Page 13 - Cci

CCI slaps Rs 40 lakh fine on Axis Bank over acquisition of stake in CSC

The Competition Commission of India (CCI) has slapped a fine of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The transaction under consideration comprised acquisition of a 9.91 per cent stake in CSC e-Governance by Axis Bank and got completed in November 2020, the CCI said in an order. For the transaction, Axis Bank was required to give notice to the fair trade regulator. However, it failed to do so, according to the order. "It is apparent that the acquisition of stake in CSC e-Governance by Axis Bank was neither solely as an investment nor can be considered to be in ordinary course of business. "Therefore, the AxisCSC e-Governance acquisition is not eligible for the benefit of the Item 1 of Schedule I (combination regulation) and accordingly, it is immaterial whether the transaction led to acquisition of control or not," the regulator said. Thus, CCI observed that no determination is warranted whether the ...

NCLAT set aside CUTS' petition seeking CCI probe in PVR INOX merger

The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a plea seeking an investigation by the fair trade regulator CCI over the merger of two leading multiplex operators PVR and INOX. NCLAT rejected the petition by Consumer Unity & Trust Society (CUTS) observing that the fair trade regulator has rightly observed that even if the merger is concluded, their dominance in the film exhibition industry per se is not anti-competitive. CUTS had challenged an order by the Competition Commission of India which rejected its plea on September 13, 2022, for seeking an investigation into the merger. However, during the pendency of the appeal the Mumbai bench of the National Company Law Tribunal (NCLT), approved the merger on February 16, 2023, sanctioned the scheme of merger by absorption of the Inox with PVR. In its petition CUTS said transaction is exempted from the notification requirement under Section 5 of the Competition Act as it qualifies for the de minimus ...

CCI clears proposed acquisition of HDFC Credila Financial Services

Anti-trust regulator CCI on Tuesday cleared the proposed purchase of 90 per cent equity stake in HDFC Credila Financial Services by a private equity consortium of BPEA EQT and ChrysCapital. The buyers are Kopvoorn, part of the BPEA EQT group, and three ChrysCapital group entities -- Moss Investments, Infinity Partners and Defati Investments Holding. The proposed combination pertains to the acquisition by the acquirers of equity shares comprising about 90 per cent of the shareholding and voting rights of HDFC Credila, according to an official release. HDFC Credila Financial Services (HDFC Credila) is a Reserve Bank of India-registered non-banking financial company (NBFC) engaging in the business of providing retail education loans. The Competition Commission of India (CCI) said it has approved the proposed deal. In June, HDFC Ltd, HDFC Bank and HDFC Credila announced that they have entered into definitive agreements to sell a majority stake in HDFC Credila to a private equity ...

Android case: SC to decide Google-CCI appeals against NCLAT on Oct 10

NCLAT had, on March 29, upheld Rs 1,337.76 cr penalty on tech giant for misusing its dominant position in Android mobile device ecosystem; CJI-led bench asks all parties to file submissions by Oct 3

Android mobile device case: SC to hear pleas of Google, CCI on October 10

The Supreme Court on Friday said it will hear on October 10 the cross-pleas of Google and the Competition Commission of India (CCI) challenging the verdict of an appellate tribunal in a case related to Google's alleged anti-competitive practices in the android mobile device case. A bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and Manoj Misra took up the appeals and said it wanted some time to get ready with the case. Senior advocate Harish Salve, appearing for one of the parties, said the plea may be kept for final disposal later. The bench then said that the cross-pleas can be listed for final disposal on October 10 and the parties shall complete filing of pleadings by October 7. It also appointed lawyer Sameer Bansal as the nodal counsel for preparing common digital pleadings with the help of lawyers from both sides for easy adjudication of the matter. On March 29, the National Company Law Appellate Tribunal (NCLAT) had handed out a mixed verdict on

ZEE shareholders reject reappointment of Alicia Yi as independent director

Shareholders of Zee Entertainment Enterprises Ltd (ZEEL) have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board. The special resolution for reappointment of Alicia Yi got only 42 per cent votes in favour as compared to 57.97 per cent against it. "Based on the votes cast by the members, the special resolution pertaining to reappointment of Alicia Yi as an independent director of the company for a second term of 3 years has failed to receive a requisite number of votes in favour," ZEEL said in a late-night regulatory filing on Thursday. Hence, she vacates the office of independent director with effect from July 13, 2023, it added. "The board shall take necessary steps for complying with the requirement of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having the optimum composition of Board of Directors of the company," it said ..

