Page 10 - Cci

CCI gives nod to $8.5 bn Disney-Reliance media assets merger deal

CCI's nod comes with subject to "certain voluntary modifications"

Aiming to enhance efficiency, CCI proposes changes to recruitment rules

The Competition Commission of India has proposed changes to the recruitment rules, aiming to support the regulator's professional and administrative capacities in light of its growing obligations. These modifications are a vital step towards improving the CCI's effectiveness, given its enlarged mandate. The draft amendments pertain to the CCI (Salary, Allowances, Other Terms and Conditions of Service of the Secretary and Officers and Other Employees of the Commission and the number of such Officers and Other Employees) rules. These changes necessitate the recruitment of additional officers at the feeder level to ensure efficient and timely bound manner. In a consultation paper released by CCI, the regulator proposed "introduction of direct recruitment at level-10 and level-8 of the 7th Central Pay Commission (CPC) for professional and administrative stream officers, respectively". "For IT stream, it is proposed to have direct recruitment at Level-10 of 7th CPC", it added. The ...

CCI seeks Apple's reply on alleged violation of competition norms

Fair trade watchdog CCI has sought a reply from Apple on the investigation report which has found that the technology major allegedly violated competition norms with respect to its App Store, according to sources. The sources said the supplementary investigation report by the regulator's Director General (DG) has concluded that Apple allegedly abused its market dominance in the relevant market, violating various provisions of Section 4 of the competition law. In December 2021, Competition Commission of India (CCI) ordered a detailed probe against Apple after prima facie finding that the company abused its market dominance. The sources said the regulator was not satisfied with the initial report submitted by the DG and sought another probe on specific aspects. The supplementary investigation report was submitted to the CCI in June, they added. The watchdog has sent the non-confidential version of the report to Apple for its reply, the sources said and added that final hearings will

CCI sends antitrust queries to Reliance, Disney for $8.5 bn merger: Report

The CCI has also asked the companies details on which entity owns which sports rights and for how long, as well as information on who had bid for them previously

CCI antitrust probe finds Apple abused position in apps market: Report

The Indian investigation report comes as Apple faces increased antitrust scrutiny in other regions

Mitsubishi Corp gets CCI's approval to acquire stakes in two TVS group cos

The Competition Commission of India (CCI) on Tuesday said it has cleared Mitsubishi Corporation's proposed acquisition of stakes in TVS Certified and TVS Vehicle Mobility Solution. TVS Certified Pvt Ltd is engaged in the business of the sale of used vehicles by conducting auctions, mainly through offline channels in physical auction yards. "The proposed combination relates to Mitsubishi Corporation (Acquirer) acquiring an equity stake in TVS Certified Pvt Ltd (Target 1) and TVS Vehicle Mobility Solution Pvt Ltd (Target 2)," CCI said in a release. Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses in 90 countries. TVS Vehicle Mobility Solution is engaged in the business dealership and distribution of commercial vehicles, passenger vehicles and motor vehicle services and undertaking dealership and distribution of spare parts for vehicles for a specific manufacturer. In another release, CCI granted its clearance to BlackRock Fundi

CCI proposes amendments to general rules, seeks feedback from stakeholders

Fair trade regulator Competition Commission of India (CCI) has sought stakeholder comments on the proposed amendments to the CCI (General) Regulations, 2009, following recent changes to the Competition Act. The amendments came from the Competition (Amendment) Act, 2023, which introduced new provisions and updating the existing ones in the Competition Act, 2002. The CCI has proposed updates to align the general regulations with the latest framework. As part of the proposed changes, the competition watchdog has detailed a process for implementing and monitoring its orders under various sections of the Act. This includes the appointment of independent agencies to oversee the implementation of the orders. These agencies, which could include, accounting firms, management consultancies, or professional organisations, will ensure compliance and reporting to any non-implementation to the CCI. Further, it will also maintain the confidentiality and avoid conflicts of interest. Additionally

CCI draft regulations: Company commitments to be closely watched

The monitoring agencies may include an accounting firm, management consultancy, any other professional organisation or chartered accountants, company secretaries or cost accountants

Cintra receives CCI's approval to acquire 24% stake in IRB Infra Trust

The Competition Commission of India (CCI) on Tuesday said it has approved Cintra's proposed acquisition of 24 per cent unitholding in IRB Infrastructure Trust and MMK Toll Road Pvt Ltd. Cintra InvIT Investments BV (Cintra SPV 1) and Cintra IM Investments BV (Cintra SPV 2) collectively belong to the Netherlands-based Ferrovial group. "The proposed combination involves the acquisition of approximately 24 per cent of the issued and outstanding unitholding (on a fully-diluted basis) along with certain commercially negotiated rights in the Private InvIT (IRB Infra Trust) by Cintra SPV 1. "Simultaneous acquisition of approximately 24 per cent equity shareholding along with the right to nominate a director on the board of directors of the IM of the Private InvIT by Cintra SPV 2," CCI said in a release. Ferrovial group is a global developer of transport infrastructure, mobility solutions, engineering and is engaged in the construction of civil works and buildings. The sponsors of IRB ...

