Bajaj Auto and Bajaj Electricals sought to prevent John Abraham from using the title ‘Hamara Bajaj’ for an upcoming Hindi movie, as it was a trademark infringement, in which the Bombay High Court ruled in the companies’ favour
The Bombay High Court has passed its order granting permanent injunction against the bollywood company, JA Entertainment Private Limited, from using the mark “Hamara Bajaj” as the movie title or in any other manner and from using the mark “Bajaj” in the proposed film.
Earlier, an entertainment movie with a title “Hamara Bajaj” was planned to be released and it is being produced by actor John Abraham, starred by Ayushmann Khurrana (Vicky Donor, Nautanki Saala!) and is to be directed by Shoojit Sircar (of Vicky Donor fame). However, the movie title was identical to the iconic slogan and trademark name used by Bajaj Auto. Aggrieved by the infringement of its intellectual property rights vested in the marks “Hamara Bajaj” and “Bajaj”, Bajaj Auto Limited along with Bajaj Electricals moved the Bombay High Court on 25 March 2013. It sought to restrain JA Entertainment from using it.
The matter was heard at length by the Court, presided by Judge SJ Kathawalla J. Based on the hearings between the Counsels, the Court issued a Decree in which a permanent injunction was imposed upon JA Entertainment from using the trademark. Vide Suit no. 491 of 2013 of the Bombay High Court, it said, “In view of the Defendants' submitting to a Decree as above, the Plaintiffs are not pressing for any costs or damages. The Suit is accordingly disposed of. Notice of Motion also stands disposed of.”
Intraday rallies led to more selling, as suggested yesterday. A decline may be on the cards, either right away or after a short rally
On almost the same volume as Monday on the National Stock Exchange (NSE), the Nifty tried moving higher and closed flat today. The NSE recorded a volume of 53.85 crore shares. The Sensex opened at 19,820 while the Nifty opened at 5,855. The indices shot up immediately thereafter hit their day’s high in the morning session. The Sensex moved up from 19,783 to 20,050 during the day and closed at 19,920 (up 19 points or 0.10%). The Nifty moved up from 5,855 to 5,938 during the day and closed at 5,892 (up 3 points or 0.05%).
The top five gainers among the other indices on the NSE were Auto (1.17%); Media (1.09%); Infra (0.60%); Nifty Midcap 50 (0.53%) and Consumption (0.49%) while the top five losers were Metal (1.13%); PSU Bank (0.78%); IT (0.39%); Bank Nifty (0.35%) and Commodities (0.30%).
Of the 50 stocks on the Nifty, 23 ended in the green. The top five gainers were Bajaj Auto (2.80%); Tata Power (2.72%); NTPC (2.03%); LT (1.97%) and Cipla (1.68%). The top five losers were Hindalco (3.65%); BPCL (2.60%); Coal India (2.48%); Jindal Steel (2.04%) and ACC (1.90%).
The government has kept the borrowing target for the fiscal year through March 2014 unchanged at Rs5.79 lakh crore ($92.49 billion), economic affairs secretary Arvind Mayaram said on Monday after a meeting between government and central bank officials to finalize the borrowing plan for the second half of the fiscal year. The government will raise Rs3.44 lakh crore by the end of September. That will be Rs5,000-crore short of the target it had initially set for the first half of the fiscal year, Mayaram said.
Mayaram said that the government would cut spending if revenue falls short of the budget projections, but won't breach the full-year fiscal-deficit target—4.8% of gross domestic product for this year. The gap was 4.9% last fiscal year.
Ratings agency Fitch downgraded some ratings for Indian Bank, Punjab National Bank and Bank of Baroda on expectations of a further deterioration in asset quality and a sharp deceleration on economic growth.
US indices fell on Monday after Fed Bank of New York President William Dudley suggested the pace of QE could be reduced later this year. Addressing business leaders in New York Monday morning, Fed Bank of Atlanta President Dennis Lockhart said the economy is losing some steam.
Except for NZSE 50 (up 0.20%) and Taiwan Weighted (up 0.08%) all the other indices closed in the negative. Jakarta Composite, top loser, was down 2.25%.
European indices were trading in the positive. US Futures were trading marginally lower.
German business confidence rose for a fifth straight month in September 2013. The Ifo business-climate index rose to 107.7 from a revised figure of 107.6 in August. "Although companies assessed their current business situation slightly less favorably, their business expectations were once again more optimistic. The German economy made a confident start to the autumn," Kai Carstensen, director at Ifo, said in the release.
Citing purported crisis at NSEL, the auditor of Jignesh Shah's Financial Technologies has withdrawn his audit report for FY13 ahead of the company's AGM tomorrow
Jignesh Shah-led Financial Technologies (India) Ltd (FTIL) said its auditor has withdrawn the audit report on the company's stand-alone and the consolidated financial statements owing to purported crisis at National Spot Exchange Ltd (NSEL).
In a regulatory filing, FTIL said, it will not discuss points one, two and five in the company's annual general meeting (AGM) on Wednesday. The company's auditor has said that the FY13 accounts cannot be relied upon and hence has withdrawn its audit report.
"Due to purported crisis at NSEL in the recent past and based on the communication of management of NSEL and the statutory auditor of NSEL on the financial statements of NSEL, the statutory auditors of the company on 23 September 2013, in accordance with Standard on Auditing (SA) 560 informed that the audit reports dated 30 May 2013, on the stand-alone and the consolidated financial statements of the company for the year ended 31 March 2013, should no longer be relied upon," the filing says.
Interestingly, the notice for the AGM does not even mention the name of the Exchange in the agenda. This is surprising especially as its main promoter, it is the responsibility of FT to answer questions arisen about the crisis at NSEL, especially since NSEL contributed more than Rs120 crore in profits to FT last year. (Financial Technologies silent about NSEL scam in its AGM agenda)
The first point in FTIL's AGM agenda says that the stand alone and consolidated financial statements of the company for the previous financial year should not be relied upon. The second point which was to be discussed was that the company's financial statement for the previous fiscal were audited before the occurrence of NSEL issue.
The filing also stated that FTIL stand alone and consolidated accounts of the company for the previous fiscal may undergo amendment together with revised auditors' report which will be approved and published once the amendment to stand alone and consolidated accounts is finalised.
In a clarification, the company said, "As per standalone financials of FTIL, the total income forms part of revenue generated from NSEL during the FY2012-13 is largely on account of technology services which contributes only 4.79% of the total income of FTIL, further there is no outstanding amount pending against the same."
The Jignesh Shah-led financial software company and promoter of several exchanges in India and abroad such as MCX, MCX-SX, DGCX in Dubai etc. is holding its 25th AGM on 25th September at Chennai.