Page 13 - Cci

CCI clears acquisition of 11% of TVS Credit Services by Premji Invest

Fair trade regulator CCI on Wednesday said it has cleared the proposed acquisition of about 11 per cent stake in TVS Credit Services Ltd by PI Opportunities Fund-I Scheme-II (PIOF-II) and certain individuals. PI Opportunities Fund-I Scheme-II, is a Sebi-registered Alternative Investment Fund (AIF), owned and controlled by Premji Invest Ltd. "The combination relates to the proposed acquisition of 10.98 per cent stake of target (TVS Credit Services) by the acquirers," an official release said. "PIOF-II shall be acquiring about 10.79 per cent of shareholding in the TVS Credit (target), whereas the individual acquirers shall collectively be acquiring 0.19 per cent shareholding," it stated. The individual acquirers are senior-level management employees, partners, consultants of Premji Invest and its affiliates. TVS Credit Services Ltd is a non-banking financial company. In a separate release, the Competition Commission of India (CCI) approved the proposed acquisition of additional uni

Pernod Ricard faces India antitrust probe for boosting market share

The Competition Commission of India (CCI) has been pursuing the matter actively since early this year after senior members reviewed the case filed by Pernod's Indian rival, Radico Khaitan

25% pre-privatisation court cases by customers amicably resolved: Air India

Some cases dated back more than 15 years, says CEO Campbell Wilson in message to employees

CCI issues draft norms on combinations under amended competition law

Fair trade regulator CCI has issued draft rules pertaining to value of transactions for combinations under the new competition law. Earlier this year, various provisions of the Competition Act were amended. As per the draft norms issued by the Competition Commission of India (CCI), the value of transaction shall include "every valuable consideration, whether direct or indirect, immediate or deferred, cash or otherwise". These could also be in the form of covenant, undertaking, obligations or restrictions imposed on seller or any other person, other than acquirer, in the nature of non-competition or otherwise. It could also be for arrangements that are made as part of the transaction within two years from the date when the transaction is set to come into effect. These arrangements can cover a wide range of elements such as technology assistance, licensing of intellectual property rights, usage rights to any product, service or facility, supply of raw materials or finished goods, ..

Cipla, Torrent may need to divest 15 brands in buyout deal: Bernstein

Torrent has a strong presence in gastrointestinal, neurology, and cardiac segments

CCI approves Air India-Vistara merger, subject to certain conditions

CCI has not issued an order on this matter yet. As per official sources, it is expected to issue an order after one month

Competition Comm issues draft regulations for settlement provisions

Fair trade regulator CCI on Wednesday issued the draft regulations for commitment and settlement provisions under the competition law. The provisions, introduced in the Competition Act through the amendments made earlier this year, are aimed at ensuring quicker market correction, according to the Competition Commission of India (CCI). Stakeholders can submit their comments on the draft regulations from August 24 to September 13, according to communications issued by the regulator. A commitment application should be filed within 45 days from the receipt of CCI order on investigation. In the case of a settlement application, the same has to be filed within 45 days f receiving the Director General's report. For both, commitment and settlement applications, the 45-day period could be extended if CCI is satisfied that there is a sufficient cause for extension. "The settlement amount may extend up to the maximum amount of penalty that would have otherwise been leviable under section 27

CCI clears Tata Motors off charges of anti-competitive practices in 2 cases

In the 2020 case, TML dealer Kanchan Motors of Nashik made similar allegations that TML coerced dealers in various ways

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