Shinhan Bank receives CCI approval to acquire 11% stake in HDFC Credila

The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank's proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services. Part of the Shinhan Financial Group, Shinhan Bank Co Ltd is a multinational bank, which commenced operations in India in 1996. "The proposed combination relates to the acquisition of up to approximately 11 per cent shareholding by Shinhan Bank in HDFC Credila by way of subscription to shares of HDFC Credila," CCI said in a release on Tuesday. HDFC Credila Financial Services, is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking financial company. It is primarily engaged in the business of providing education loans in India and overseas. In another release, the competition watchdog granted its approval to Matrix Pharma to acquire 100 per cent stake in Tianish Laboratories. The acquisition will be funded in part by an investment proposed to be made by the investors in optionally convertible debent

CCI extends deadline of bidding for AI impact research to June 28

Fair trade regulator CCI has issued clarifications on the bidding for conducting the study on artificial intelligence and its impact on competition, and has extended the deadline for submission of bids till June 18. Earlier, the deadline for the bids was June 3. In a set of clarifications, the Competition Commission of India (CCI) said bids cannot be submitted through a consortium or a joint venture. Among other eligibility requirements, the minimum annual turnover of Rs 50 crore has been retained for the bidders. "The Request For Proposal (RFP) does not provide for submission of bids through a consortium or joint venture. Turnover of the group companies may, however, be included only to meet the eligibility criterion of Rs 50 crore," the regulator said in a communication dated May 24. The last date for submission of bids is June 18 and the financial bids will be opened on July 11. The study will cover various aspects, including the ways AI-driven personalised recommendations, ...

CCI in process of notifying merger control norms, says Ravneet Kaur

Kaur said that CCI is strengthening its international outreach to exchange best practices and enhance capabilities in a globalised economy

Raft of exemptions for government companies covers Sebi, MCA, CCI

The rules surrounding MPS requirements have differed for PSUs compared to their private sector counterparts

CCI checks if Pernod colluded with New Delhi retailers to boost mkt share

Competition Commission of India is reviewing the case and can order a full investigation, or dismiss the accusations if not borne out, said a source

CCI clears International Finance Corp's acquisition of debentures in Napino

Fair trade regulator CCI on Tuesday said it has approved the proposed subscription to compulsory convertible debentures of Napino Auto and Electronics Ltd by International Finance Corporation. International Finance Corporation (IFC) is a member of the World Bank Group. It helps developing countries achieve sustainable growth by financing private sector investment and providing advisory services to businesses and governments. The Competition Commission of India (CCI) has approved subscription to compulsory convertible debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by International Finance Corporation, CCI said in a release. Napino is engaged in the business of automotive electronics and components in India. It manufactures electrical and electronic products primarily for two-wheelers and a small segment of three-wheeler and four-wheeler vehicles. Further, through its affiliates, Napino also provides certain Electronic manufacturing services (EMS)/ Original Design

CCI set to study impact of AI on competition, efficiency and innovation

"The transformative capabilities of AI have significant pro-competitive potential; at the same time, there may be competition concerns emanating from the use of AI," the CCI stated

CCI clears Axis Bank's proposed acquisition of stake in Max Life Insurance

Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company Ltd. Last year in August, the company announced a capital infusion by Axis Bank by issuance of 14.25 crore equity shares to help Max Life to support its future growth ambitions, augment its capital position and improve solvency margins. "Competition Commission of India approves the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Ltd by Axis Bank Ltd," according to a post by CCI on X. Private sector lender Axis Bank provides services in retail banking, which includes retail lending, while Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in India. 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.

NCLAT dismisses Sundaram Brake's plea against CCI cease and desist order

The National Company Law Appellate Tribunal on Tuesday dismissed a plea by Sundaram Brake Linings, challenging a cease and desist order passed against the company by the fair trade regulator CCI. NCLAT upheld orders passed by the Competition Commission of India (CCI), and said there was a "meeting of mind" with other parties, which were participating in the bidding process of certain tenders of the Indian Railways. The CCI had on July 10, 2022 passed an order directing 10 companies, including the appellant Sundaram Brake Linings, and some of their officials, to cease and desist from indulging in anti-competitive practices. The Chennai-based company challenged the order in NCLAT. In its petition, Sundaram Brake Linings had raised several points and said it was wrongly clubbed into the CCI order. The CCI has passed an order without any application of mind, contrary to fundamental principles of competition law and the law of evidence, it said. Moreover, it had only given a bid for t

CCI gets revenue department staff for NAA cases for six more months

The authority was established for an initial period of two years to ensure that the benefits of reduction in the GST rates and input tax credits are passed on to the consumers

Recently notified regulations applicable to cases under probe: CCI chief

The recently notified competition regulations on settlement, commitment, leniency plus and global turnover will be applicable to cases that are under investigation by the Competition Commission, according to the watchdog's chief Ravneet Kaur. In an interview with PTI, she also said the new regulations related to settlement and commitment framework will help in providing quick market correction. Last year, Parliament cleared various amendments to the Competition Act, and in recent times, the Competition Commission of India (CCI) has notified the regulations pertaining to the changes. After carrying out detailed public consultations, the watchdog has notified the regulations related to settlement, commitment, leniency plus, and turnover. About the leniency plus regime, the CCI Chairperson said it will act as an incentive for an entity to provide details about the existence of a cartel and stressed the importance of getting information about cartelisation to establish the existence of