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Private Financial Institutions May Be Performing Public Duties but Can’t Be Considered ‘State’ Under Article 12 Of Constitution: Allahabad High Court

The Allahabad High Court reiterated that private financial institutions, carrying business or commercial activity, may be performing public duties, but cannot be considered to be covered under the definition of “State” under Article 12 of the Constitution. The observation was made by Justices Naheed Ara Moonis and Vivek Varma in a writ petition filed against HDFC Bank through Advocate Manoj Kumar Mishra, seeking interest-free extension of the loan period in accordance with the circular issued by the Reserve Bank of India due to Covid-19.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.