Are the Trade Secrets in India Satisfactorily Protected?
P. Nikhil Nair
Vivekananda Institute of Professional Studies, GGSIP University, New Delhi
The opening up of the world market has increased the significance of Trade Secrets on a global scale. An information which is so much valuable to an organization needs adequate protection and an information of such magnitude requires specialized and specific laws for it to be monitored. It is a matter of great concern that a developing country like India having a rich pool of intellectual property talent has been unable to provide for an exclusive legislation to the most important leg of IP- Trade Secrets. One of the most unique facts about Trade Secrets is that it can manage to fall well within the ambit of Common Law and most importantly the Contract Act. This paper aims to throw light on the protection of trade secrets in India on the basis of the Indian Contract Act and the Law of Torts. However, the paper also manages to put forward the view that an information that precious needs to be exclusively managed by a specific legislation of its own and that the following of the Contract Act has proven to be inconsistent on a number of occasions. The paper seeks to apprise you with the Protection of Trade Secrets in the Indian sphere and how a legislation for Trade Secrets is the need of the hour in the country. The paper also paints a brief picture on the obligation to create laws for Trade Secrets by virtue of it being a signatory to TRIPS. On a comprehensive yet a non- exhaustive research on the Protection of Trade Secrets in India by using multiple sources such as Law Journals, Commentaries and Case laws opens to the readers a very obvious but an extremely important question. Are Trade Secrets in India satisfactorily protected?
‘A trade secret is like the Chinese whisper in the IPR World.’