User:Ansachdev/sandbox

= TRADE SECRET LAW IN INDIA = A trade secret may refer to a practice, process, design, instrument or a compilation of data or information relating to the business which is not generally known to the public and which the owner reasonably attempts to keep secret and confidential. Businesses must ensure that they adequately protect their business processes, technical know-how and confidential information from competitors for getting an economic advantage over them. Currently there is no law on trade secrets in India and mostly the claims are based on breach of confidence/trust or principles of equity.

ELEMENTS
The Trade Related Aspects of Intellectual Property Rights (TRIPS) lays down three essential conditions which are to be fulfilled by any information before it can be considered undisclosed information (trade secret), they are:-

· Such information must be secret, i.e., not generally known or readily accessible to "persons within the circles that normally deal with the kinds of information in question."

· the information must have commercial value because it is secret and,

· the information must be the subject of reasonable steps by its owners to keep it secret.

REMEDIES
The remedies available to the owner of trade secrets is to obtain an injunction preventing the licensee from disclosing the trade secret, return of all confidential and proprietary information and compensation for any losses suffered due to disclosure of trade secrets.