Page 6 - Competition Commission Of India

CCI nod for Religare stake buy deal without prejudice, says legal expert

The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. "CCI's approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45)," Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.

CCI nod for Religare stake buy deal without prejudice, says legal expert

The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. "CCI's approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45)," Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.

Religare shares gain 4.6% after CCI approves Burman stake buy in company

Entities controlled by the family will need Sebi's approval to launch an open offer

CCI approves JSW Ventures' proposed stake acquisition in MG Motor India

Fair trade regulator CCI on Tuesday said it has granted approval to JSW Group's proposed acquisition of a stake in MG Motor India Pvt Ltd. MG Motor India is a wholly-owned subsidiary of Shanghai-headquartered SAIC Motor. The deal is to be done through JSW Ventures Singapore Pte, a newly incorporated entity that is part of the Sajjan Jindal-led JSW Group. The proposed transaction relates to the acquisition of up to approximately 46 per cent of the share capital of the MG Motor India Pvt Ltd along with certain special rights by the JSW Ventures Singapore Pte, as per the notice submitted to the Competition Commission of India (CCI) by the entities. As per an update on CCI's website on Tuesday, the regulator has approved the proposed deal.

CCI clears merger of Fincare Small Finance Bank with AU Small Finance Bank

The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank, as per an exchange filing on Tuesday. In October last year, the board of directors of AU Small Finance Bank (AU SFB) and that of Fincare Small Finance Bank (Fincare SFB) approved an all-stock merger of AU SFB and Fincare SFB. As per the terms of scheme of amalgamation, Fincare Business Services, promoter of Fincare SFB, shall infuse Rs 700 crore into Fincare SFB prior to the completion of the merger. "...CCI vide its letter dated January 23, 2024 has communicated that CCI in its meeting held on January 23, 2024, considered and approved the proposed combination involving amalgamation of Fincare Small Finance Bank Limited into and with AU Small Finance Bank...," AU SBF said in the filing to stock exchanges. The lender further said the scheme remains subject to the Reserve Bank of India's approval. Shares of AU SFB ended at Rs 715.95 apiece on the BSE on Tuesday

Striking balance: CCI may tailor penalties for global corporations

The base penalty would be calculated on a company's relevant turnover, which is the turnover related to the product or service infringing on the law in the domestic market

SC to hear Google's plea against CCI fine of Rs 1,337.76 crore on April 30

Senior advocate Harish Salve, appearing for Google and Addl Solicitor-General Venkatraman appearing for CCI said it will take both sides 4 days to argue the case as there are new points to be raised

CCI okays Manipal Health Enterprises stake sale to Abu Dhabi investment arm

Fair trade regulator Competition Commission of India (CCI) on Monday cleared Seventy Second Investment Company's proposed stake acquisition in Manipal Health Enterprises. The deal has been approved under the green channel route. Manipal Health Enterprises operates a network of hospitals providing multi-specialty care. It has a presence through 27 hospitals in 14 cities in the country. The combination relates to Seventy Second Investment Company proposal to acquire an equity stake in Manipal Health Enterprises Pvt Ltd, CCI said. Seventy Second Investment Company is an investment entity, wholly-owned by the investment vehicle of the Government of Abu Dhabi and is incorporated in the Emirate of Abu Dhabi, United Arab Emirates. "The activities of the parties (including their affiliates) do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets," the competition watchdog said in its notice. Therefore, the proposed combination is being

No headway on digital competition law as committee term ends

The panel is looking at various regulatory aspects in dealing with challenges emerging from the digital economy

Govt probes DHL, FedEx, UPS for alleged collusion on discounts & tariffs

Competition Commission of India (CCI) has begun reviewing hundreds of thousands of emails as it investigates the fees companies charged for airport services

CCI invites comments on proposed regulations on turnover of enterprises

The Competition Commission of India has proposed that indirect taxes, trade discounts, and intra-group sales will not be considered while computing the turnover of an entity for imposing a penalty for any violation of the rules. The fair trade regulator has invited stakeholder comments on the proposed regulation by January 12 next year, according to a notice. The measure is aimed at framing norms for the purpose of imposition of penalties on enterprises and persons based on turnover or income of such enterprises and persons. "Turnover or income, as the case may be, includes the total value of sales or revenue or receipts, by whatever name called, and other operating income, as per the audited financial statements maintained by such enterprise. The turnover or income shall exclude indirect taxes, trade discounts, and intra-group sales, if any. "The Competition (Amendment) Act, 2023, inter alia, amended Section 27, 48 and Section 64 of the Act empowers the CCI to frame regulations fo

