Page 13 - Competition Commission Of India

CCI's powers to penalise on global turnover to deter anti-competitive ways

The competition law provision to impose penalties based on a company's global turnover will act as a deterrent to more egregious violations, encourage entities to opt for commitments and settlements and help in faster corrective measures, according to experts. With the amendments coming into force, the Competition Commission of India (CCI) now has the power to impose a penalty of up to 10 per cent of a company's global turnover for competition law violations. The provision could have a larger impact on companies having multi-products or multi-services and also assumes significance as cases related to digital markets are being probed by the CCI. The watchdog will have the discretion on whether to impose penalties based on the global turnover or on the relevant turnover of a particular company that has violated competition norms. The penalty can also be up to 30 per cent of the average relevant turnover/ income, subject to the legal maximum, which is 10 per cent of the global ...

MCA revises thresholds for mergers and amalgamation under Competition Act

Merger transactions with acquisition targets having assets under Rs 450 cr or turnover below Rs 1,250 cr are exempt from CCI approval

Initial penalties on cos won't be on global turnover: CCI's new guidelines

The penalty for anti-competitive practices will not initially be imposed on global and total turnover but adjusted over the penalty calculated on the relevant turnover of the company

CCI can impose fines based on companies' global turnover under new norms

Fair trade regulator Competition Commission can now impose penalties on companies based on their global turnover for violations, with the government notifying the amended competition norms. Till now, the Competition Commission of India (CCI) has been deciding penalties on the basis of a company's turnover from a particular business segment where violations have been found. The corporate affairs ministry has notified the provisions under the amended the Competition Act with effect from March 6. Vaibhav Choukse, Partner and Head of Competition Lawa at JSA Advocates and Solicitors, said the amendment empowers the CCI to impose a penalty on the global turnover of a company derived from all the products and services. This amendment is likely to have major implications on multi-product companies and those with global operations and may lead to unfair and discriminatory outcomes between (I) domestic companies and the one with global operations and (II) multi product companies and single .

Competitive ecosystem

The dominance of app stores calls for regulation

IAMAI advises Google not to delist any apps from its Play Store in India

Earlier today, Google began removing the apps of 10 companies in India over service fee payments, including some popular matrimony apps like Bharat Matrimony

CCI proposes changes in confidentiality ring system to speed up proceedings

Anti-trust regulator says proposed amendments will help parties in their defence arguments

MCA notifies leniency plus regime under the Competition Act 2023

The current Act already contains a leniency provision

Delhi High Court refuses to hear ADIF, IBDF pleas over CCI's inaction

Both ADIF and IBDF had moved the court alleging that the CCI had not heard their case against Google's billing policy since July 2023

Competition regulator allows Adani Power, DAIT to acquire Coastal Energen

The Competition Commission of India (CCI) on Tuesday said it has approved a proposal to acquire a 100 per cent stake in Coastal Energen Pvt Ltd by Adani Power Ltd and Dickey Alternative Investment Trust. Adani Power Ltd (APL), a part of the diversified Adani Group, is the leading private-sector thermal power producer in India. The proposed transaction involves the acquisition of 100 per cent equity share capital of Coastal Energen Pvt Ltd (CEPL) by the acquirers (Dickey Alternative Investment Trust (DAIT) and APL), according to a release by fair trade regulator CCI. DAIT is a Sebi-registered Alternative Investment Fund (AIF). It is acting through its investment manager Dickey Asset Management Pvt Ltd. CEPL is engaged in the business of generation and sale of power. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy code. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair

