The term “Intellectual Property” has internationally been recognized as covering Patents, Industrial Designs, Copyright, Trademarks and technical know-how and confidential information. It plays a crucial role in the development of Industry, Commerce and trade and in the growth of creative effort in almost every field of human effort. Further, it may be defined as creations of the human mind and thereby Intellectual Property Rights (IPRs) are legal rights governing the use of such creations.