Ansuman Pattnaik to replace Atul Verma as CCI's new head of investigations

Pattnaik has 28 years of experience working in various positions in the Indian government. He also worked at the CCI during 2014-2019 in its investigations unit and was head of the unit briefly

From local to global: Competition Law gained much traction in 2023

The year 2023 has seen Competition Law gaining traction both in India and globally

CCI proposes fees to file applications, seeks stateholders' comments

The CCI has proposed introduction of fees for filing miscellaneous applications in a bid to expedite case disposal by discouraging unnecessary requests and fostering a more disciplined approach to proceedings. The fair trade regulator has invited stakeholder comments on the proposed regulation. The measure is aimed at streamlining the process and ensuring a more efficient resolution of cases before the commission. "In order to monitor and tracking of interlocutory application for speedy disposal of cases, every such application is required to be registered in running number and to be accompanied with a certain fee," CCI said in its notice. The Competition Commission of India (CCI) has invited stakeholders to submit their comments by January 1, 2024 on the draft amendment in CCI (General) Regulation 2009, the regulator said in a notice on Tuesday. The proposed amendment will involve levying fees for applications that seek adjournments, extensions, cross-examinations, the establishm

Indian developer community cheers Epic Games win against Google in the US

In the latest case, the jury also observed that the company hurt competition by tying Google Play store with its payment services

Explained: Epic Games' win against tech giant Google in US Federal Court

A US Federal Court has said that Google has turned the Google Play app store and Google Play Billion service into an illegal monopoly. But what is the Epic vs Google case? Here's all you need to know

Penalty stayed on NTPC for non-disclosure of private firm stake acquisition

The National Company Law Appellate Tribunal (NCLAT) has stayed a CCI order that imposed a penalty on state-owned power producer NTPC for not disclosing the acquisition of 35.47 per cent equity share capital in Ratnagiri Gas & Power Private Ltd. The Competition Commission of India on August 22, 2023, imposed a penalty of Rs 40 lakh on NTPC for non-disclosure of its acquisition of 35.47 per cent of the equity share capital in Ratnagiri Gas & Power Private Ltd (RGPPL). This was challenged by NTPC before the NCLAT, which is an appellate authority over the orders passed by the Competition Commission of India (CCI). A two-member bench directed to list the matter on February 27, 2024, for the next hearing on NTPC's appeal and stayed the operation of order passed by the Competition Commission of India (CCI). "Till next date of hearing the operation of the impugned order dated 22.08.2023 passed by the CCI shall remained stayed," said NCLAT passed earlier this week. NCLAT directed CCI ..

Billing system case: Google withdraws appeal against Delhi HC order

The CCI said it has no objection to the withdrawal

Competition Commission clears Emirates Telecom Group-Vodafone deal

Fair trade regulator Competition Commission of India (CCI) on Wednesday cleared Atlas 2022 Holdings' additional stake acquisition in Vodafone Group Plc. Atlas 2022 Holdings is a wholly-owned subsidiary of Abu Dhabi-based Emirates Telecommunications Group Company PJSC (formerly known as Etisalat Group). The combination relates to Atlas 2022 Holdings Ltd's proposal to increase its voting rights/shareholding in Vodafone from 14.6 per cent to less than 25 per cent in Vodafone Group Plc. "CCI approves the proposed acquisition by Atlas 2022 Holdings Limited to increase its shareholding in Vodafone from 14.6% to less than 25% in Vodafone Group Plc," according to a post by the competition watchdog on social media platform X on Wednesday. Vodafone is a British telecommunications operator which provides mobile and fixed-line connectivity services, to customers predominantly across Europe, Africa and Asia. In another deal, CCI also approved the stake acquisition by Abu Dhabi Ports Company in

Competition Commission names Sanjay Pandey as interim investigations head

Pandey has worked at the Competition Commission of India (CCI) for almost 14 years and is also an adviser in its advocacy and international cooperation division