Page 12 - Cci

CCI clears stake acquisition in RCap by IIHL, IIHL BFSI (I) Ltd, Aasia

Fair trade regulator Competition Commission of India on Wednesday said it has cleared the proposed stake acquisition in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital Ltd (RCL) is an RBI-registered non-banking, non-deposit-taking systemically important company (NBFC-CIC-ND-SI). It is engaged in the financial service sector. The combination relates to the acquisition of a controlling stake in Reliance Capital Ltd by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Post the completion of the transaction, IndusInd Bank, along with other entities, will have a controlling stake in Reliance Capital. "Commission approves the proposed acquisition of the control/stake in Reliance Capital Limited by IndusInd International Holdings Limited, IIHL BFSI (India) Limited, and Aasia Enterprises," CCI said in a post on X. In July, Hinduja group-owned IndusInd International Holdings (IIHL), th

PCBL Ltd receive CCI approval for Aquapharm Chemicals acquisition

Anti-trust regulator CCI has approved speciality chemicals major PCBL Ltd's proposed acquisition of a 100 per cent stake in Aquapharm Chemicals, according to a notice. The Competition Commission of India (CCI) has granted its approval to the deal under the green channel route. Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator. PCBL Ltd is engaged in the manufacturing and sale of carbon black, and green power generation. The transaction relates to PCBL's proposal to acquire 100 per cent equity share capital of Aquapharm Chemicals from the existing shareholders of the company i.e., (members of Desai Group and Mangwani Group), CCI said. After the completion of the transaction, Aquapharm Chemicals will be a wholly-owned subsidiary of PCBL Ltd. Aquapharm Chemicals Pvt Ltd (ACPL) is a Pune-based speciality chemicals company engaged in manufactu

CCI clears Alpha Alternatives Group stake purchase in Dilip Buildcon

Fair trade regulator Competition Commission of India (CCI) has granted an approval to Alpha Alternatives Group for the acquisition of a 10 per cent stake in Dilip Buildcon, according to a notice. The CCI cleared the deal under the green channel route. The transaction involves the acquisition of 9.99 per cent of the equity stake in DBL by way of subscription to warrants by Alpha Alternatives Holdings Pvt Ltd (AAHPL), and its other entities, the CCI said in the notice on Friday. The commission has also approved the acquisition of 26 per cent equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL's Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates. The SPVs operate Hybrid Annuity Model (HAM) projects (constructed and under-construction projects) engaged in the road infrastructure sector in India. AAHPL is a multi-asset class asset management firm that raises capital and manages investments on behalf of its clients. In November, engine

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

Disney-Reliance merger may be beset with antitrust headaches: Experts

One key area of regulatory scrutiny for a Disney-Reliance merger would be their streaming businesses and their power over advertising during cricket

Billing system case: Google withdraws appeal against Delhi HC order

The CCI said it has no objection to the withdrawal

CCI clears Mirae Group's minority stake buy in Shadowfax Technologies

Fair trade regulator Competition Commission of India (CCI) on Tuesday cleared Mirae Group entities' acquisition of a minority stake in Shadowfax Technogies. The Mirae Group entities undertake venture investments and are ultimately directly or indirectly controlled by the global investment manager Mirae Group. "The commission approves the proposed acquisition of minority stake in Shadowfax Technologies Private Limited by the Mirae Group Entities," according to a post by CCI on social media platform X on Tuesday. Shadowfax Technologies provides logistics services, and third party (3P) logistics services in the country. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Renault, Nissan get CCI nod for rebalancing of existing cross-shareholdings

The Competition Commission of India (CCI) on Thursday said it has approved the deal involving the re-balancing of the existing cross-shareholdings between Renault and Nissan. Renault and Nissan are engaged in the sale of passenger vehicles and automotive parts through their wholly-owned subsidiaries Renault India Pvt Ltd (RIPL) and Nissan Motor India Pvt Ltd (NMIPL). The combination relates to the re-balancing of the existing cross-shareholdings between Renault SA and Nissan Motor Co Ltd and certain changes to the shareholding of two of their joint ventures in India, Renault Nissan Automotive India Pvt Ltd and Renault Nissan Technology & Business Centre India Pvt Ltd, according to an official release. As part of the rebalancing effort, Nissan, through Nissan Finance Co Ltd, will retain its 15 per cent stake in Renault. Meanwhile, Renault will transfer 28.4 per cent of Nissan shares into a trust estate administered by a trustee governed by French law. Renault will continue to ...

CCI becomes member of International Competition Network's steering group

Competition Commission of India (CCI) on Wednesday said it has become a member of the steering group of the International Competition Network (ICN). The ICN comprises 140 competition agencies from 130 countries. "CCI joins the prestigious Steering group of International Competition Network (ICN) as a member at the ICN Annual Conference 2023 at Barcelona, Spain after consistent efforts. "ICN consists of 140 competition agencies and is guided by its apex body -- Steering Group of 18 members," according to a post by CCI on social media platform X. An official said this is the first time that the CCI has become a member of the ICN's steering group and the membership is for two years. The ICN provides competition authorities with a specialised yet informal venue for maintaining regular contacts and addressing practical competition concerns, according to its website.

What are NCLT and NCLAT? Why has the Supreme Court accused them of 'rot'?

