approval for the drug containing the patented compound. The patent period of the compound will expire in 2016. Roddy Pharma used Imatinib Mesylate in its laboratory for developing a more efficient drug, and the slightly modified form, that did not significantly enhance the efficacy, was used for conducting clinical trials for the purpose of generating clinical data for getting market approval. Roddy wants to enter the market immediately after the expiry of the patent of Nortonovic in 2016. Nortonovic sued Roddy Pharma for infringement.

Decide whether Roddy Pharma is liable for infringement. What defense, if any, it can take?
08

Q.3.
a. Examine the provisions Trademarks Act 1999 relating to the relative grounds for refusal of registration of Trademarks and infringement of Trademarks.
12

b. "Biocon" is a leading Biotech-pharma company having its International presence. Sarkar pharmacy, a start up in Ahmadabad, registers www.WBBiocon.co.in. a domain name with the .in registry and posts information about vaccines, drugs and other discoveries of the Multi nationals that are competitors of Biocon. Biocon desires to bring action against Sarkar Pharmacy. What actions you advise Biocon to take? Explain 08

Q.4.
a. What is the procedure for obtaining the grant of patent in India? Explain. 10 b. What is the procedure for registration of Trademarks be registered as Trademark? Explain. in India? Can Sound 10

Q.5.
a) Explain the essential requirements Indications' and 'Designs' in India. for registration of 'Geographical
12

b) Tata Ltd has registered its trademark

'Coorg Coffee" in 2001, under the Trademarks Act 1999 with the Trademark Registry in Chennai. The Coffee Growers association of Coorg, after registration of the Association has filed

t ,,',

an application for registration of 'CoorgCoffee' as a GI under the Geographical Indications Act. Since 'coorgcoffee' is already registered as a trademark, Tata will claim right of exclusive use. By virtue of the quality, and reputation, Coffee growers association are claiming right to registration of 'coorgcoffee' as GI. There is an overlap and conflict. Explain how the conflict is sought be resolved under the existing legislation.
08

Q.6.
Discuss the following: a. Traditional knowledge Digital Library and the role of NBA III protecting Traditional knowledge.
06

b. Protection of Plant varieties and farmers rights-International and protection in India. c. TRIPs provisions relating to compulsory licensing of Patents.

regime
08 06

Q.7. Answer any FOUR of the following:

5 x 4 = 20

a. b. c. d. e. f. g.

Berne Convention 1886 Paris Convention 1883 Action for 'passing off' Remedies for infringement of copyright 'fair use' of works protected under copyright law revocation of patents Intellectual Property Appellate Board

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NATIONAL LAWSCHOOL INDIAUNIVERSITY OF BANGALORE M.B.l PARTII ANNUAL EXAMINATION (JUNE) 2011 TAXATIONOF CORPORATIONS COMMODITIES & Marks: 100 Time: 3 hours Instructions : 1. No clarifications can be sought on the question paper. 2. Mobile Phones are strictly prohibited inside the Examination Hall. 3. All questions carry equal marks. 4. Bare Acts are not permitted. PART- A Answer ANY FOURquestions: 1.
(4 x 10 = 40 marks)

2. 3. 4. 5. 6.

Income tax is a Tax on Income. If so the Assessee/ Members of the Public should know precisely what is 'Income' under the Tax Laws. Doesthe Income Tax Act, 1961 offer any definition of 'Income' in that regard? What constitutes income? Briefly discussthe constitutional aspects of tax law What are the broad features of the Service Tax? What are the broad features of Central ExciseAct? When does a taxable event take place in the Central Excise Act and Customs Act? Discussthe concept of 'Manufacture' under' Central Excise'. PART- B

Answer ANY FOURshort notes: 7. 8. 9. 10. 11. 12.

(4 x 10 = marks)

Union of India v. Azad BachoAndolan Value Added Tax Mention the methods under Income Tax Act, 1961for computation of arms length price State the entities not liable to wealth tax under the Wealth Tax Act Sum up the essential features of Inter-State sale under Sec. 3 of CSTAct. All India Federation of Tax Practitioners v. Union of India pertaining to validity of service tax.

PART - C

Answer both questions 13.

(2 x 10 - 20 marks)

The assesseefirm was engaged in the manufacture of ribbons and laces. A public limited company was floated in order to take over the firms business. The company purchasedthe buildings and the landsfor consideration, since no more funds were available with the company to purchase the plant and machinery of the firm, it took them on lease for an annual rent. Can this income be regarded as the' businessincome' of the firm? If yes, why? If not, why? The taxpayer has income from immovable property in Malaysia. Article 16 of the India - Malaysia reads' income from immovable property may be taxed in the contracting State in which such property is situated'. The taxpayer (assessee)claimed that by virtue of this, the income should be taxed only in Malaysiaand not in India. Council for Revenueargued that the words' may be taxed' in one contracting State doesnot exclude the right of the other country to tax and argued that as Article 22(2) of the treaty provided for credit for Indian taxes paid in Malaysia, the sameshould be taxed in India also and credit should be given accordingly. What is the correct legal position?

14.

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