Trade Secrets and Confidential Information

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By: Ramesh Vaidyanathan

In the globalised world economy, businesses must take effective steps to protect business processes, technical knowledge and confidential information. While the importance of such protection is recognised by many corporations the world over, not all of them manage to take effective steps to legally protect such information.

What is meant by Trade Secrets?

Trade secret refers to data or information relating to the business that is not generally known to the public, which the owner reasonably attempts to keep secret and confidential. Trade secrets generally give the business a competitive edge.

Promoter has No Right to Sell Garages/Stilt Parking Areas

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By: Meenakshi Iyer

In a significant ruling delivered on August 31, 2010, the Supreme Court has held that builders are not entitled to sell garages/stilt parking areas as separate flats to owners who intend to use it as parking facilities. A Division Bench of the Apex Court (Justice R. M. Lodha and Justice A. K. Patnaik) dismissed the appeal of the promoter, Nahalchand Laloochand Pvt. Ltd., which challenged the Bombay High Court’s ruling that a builder cannot sell parking slots in the stilt area as independent flats or garages, under the Maharashtra Ownership Flats Act (MOFA).

The Apex Court reiterated that promoters had no right to sell open to sky parking areas or stilted portion usable as parking space as these are not “flat” within the meaning of Section 2(a-1) of MOFA and, therefore, not sellable independently as a flat or along with a flat.