TMS Ep473: Google vs CCI, wearables export, FII buying, Chandrayaan-3

Why is Google attacking CCI? Can India become a wearables powerhouse? Will the FII buying spree continue? What is Chandrayaan-3 mission? All answers here

CCI seeking info on AI-Vistara merger is normal, part of process: Wilson

Air India chief Campbell Wilson on Friday welcomed the Competition Commission seeking more information on the airline's proposed merger with Vistara and said it is a "normal and important part of the evaluation process". The Competition Commission of India (CCI) has asked for more details with respect to the proposed merger, which was announced in November last year, and approval from the regulator was sought in April this year. Under the competition law, the regulator has the power to carry out a detailed probe before approving a merger or acquisition in case there are concerns about possible anti-competitive practices in the deal. "You may have recently read that the Competition Commission of India has asked for more information regarding our proposal to merge with Vistara. We welcome this request, which is a normal and important part of the evaluation process," Wilson told employees in his weekly message on Friday. While that runs its proper course, the Chief Executive Officer a

CCI's queries on Vistara merger 'normal': Air India CEO Campbell Wilson

In February, Air India had placed the world's second largest single-tranche order for 470 planes - 250 with Airbus and 220 with Boeing

Google accuses CCI of ordering changes to its biz model to protect Amazon

In an earlier December filing in a lower tribunal, Google said CCI officers had "copypasted" parts of a European ruling against the U.S. firm in a similar case. CCI denied the accusation

Companies move Madras HC seeking relief against Google's payment policy

The companies join the likes of Bharat Matrimony and Shaadi.com, which have already approached the high court challenging Google's billing policies

CCI approves acquisition of Marnix Lux SA by Concentrix Corporation

The proposed combination envisages indirect acquisition of Marnix Lux SA (Marnix Lux) by Concentrix Corporation

TMS Ep465: Air India-Vistara merger, Svamitva, markets, history of HDFC

Why is CCI questioning Air-India merger now? How is Svamitva providing property rights to villagers? Will the Sensex & Nifty sustain at record highs? A brief history HDFC-HDFC Bank merger

CCI issues a show-cause notice to Air India on Vistara merger plan

The CCI has given Air India 30 days to respond, the sources said. The airline, however, did not respond to queries sent by Business Standard on the matter

CCI approves acquisition of TCNS Clothing by Aditya Birla Fashion

The proposed combination involves acquisition of 51% of the expanded share capital of TCNS Clothing Co Limited by the Aditya Birla Fashion and Retail Limited

As Google moves SC against CCI order, here's how the events unfolded

Competition Commission of India imposed a monetary fine of Rs 1337.76 crore on the tech giant as well as a list of directives it must follow

CCI approves acquisition of stake by mortgage lender HDFC in 2 insurers

These approvals will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year

CCI clears General Atlantic's additional 4.04% stake buy in Acko Tech

Competition Commission of India (CCI) on Wednesday cleared General Atlantic Singapore ACK's proposed acquisition of an additional 4.04 per cent stake in Acko Technology and Services. General Atlantic Singapore ACK Pte (GASACK) is an investment holding company held by funds or vehicles controlled by US-based private equity firm General Atlantic. The proposed combination envisages the acquisition of an additional 4.04 per cent shareholding of Acko Technology and Services Private Limited (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd, according to an official release. "CCI approved the proposed combination subject to compliance of modifications jointly furnished by GASAK and GAP Bermuda, LP under regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011," the release said. Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary Acko Genera

Competition Commission of India approves deal involving Manipal Group

The Competition Commission of India (CCI) on Tuesday said it has cleared the proposed deal involving Manipal Health Enterprises Pvt Ltd and Manipal Education and Medical Group India Pvt Ltd (MEMG India). Manipal Health Enterprises Pvt Ltd (MHEPL) operates a chain of multi-speciality hospitals under the brand name 'Manipal Hospitals', while MEMG India is a wholly-owned subsidiary of RSP Trust India and belongs to the Pai family group. In a tweet on Tuesday, CCI said it has approved the "proposed combination involving Manipal Health Enterprises Private Limited and Manipal Education and Medical Group India Private Limited". 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.

CCI approves minority stake acquisition in Lenskart by Dove Investments

Fair-trade regulator CCI has approved the minority stake acquisition in Lenskart Solutions by Dove Investments, Defati Investments Holding BV and Infinity Partners. The proposed combination relates to Dove Investments, Defati Investments Holding BV and Infinity Partners' minority acquisition of certain equity shareholding of Lenskart, a notice filed with the CCI said on Monday. Lenskart Solutions Pvt Ltd (LSPL) is engaged in the business of manufacturing, sale and wholesale trading of eyewear products, while Dove Investments, Defati Investments Holding BV and Infinity Partners are private equity investors. Separately, the regulator has cleared the acquisition of securities of a newly incorporated entity of Mahindra & Mahindra Ltd by the World Bank Group arm IFC. The combination pertains to IFC proposing to subscribe to certain compulsorily convertible preference shares (CCPS) of the new unit of Mahindra & Mahindra. In March, Mahindra & Mahindra announced that the World ...