INDIA FINALLY IS ON THE FAST TRACK TO ACHIEVE THE EODB FOR INDIAN BUSINESSES AND ALSO FOREIGN BUSINESSES.
BREACH OF CONFIDENTIALITY AND TRADE SECRETS is a common legal issue faced by the businesses and such breaches often leads to colossal losses which are difficult to revive, and the infringers or violators used to go Scot-free with no liability. Such legal actions often require proving the case on the basis of circumstantial and corroborative evidences.
Until now, Indian Contract Act was at rescue in cases of breach of confidentiality and trade secrets and Govt has now proposed to bring a separate act for protection of Trade secrets.
Gist / Salient features of the Act can be found below as a ready reference for lawyers, students and industries.
India’s proposal for a Trade Secret Act is an imperative step towards protecting certain types of IP which are either non protectable under the current IP laws or are left out to be protected by the businesses. Encouraging transparency while safeguarding valuable innovations will undoubtedly boost confidence among businesses and investors alike.