April 28, 2024

Non-residents living abroad have to appoint a representative who performs official tasks on their behalf. This whole process is formalised by drafting and executing of a power of attorney (PoA). The PoA is a legal authorisation that gives a person the power to act on behalf of another person. This could be a power of attorney for property, or for matters of finance or medical care. The Power of Attorney Act, 1882, defines a PoA as ‘any instrument empowering a specified person to act in the name of the person executing it’. The executor of a PoA is called the ‘principal’. The person who represents the principal is called an ‘agent’. Power of Attorney Form A Power of Attorney form is a legal document that allows an individual (the “Principal”) to designate another person (the “Agent” or “Attorney-in-Fact”) to act on their behalf in specified matters or all aspects of their life. Depending on the type of POA, these matters can range from financial and legal affairs to medical decisions. Importance of Power of Attorney- A power of attorney (POA) is an essential legal tool, especially when the Principal cannot manage their affairs due to illness, disability, or absence during critical legal transactions. Types of Power of Attorney Forms General Power of Attorney: This grants the Agent broad powers to handle a wide range of the Principal’s affairs. The authority under a General POA typically includes buying or selling property, managing business transactions, and handling banking matters. However, this type of POA becomes invalid if the Principal becomes incapacitated. Durable Power of Attorney: Similar to a General POA, it allows the Agent to manage the Principal’s affairs, but it remains in effect even if the Principal becomes incapacitated. This feature makes it particularly important for long-term planning. Special or Limited Power of Attorney: This grants the Agent authority to conduct specific acts or make decisions in specific situations, such as selling a property, managing certain financial transactions, or handling legal claims. It does not grant broad authority across all areas of the Principal’s life. Medical Power of Attorney: A Healthcare Proxy authorizes the Agent to make medical decisions on the Principal’s behalf if they cannot do so themselves. A living often accompanies it will that outlines the Principal’s wishes regarding life-sustaining treatment. Springing Power of Attorney: This POA “springs” into effect under specific conditions, typically when the Principal becomes incapacitated. It allows the Principal to retain control over their affairs until a certain event triggers the transfer of authority to the Agent. General power of attorney format GENERAL POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS THAT, I/We                                S/o                                  Address                                do hereby constitute, appoint, nominate and authorize                                S/o                                  Address                                as my/our true and lawful General Attorney. WHEREAS  the Executing   is   absolute   owner       and   in   possession   of   property No       .measuring       Sq.yds       sq.Mtr.situated       in         ,(presently  known  as  allotment letter/sale deed Vasika No       dated       (hereinafter called the “Property”). Whereas I/We am/are being unable to look after the said property personally, so I /We hereby authorise my/our said attorney to do the following acts, deeds, and things regarding the said property in my/our name and on my/our behalf: 1. To manage and control the said property in all respects and to represent me/us before each and every concerned authority on my/our behalf. 2. To make any correspondence with  any other concerned authority for the transfer/sale of the above property in the name of any other person(s) and to get the physical  possession of the property from 3. To deposit the dues and demands  of  any other  department and to make good any demands, levies or liabilities in respect of the said property on my/our behalf. 4. To enter into an agreement for sale with intending purchaser (s), to  receive the advance/earnest money  and to issue the receipt(s) for the same  his/her  own signatures. 5. To get the sale deed executed and get it registered before the consideration  in full and final in Cash/Cheque/Demand Draft/Pay Order in his/her own name or in  my/our name. 6. To apply for ITCC and to get the same from the concerned authority under his/her own signature, if necessary. 7. And  Generally  to  do  all  other  acts,  deeds  and  things  which  are  not  specifically mentioned  herein  should  be considered  as acts done by me/us if I /We was/were present. And I/we do hereby agree to confirm and ratify that all the acts, deeds and things done by my/our said attorney shall be construed as acts, deeds and things done by me/us personally if I/we was/were present. IN  WITNESS  WHEREOF,  THIS  GENERAL  POWER  OF  ATTORNEY  HAS  BEEN SIGNED BY ME/US AT         ON        DAY OF            MONTH OF            YEAR IN THE PRESENCE OF THE FOLLOWING WITNESSES WHO HAVE ALSO SIGNED BELOW :    Signature of Executant / Executants    WITNESSES: 1 2 General power of attorney format in Hindi सामान्य अधिकार पत्र स्टाम्प संख्या स्टाम्प क्रमांक दिनांक   यह है कि मैं/हम………………………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………….. अचल सम्पति कृषि भूमि स्थान—— तहसील—- जिला—– (राज्य) —- व जायदाद स्थित स्थान …………………………… खेवट/खतौनी/खसरा न0 —– तादादी— कनाल—- मरला/विघा— बिस्वा का— कुल हिस्सा क्षेत्रफल — कनाल—मरला/बिघा— बिस्वा—- वर्ग गज—- वर्गमीटर स्थित गांव/शहर—– हदबस्त न0—- तहसील—-जिला—— जमाबन्दी वर्ष —–तहसील —- जिला——  का मालिक व काबिज हूं / है । जिसकी बावत इन्तकाल व प्रबन्ध आदि करने मे असमर्थ हूं क्योकि मैं/हम बाहर रहता हूं/रहते है । इसलिये इन्तकाल व प्रबन्ध करने मे असमर्थ है । इसलिये वह अपनी तरफ से लेख लिखा लेने वाले को अपना सामान्य अधिकारी (मुख्त्यार आम) नियुक्त करते है । उसको निम्नलिखित कार्यो को करने हेतू अधिकार प्रदान किए जाते है । वह उक्त लेख लिखा देने की तरफ से कार्य अपनी उपस्थिति व अपने हस्ताक्षरों से सम्पादित कर सकेगा । लेख लिख देने वाले की सम्पत्ति पर जो भी हक, हिस्सा व अधिकार है, को लेख मे सम्पत्ति संबोधित किया जा रहा है । 1. उक्त सम्पत्ति की देख रेख व व्यवस्था करना, उक्त पर आरोपित कर की अदायगी करना किसी प्रकार की आपत्ति होेने पर उक्त का प्रतिनिधित्व व पैरवी करना । 2. उक्त सम्पत्ति या उसके किसी हिस्से को किराये पर या