The NCLT and NCLAT are quasi-judicial bodies that hear cases related to Indian companies and came in for criticism from the Supreme Court on Wednesday

CCI seeks inputs on draft to offer incentives to cos for info on cartels

Competition Commission has sought stakeholders' comments on draft leniency plus regulations that will offer incentives to companies already under probe for cartelisation for providing information about other cartels. As incentives, the entity giving information could get an additional reduction in monetary fine could be as much as 30 per cent with regard to the first cartel besides a reduction in penalty of up to 100 per cent in respect of newly disclosed cartels. The framework is designed to create an additional incentive for companies to cooperate with antitrust authorities in identifying and addressing cartel activities, ultimately promoting fair competition. The Competition (Amendment) Act, 2023 has introduced 'lesser penalty plus' and withdrawal of 'lesser penalty'/'lesser penalty plus' applications in the existing framework, to incentivise an existing LP applicant in respect of the first cartel to give full, true and vital disclosures about a second cartel unknown to the ...

CCI approves merger of IDFC Ltd with its subsidiary IDFC FIRST Bank

Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the merger of IDFC Ltd with IDFC FIRST Bank. IDFC FIRST Bank is in the business of providing banking services, while its parent IDFC Ltd (IDFCL) is an RBI-registered non-banking financial company. The deal is subject to conditions, including the merger of IDFC Financial Holding into IDFC Ltd in the first step and subsequently, the amalgamation of IDFCL with IDFC FIRST Bank. Further, CCI also approved the cancellation of the existing shares held by IDFC Financial Holding in IDFC FIRST Bank and then the issue of new shares of the bank to IDFCL's shareholders. IDFC Financial Holding is a non-operative financial holding company registered with the Reserve Bank of India (RBI). The Competition Commission said it has approved the deal under the green channel route. "There are no horizontal overlaps or vertical/complementary linkages between the business activities of the parties in the country. "Given the a

CCI brings draft Leniency Plus rules for cartels, invites comments

The Leniency Plus regime was introduced in the new Competition (Amendment) Act, 2023, although several provisions of the Act are yet to be notified

CCI clears acquisition of Hitachi Astemo by HMCL, Japan Investment Corp

Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has cleared the acquisition of certain shareholding in Hitachi Astemo Ltd (HAL) by Japan Investment Corporation and Honda Motor Co Ltd (HMCL). The proposed deal relates to the acquisition of 20 per cent voting rights in HAL by JICC, an affiliate of Japan Investment Corporation, together with certain control rights, board representation and other rights, according to an official release. JICC-01 Ltd Partnership is managed by JICC G.K, an affiliate of the Japanese government's sovereign wealth fund Japan Investment Corporation (JIC). Also, the regulator approved the acquisition of an additional 6.6 per cent of voting rights in HAL by HMCL, such that 40 per cent of the voting rights in HAL are held by HMCL. In addition, CCI also gave its nod to the acquisition of a 49 per cent stake in Hitachi Astemo Electric Motor Systems (HAEMS) by HAL, such that 100 per cent of the shareholding of HAEMS is held by ...

CCI's Leniency Plus norms soon to push companies to report cartels

The CCI is also planning to launch a study into the Artificial Intelligence market to check if there are possibilities of anti-competitive practices and how they can be addressed

NCLAT set aside CCI order imposing penalty of Rs 38 cr on 18 sugar mills

The NCLAT on Tuesday set aside a CCI order, imposing a penalty of Rs 38.05 crore on 18 sugar mills and two trade associations in 2018 in a case related to a joint tender floated by oil marketing companies for procurement of ethanol for blending with petrol. The appellate tribunal said the order passed by the fair trade regulator Competition Commission of India "suffers from illegality" and "does not comply with the requirement of adherence to the principle of natural justice". The quorum of CCI that heard the final arguments did not pass the necessary orders within a reasonable period of time, and by the time, the orders were pronounced in the case, one member was not present in at least four later hearings, and two members had demitted office, and therefore they did not participate in the decision making nor sign and authenticate the final order, said the National Company Law Appellate Tribunal (NCLAT). A two-member NCLAT bench also said that CCI passed the order on September 18, .

CCI probing Google, Apple for alleged unfair biz practices: Chairperson

Competition Commission of India (CCI) is probing Google and Apple for alleged unfair business practices, the regulator's Chairperson Ravneet Kaur said on Tuesday. The watchdog had ordered detailed investigations against Google with respect to its alleged abuse of dominance in the smart television segment and in the news content space. Speaking to reporters here, Kaur said the matter related to Google and smart television is under the commission's inquiry. Currently, the investigation is on in the matter of the news publishers' complaint against Google, she said. To another query, Kaur said that Apple is also under investigation. "Once we receive the report from the DG, (and) CCI, we will take action," she added. The regulator had ordered an investigation against Apple for alleged anti-competitive practices with respect to its App Store. The Director General (DG) is the investigation arm of the CCI. Cases where the regulator finds prima facie evidence of anti-competitive practice

SC to hear Google's appeal against CCI penalty of Rs 1,338 crore in Jan

The hearing was initially scheduled for 11 October but was postponed to January due to Constitution bench hearings

InGovern flags concerns with FinMin about Flipkart hiring ex-CCI Officer

InGovern suggests that the integrity of the ongoing CCI probes into e-commerce behemoths Flipkart-Walmart and Amazon is questionable

GST Council meet on Oct 7, may review progress in anti-profiteering cases

Zero cases disposed of in Q1 after NAA gets subsumed into CCI