CPPIB, Allianz Group gets CCI nod to acquire Interise Investment Managers

Fair trade regulator CCI on Tuesday said it has approved the proposal of purchasing stakes in Interise Investment Managers by various entities, including Canadian pension fund CPPIB and Allianz Group. Interise Investment Managers is the investment manager of IndInfravit Trust. The trust is an Sebi-registered infrastructure investment trust. "The proposed combination involves acquisition of 100 per cent of the issued and paid-up share capital of Interise Investment Managers by CPPIB India Private Holdings (CIPH), Allianz Infrastructure Luxembourg II (AIL-II), Ontario Inc from L&T Infrastructure Development Projects Ltd and certain other sellers," according to a release. CIPH is a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB) and AIL II is a Luxembourg-based alternative investment fund which is wholly-owned by Allianz SE. Ontario Inc is an investment entity of the Ontario Administration Corporation. After the completion of the transaction, CIPH, AIL-II and

CCI to soon float tender for market study on AI's impact on businesses

The Chairperson of the Competition Commission of India (CCI) also emphasised that the regulator cannot take "one-size fits all" interventions in technological markets, which require nuanced assessment

CCI approval for stake buy does not give Burmans 'clean chit': Religare

Amid ongoing feud with the Burman family, Religare Enterprises on Wednesday claimed fair trade regulator CCI's approval for additional stake purchase by the Burman family entities does not "give a clean chit to the acquirers" with respect to certain alleged competition law violations. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. The release issued by the CCI regarding the stake purchase clearly stipulates that the "approval is without prejudice to the proceedings that may be initiated under Section 43A, 44 and/or 45 of the Competition Act, 2002", a Religare Enterprises spokesperson said. The spokesperson said it was in connection with the combination notice issued by the acquirers forming

CCI nod for Religare stake buy deal without prejudice, says legal expert

The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. "CCI's approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45)," Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.

CCI nod for Religare stake buy deal without prejudice, says legal expert

The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. "CCI's approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45)," Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.

Religare shares gain 4.6% after CCI approves Burman stake buy in company

Entities controlled by the family will need Sebi's approval to launch an open offer

CCI approves JSW Ventures' proposed stake acquisition in MG Motor India

Fair trade regulator CCI on Tuesday said it has granted approval to JSW Group's proposed acquisition of a stake in MG Motor India Pvt Ltd. MG Motor India is a wholly-owned subsidiary of Shanghai-headquartered SAIC Motor. The deal is to be done through JSW Ventures Singapore Pte, a newly incorporated entity that is part of the Sajjan Jindal-led JSW Group. The proposed transaction relates to the acquisition of up to approximately 46 per cent of the share capital of the MG Motor India Pvt Ltd along with certain special rights by the JSW Ventures Singapore Pte, as per the notice submitted to the Competition Commission of India (CCI) by the entities. As per an update on CCI's website on Tuesday, the regulator has approved the proposed deal.

CCI clears merger of Fincare Small Finance Bank with AU Small Finance Bank

The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank, as per an exchange filing on Tuesday. In October last year, the board of directors of AU Small Finance Bank (AU SFB) and that of Fincare Small Finance Bank (Fincare SFB) approved an all-stock merger of AU SFB and Fincare SFB. As per the terms of scheme of amalgamation, Fincare Business Services, promoter of Fincare SFB, shall infuse Rs 700 crore into Fincare SFB prior to the completion of the merger. "...CCI vide its letter dated January 23, 2024 has communicated that CCI in its meeting held on January 23, 2024, considered and approved the proposed combination involving amalgamation of Fincare Small Finance Bank Limited into and with AU Small Finance Bank...," AU SBF said in the filing to stock exchanges. The lender further said the scheme remains subject to the Reserve Bank of India's approval. Shares of AU SFB ended at Rs 715.95 apiece on the BSE on Tuesday

Striking balance: CCI may tailor penalties for global corporations

The base penalty would be calculated on a company's relevant turnover, which is the turnover related to the product or service infringing on the law in the domestic market

SC to hear Google's plea against CCI fine of Rs 1,337.76 crore on April 30

Senior advocate Harish Salve, appearing for Google and Addl Solicitor-General Venkatraman appearing for CCI said it will take both sides 4 days to argue the case as there are new points to be raised