Market cannibalization refers to a phenomenon that happens when there’s a decreased demand for a company’s original product in favor of its new product. When cannibalization occurs, the business experiences losses not just in sales volume but also in revenue and market share. Due to cannibalization, some companies opt not to release their new products because they don’t want the market share of their existing products to decline. What is Market Cannibalization? Market cannibalism is also known as corporate cannibalism. When a company manufactures a new product or introduces a new service, the goal is to attract a few of their existing customers and a large number of new customers. Unfortunately, things don’t always go as planned. Sometimes, the release of the new product into the market attracts a large proportion of its current customer base. Failing to increase the company’s market base results in corporate cannibalism. For illustration purposes, consider Company ABC, which is known for making high-end wristwatches. In an attempt to increase its customer base and subsequent revenues, ABC decides to manufacture another line of products – belt fob watches. The new watch becomes a hit among buyers, and the company sees a significant increase in its sales volume. However, it does not take long before the owners realize that sales of their original watches have taken a sharp fall. The reason? Their initial customers have stopped purchasing the older watch as they prefer the new belt-fob type. Importance of Market Cannibalization cannibalization can cost a company a significant amount of revenue. It often happens when a company fails to perform due diligence before launching its new product. In some instances, the new product does not only hurt a company’s sales volume and revenue. The worst-case scenario is that the original product gets phased out of the market entirely. However, sometimes a business intentionally cannibalizes its existing product with a new one. Why would a company introduce a new product line knowing very well that it’s going to jeopardize the existing one? – As a strategy for growing and expanding its operations. Assume that ABC, the watch-making company, has been producing luxury watches for a while. However, for some reason, the watches don’t appeal to the intended target audience. Instead of producing a completely new product, the company decides to tweak its existing lux watch. The improvements are meant to attract the same consumers in the market. How to Prevent Market Cannibalization? 1. Identify the specific markets for each of the products In such a way, it’s easy to determine what gap the existing product fills and the specific consumers that the item serves. All of this is information that company owners need to have before deciding to launch a similar or new product. 2. Assess the possible market demand for the proposed new product In particular, determine how much net income the new product is likely to bring in. This means that one will need to evaluate the production costs incurred versus the benefits, which are in the form of new revenue. It’s important to note that new products don’t always lead to higher revenue. They may increase sales volume in the short term but cause revenue to fall in the long term. In such a case, then a company is better off sticking with their original product. FAQs What is cannibalization in the context of business? Cannibalization in business refers to a situation where the introduction of a new product or service from a company diminishes the sales or demand for its existing products or services, particularly when the new offering competes directly with the company’s own products or services. How does cannibalization occur in business? Cannibalization can occur when a company introduces a new product or service that overlaps significantly with its existing offerings. Customers may switch their purchases from the existing products to the new one, leading to a reduction in sales and revenue for the original products. 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Narcotic drugs and psychotropic substances can be imported and exported subject to the following restrictions: import and export of narcotic drugs and psychotropic substances listed in Schedule I to the NDPS Rules is prohibited. Import of opium, concentrate of poppy straw, and morphine, codeine, thebaine and their salts is prohibited except by the Government Opium Factory. However, certain manufacturers who require these substances only for export, and importers of samples of these substances up to 1 kg in a year can import the substances after following the due procedure, provided they are notified by the Government to do so. Export of some psychotropic substances is not permitted to specific countries. These substances and the countries to which each substance cannot be exported are listed