“IPAAC, NLUO organized its 2nd Webinar on the topic ‘Intellectual Property Audit’ on 4th June 2020”.

IPAAC, NLUO organized its 2nd Webinar on the topic ‘Intellectual Property Audit’ on 4th June 2020.

 

The Intellectual Property Analysis and Advocacy Centre (IPAAC) of National Law University Odisha in collaboration with premier Indian law firm S.S. Rana & Co. organized its 2nd Webinar on the topic ‘Intellectual Property Audit’on 4th June 2020. In line with the objectives of IPAAC, the webinar was beneficial in familiarising students and practitioners with the practical aspects of the importance of Intellectual Property Law focussing this time on IP Audits. The webinar was attended by over 150 legal practitioners, students and keen learners.

The speaker for the webinar was highly distinguished legal practitioner Mr. Vikrant Rana(Managing Partner, S.S. Rana & Co. and Advocate-On-Record, Supreme Court of India). Mr. Vikrant Rana has rich industry experience in the field of Intellectual Property Law of over 18 years. Armed with extreme depth of knowledge with working with many eminent companies of global repute, he is well acquainted with modern market trends and exudes a practical business approach and expertise.

Mr. Rana started with instances when billions of dollars have been at stake in Multi-National Company takeovers, purchases and Mergers & Acquisitions establishing the need for IP Audit in such scenarios. He gave multiple case studies about Volkswagen Qualcomm, IBM, Honeywell International, Texas Instruments etc. to necessitate the process of IP Auditing. He very swiftly laid out the basics of IP Assets which is essential and simplifying concepts to make it easier for the audience to understand. Then, he elaborated on how Intellectual Property can be used as a revenue generator tool and why IP Audits are at the heart of that mechanism.

He started with the significance of IP Audits in the corporate business structure explaining some popular doubts about the exact inclusive definition of the same. With a plethora of practical experience, he elucidated when are IP Audits necessary for conglomerates to ensure smooth functioning and asset maximisation. He then explained the difference between General IP Audit and Event-Driven IP Audit with a few examples distinguishing the different times at which each of them is required. He rounded off the discussion with the planning structure of an IP Audit, its preparation process and its anticipated results.

The questions asked by the audience were articulate and added value to the quality of the webinar. The questions touched important queries regarding IP valuation, the role of IP Auditors, the availability of records of IP audits. The webinar proved to be a remarkable success thanks to the efforts of members of IPAAC, S.S. Rana & Co. and a very interactive and participative audience.