Page 4 - Competition Commission Of India Cci

Pricol gets relief from Madras High Court in tussle with Minda Corp

Auto components maker Pricol Ltd on Thursday said it has moved the Madras High Court challenging the validity of the application of rival Minda Corporation to the Competition Commission of India to acquire a 24.5 per cent stake in it. Minda Corporation had earlier this month decided to approach the CCI to increase its stake in Pricol to up to 24.5 per cent, following the acquisition of a 15.7 per cent stake by purchasing over 1.91 crore shares of the latter from the open market on February 17, 2023. In a regulatory filing, Pricol said it has filed a writ petition before the Madras High Court in connection with Minda Corporation Ltd's (Minda's) application to the CCI. The petitions challenged the validity of the application of Minda to the CCI, for making investment in equity shares of Pricol Ltd up to 24.5 per cent of total equity shares, it added. The Division Bench of the High Court on May 24, 2023 "admitted the writ petition and restrained by way of an interim order, the taking

CCI gives nod to Blackstone-Emerson Electric Co acquisition deal

The Competition Commission of India (CCI) on Friday said it has granted its approval for the stake acquisition in climate technologies' business of Emerson Electric Co by BCP Emerald Aggregator LP. BCP Emerald Aggregator LP is an affiliate of US-based alternative asset manager Blackstone. The deal has been cleared under the green channel route. The proposed transaction relates to the acquisition by BCP Emerald Aggregator LP (Buyer) of a majority stake in the climate technologies business of Emerson Electric Co (Seller), according to CCI. The regulator has also approved the proposed investment by Stamford Bridge Investment Pte Ltd, an SPV of GIC (Ventures) and Platinum Falcon B 2018 RSC Ltd (Platinum), in BCP Emerald Aggregator LP. GIC (Ventures) is a subsidiary of Singapore's sovereign wealth fund GIC, while Platinum is an affiliate of the Abu Dhabi Investment Authority (ADIA). Emerson Electric Co designs and manufactures products and delivers services to a wide range of industri

CCI approves SREI Infrastructure Finance's acquisition by NARCL, IDRCL

Fair-trade regulator CCI on Thursday said it has approved the acquisition of SREI Infrastructure Finance by National Asset Reconstruction Company Ltd and India Debt Resolution Company Ltd. The deal has been cleared under the green channel route. National Asset Reconstruction Company Ltd (NARCL) is an asset reconstruction company while India Debt Resolution Company Ltd (IDRCL) provides debt management services to NARCL. Both entities are backed by the Government of India. The proposed transaction involves the acquisition of a majority of equity share capital of the Srei Infrastructure Finance (SIFL) by NARCL and IDRCL, according to a CCI notice. NARCL has submitted a resolution plan in relation to the corporate insolvency resolution process (CIRP) of SIFL and its wholly-owned subsidiary, SREI Equipment Finance Ltd (SEFL). Thereafter, NARCL's resolution plan was approved by the Committee of Creditors (CoC) of the SIFL on February 14, the notice said. The Competition Commission of I

Indian start-ups see apex tribunal's order against Google as a win

But fees charged by Google for app purchases remain a concern

NCLAT upholds Competition Commission's Rs 1,337 crore penalty on Google

The NCLAT bench comprising chairperson Justice Ashok Bhushan and member Alok Srivastava said that the CCI investigation was not in violation of the principles of natural justice

Firms that didn't sign Google contracts became extinct, says CCI

Google's alleged anti-competitive agreements prohibited original equipment manufacturers from producing a version of the OS that had not been approved as Android-compatible by Google

Govt invites applications for 17 posts at CCI on deputation basis

The government has invited applications for 17 posts, including for Additional Director General and Deputy Director General, at the Competition Commission of India (CCI) on a deputation basis. The CCI, which comes under the Ministry of Corporate Affairs (MCA), keeps a tab on anti-competitive practices in the marketplace and also works towards promoting fair trade practices. Applications have been sought for the posts of Additional Director General, Joint Director General and Deputy Director General, among others, according to a notice. Applicants must be employees of central or state governments, government companies or autonomous bodies or regulatory authorities or universities or judicial institutions of central/ state governments. The appointment will be made on deputation on a foreign service terms basis initially for a period of three years, which can be extended for a period not exceeding seven years. "Applications in the prescribed proforma, together with all necessary ...

Air India has 'enormous' potential, efforts on to make it intl player: CEO

Air India has "enormous" potential and efforts are on to make the group a significant international player, its CEO Campbell Wilson said on Monday. Addressing the media virtually, Wilson further said the process of integration of Vistara with Air India is underway and is now awaiting approval from the Competition Commission of India (CCI). The integration of Air India Express and AIX Connect, earlier known as AirAsia India, is also underway. Air India has enormous potential and unprecedented opportunities. The group is working on becoming a significant international player, he said. On February 14, Air India announced placing an order for 470 planes, including 70 wide-body aircraft. Wilson said the funding would be through a combination of various sources. The Tata Group took over Air India in January last year.

Government invites applications for CCI Chairperson post till March 9

The government on Thursday invited applications for the post of Chairperson of the Competition Commission of India (CCI). Since October 25, the post has been lying vacant. According to a public notice issued by the corporate affairs ministry, the applicants should have professional experience of at least 15 years in international trade, economics, business, commerce, law finance, accountancy, management, industry, public affairs or competition matters, The person, if selected, can hold the office for a term of five years from the date of joining the post or till the age of 65 years, whichever is earlier. The monthly salary will be Rs 4.50 lakh. Applications for the post can be submitted till March 9. "The candidates who had applied earlier in response to the previous advertisement/vacancy circular dated 26th July, 2022 inviting applications for the post of Chairperson need not apply," the notice said. Sangeeta Verma, who is a CCI Member, has been the acting Chairperson since Octo

Android case: CCI's Rs 1,337 crore fine unreasonable, Google tells NCLAT

The tech giant also said CCI itself had recognised that Google's Mobile Application Distribution Agreement (MADA) was beneficial to Original Equipment Manufacturers (OEMs)

A question of quorum

Understrength CCI undermines business climate

Top headlines: SC on Adani-Hindenburg row, Ola rides down the value chain

Business Standard brings you the top headlines at this hour

CCI invokes doctrine of necessity to bypass the quorum to clear six deals

The next meeting of the CCI is scheduled for Tuesday. The watchdog may take a call on some of the remaining 14 deals which are awaiting nod

16-member panel set up to draft Digital Competition Act within 3 months

Panel comprising civil servants, experts will study if Competition Act, 2002 enough to deal with new digital economy

Law ministry allows CCI to clear pending mergers without full quorum

16 applications pending; corporate affairs ministry studying proposal, say sources

New competition law likely to open up settlement route for cartels

The proposed law however is not clear still on whether an application for settlements and commitments requires an admission of guilt

Tech-tonic shift: Google reworking terms of mobile app distribution

Sources say that Google will place the new licence agreement before the CCI for its endorsement

World looking at us: CCI to SC in Google case; next hearing tomorrow

The CCI said that the issue at hand was of "national importance" and that Google be not given "two innings" at the NCLAT

New player will always need more dealers: JSW Paints CEO Sundaresan A S

The company also intends to add one more manufacturing in the next three years with an investment of Rs 750-1,000 crore, Sundaresan A S, CEO at JSW Paints told Business Standard

NCLAT refuses to stay CCI's order of Rs 936 crore penalty on Google

The Appellate Tribunal will hear the matter on April 17