LegalMines

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[Issue No.:52(4)  / 2022]

Aequitas Legem Sequitur: This Latin maxim literally means “equity follows the law” i.e. equity cannot alter the law of the land. It is a concept that equity or the law will not aid a person or party who is at fault. The law will not aid a person whose own fault is what made the legal action necessary.

NFT stands for non-fungible token (more popularly known, are digital collectible tokens, unique in form; hence non-fungible). It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum. However, the notable point is that physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain. Here, the NFTs are different as each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). An NFT is created, or “minted” from digital objects that represent both tangible and intangible items.

Presently there is no separate legal framework for NFTs in India, and as such it is currently only governed by the general principles of contract. However, most NFT-related transactions take place through smart contracts, which may stipulate the terms of a licence, provide automatic royalties in case of resale transactions, set limits to the use of copyrights, and track subsequent purchases of an NFT. A smart contract is governed by the Contract Act, 1872, and the Information Technology Act, 2000. The NFT contract may further be governed by the relevant provisions of the Securities Contract (Regulation) Act, 1956 (SCRA), the Central Goods and Services Tax Act, 2017; Foreign Exchange Management Act, 1999 (FEMA), Prevention of Money Laundering Act, 2002 etc.

Keeping in view the fast growing NFT marketplace, new regulations are definitely the need of the hour, because current laws can only provide quick fixes to issues, whereas new regulations are capable of providing long-term solutions pertaining to this new facet of technology.

(1)   Paramvir Singh Vs. Baljit Singh (2021): The full Bench of the Hon’ble Supreme Court of India (Justices R.F. Nariman, K.M. Joseph and Aniruddh Bose) gave directions to install CCTV Cameras in all the Police Stations across India at all entry and exit points, main gate, lock-ups, corridors etc. The Court also directed the Central Government to install CCTV cameras at the offices of Central Agencies also. Shafhi Mohammad Vs. State of Himachal Pradesh (2018) case of Supreme Court of India is also a leading case on crime scene videography and installation of CCTV camera in police stations.

(2)   Satish Ragde Vs. State of Maharashtra (2021): In this case the accused was convicted by the Trail Court under Section 354, 363 and 342 of IPC and Section 8 of POCSO Act and was sentenced to three years of imprisonment for sexually assaulting a minor girl. Being aggrieved, the accused filed an appeal before the Nagpur Bench of High Court Bombay for acquittal of the charges under Section 8 of the POCSO Act. The Bench held that there is no ‘Sexual Assualt’ if there is no skin to skin contact even with sexual intent. Under Section 7 POCSO Act, the punishment is three years whereas under that of Section 354, IPC, the minimum punishment is one year. The effect of modification of judgment was that accused was now imprisoned for one year instead of three years. The judgment received a huge backlash from different communities citing it would set a ‘dangerous precedent’. Later, the order was stayed by Supreme Court.

Criminal Procedure Code, 1973

(1)      The term ‘Judicial Proceedings’ has been defined under Section____of the Cr.P.C.?—Section 2(i)

(2)      True/ False: “judicial proceeding” includes any proceeding in the course of which evidence is or may be legally taken on oath—True (Refer Section 2(i) of the Cr.P.C.)

(3)      The term ‘Offence’ has been defined under Section____of the Cr.P.C.?—Section 2(n)

(4)      The term “offence” means any act or omission made punishable by any law for the time being in force and includes any act in respect of which a complaint may be made under section 20 of ______________?—The Cattle Trespass Act, 1871.

(5)      A “summons-case” means a case relating to an offence, and not being a _________?—Warrant-case (Refer Section 2(w) of the Cr.P.C.)

Code of Civil Procedure, 1908

(1)      CPC consists of total____Section?—158 Sections

(2)      As per Section_____of the CPC, 1908. where the business of any Court is transferred to any other Court, the Court to which the business is so transferred shall have the same powers and shall perform the same duties as of transferee Court—Section 150.

(3)      Rule 1 to Order I deals with—who may be joined as plaintiff

(4)      True/ False: All persons may be joined in one suit as plaintiffs where any right to relief in respect of, or arising out of, the same act or transaction or series of acts or transactions is alleged to exist in such persons, whether jointly, severally or in the alternative—True (Refer Rule 1 to Order-I- of the CPC, 1908)

(5)      Rule 3 to Order I deals with—who may be joined as defendants.

Indian Evidence Act, 1872

(1)      The Indian Evidence Act is of the year?—1872.

(2)      The purpose of IEA, 1872 is to— consolidate, define and amend the law of Evidence (refer Preamble to the IEA)

(3)      A fact is said to be_______ when, after considering the matters before it, the Court either believes it to exist, or considers its existence so probable that a prudent man ought, under the circumstances of the particular case, to act upon the supposition that it exists—Proved (Refer Section 3 of the IEA, 1872)  

(4)      As per Section____of the Indian Evidence Act, 1872, any fact is relevant which shows or constitutes a motive or preparation for any fact in issue or relevant fact—Section 8.

(5)      As per Section_____of the IEA, facts necessary to explain or introduce a fact in issue or relevant fact—Section 9.

(1)        Constitution of India, 1950: As per Article______of the Indian Constitution The State shall not deny to any person equality before the law or the equal protection of the laws within the territory of India. —Article 14.

(2)      Indian Penal Code, 1860: The terms “Wrongful loss” and wrongful loss have been defined under Section—Section 23 of the IPC, 1860.

(3)      Transfer of Property Act, 1882:  A lets a farm to B on condition that he shall walk a hundred miles in an hour. The lease is valid or void—Void. (Refer Section 25 of the TPA,1882)

(4)      Indian Contract Act, 1872: Contingent agreements to do or not to do anything, if an impossible event happens, are _____, whether the impossibility of the event is known or not to the parties to the agreement at the time when it is made—Void (Refer Section 36 of the ICA, 1872)

(5)      Partnership Act, 1932:  True/ False: Subject to the contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business—True (Refer Section 15 of the Partnership Act, 1932).

(6)      Sale of Goods Act, 1930: True/ False: A “document of title to goods” includes a bill of lading, dockwarrant, warehouse keeper’s certificate, wharfingers’ certificate, railway receipt, multimodal transport document, warrant or order for the delivery of goods—True (Refer Section 2(4) of the SOGA,1930)

(7)      Specific Relief Act, 1963: True/ False: The court shall not direct the specific performance of a part of a contract—True (Refer Section 12 of the SRA, 1963)

(8)      Negotiable Instrument Act, 1881: True/ False: The Negotiable Instrument Act, 1881 is also applicable to the Indian Paper Currency Act, 1871—False (Refer Section 1 of the NI Act, 1881).

(1)    When should a document be registered under the Registration Act, 1908—Within four months from the date of its execution.

(2)    Who drafted Indian Penal Code?—Macaulay

(3)    Fathima Beevi was appointed India’s first female Supreme Court judge in the year—1989.

(4)    Who wrote “A Judge Miscellany”?—Justice M. Hidayatullah

(5)    Which case went upto the Supreme Court concerning Lord Ganesh?—S. Veerabadran Chettiar Vs. E. V. Ramaswami Naicker & Others (1958 AIR 1032)