in Schedule II of the NDPS Rules, 1985. To import any narcotic drug or psychotropic substance, one should apply for and obtain an import certificate from the Narcotics Commissioner for each consignment. To export any narcotic drug or psychotropic substance, one should apply for and obtain an export authorization from the Narcotics Commissioner for each consignment. Meaning of Drugs Section 3(b) of the Drugs and Cosmetics Act,1940 defines “drug” to include all medicines and devices for the use of human beings or animals internally or externally, and all substances planned to be used for or in the diagnosis, mitigation, treatment, or prevention of any disorder or disease in animals or human beings, including preparations applied on the human body for the purpose of repelling insects like mosquitoes; it also includes all substances that can be used for the destruction of insects and all components of a drug – like empty gelatin capsules. The definition was amended in 1964, to include Ayurvedic and Unani Drugs. Purpose of Drug Licence The access to medicines and drugs must be restricted and regulated to ensure that such goods are not abused or misused by individuals. Thus, all pharmacists, wholesalers, retailers, manufacturers, sellers, dealers and importers of drugs, cosmetics, ayurvedic, Siddha and Unani drugs have to mandatorily obtain drug license under the Drugs and Cosmetics Act, 1940. The purpose of the drug license is to grant permission to allow enterprises or individuals to engage in businesses related to drugs and cosmetics. No enterprise or individual can operate a business dealing in drugs, medicines or cosmetics without obtaining a drug license in India. In addition to a drug license, they must also obtain a trade license and a shop and establishment registration. The Drugs and Cosmetics Act, 1940 and the Drugs and Cosmetics Rules, 1945, help the government regulate and monitor the quality of drugs sold in India. The government exercises control over drugs from the raw material stage during manufacture, sale, distribution and till it is sold on to a patient or consumer by a pharmacist in a retail pharmacy, hospital or dispensary. The government also exercises control in the aspects related to import and export of medicines, sale of the drug to a minor, consumption of schedule H & X drugs, etc., that requires thorough monitoring and cautious execution. The drug license is granted by the drug controlling authority under the Drugs and Cosmetics Act, 1940. Drug Controlling Authority or Regulatory Authority State Drugs Standard Control Organisation (SDSCO) – Issues licenses for the sales, distribution, and manufacture of drugs regulated by the state authorities. Central Drugs Standard Control Organisation (CDSCO) – Responsible for approving and issuing licenses for the newly made drugs and clinical trials of drugs. It also controls the quality of the imported drugs and coordinates with the SDSCO. State Drug Controlling Authority with approval by the Central License Approving Authority – Issues licenses for establishing blood banks and their components and products like Vaccines, Sera, etc. Department of Ayush – Issues licenses for ayurvedic, Unani, Siddha, homoeopathic and herbal products for cosmetic and medical use. Types of Drug License Manufacturing License– License issued to a business that manufactures drugs inclusive of allopathic/homoeopathy medicines. Sale License – License issued for the sale of drugs. It has the following bifurcations: – Wholesale Drug License – Retail Drug License Wholesale License – A drug wholesaler must obtain a wholesale licence. Wholesale means the sale of the drug to a person/retailer to further sell it. Retail License – A retail license is required for the retail sale of drugs. A retail sale means the sale of drugs or cosmetics for the consumption of the end consumer. Retailers can sell it to a dispensary, hospital, educational, medical, or research institute. Retailers engaged in pharmaceuticals, cosmetics, stand-alone pharmacists, ayurvedic shops, etc need this license. Loan License – License issued to a business that does not own the manufacturing unit but uses the manufacturing facilities of another licensee to manufacture drugs. Import License – License issued to any dealer importing the products for the manufacturing of drugs or is engaged in the business of importing drugs in India. Multi-Drug License – License issued to businesses that own pharmacies in multiple states with the same name. Application for a Drug License Visit the respective drug controlling authority website The applicant must visit the respective drug controlling authority (SDSCO, CDSCO or Ayush) depending on the type of license he/she is applying for since each drug controlling authority is responsible for the issue of different types of drug licenses.  Filing of application- The applicant must file the drug license application online on the respective drug controlling authority website. The applicant must fill all the details asked in the application form. Upload documents- After filling in the details on the application form, the next step is to upload the documents and submit the form along with the applicable fees. The applicant must keep all the documents updated before filing the application. Visit by drug inspector-After receiving the application form, the drug Inspector will personally visit the company premises, shop or the drugstore for the verification of documents and correctness of facts stated in the application. Grant of the drug license- After inspection and verification by the drug inspector, the drugs controller will issue the drug license. FAQs Who