All posts tagged: cci

NCLT Approves Merger of Viacom 18, Star India After CCI Nod

Published by Webster

The NCLT on Friday approved the scheme of merger of Reliance Industries-owned Viacom 18 Media — the holding company of the group’s media and entertainment assets — with Star India. A two-member bench of the National Company Law Tribunal (NCLT) approved the composite Scheme of Arrangement among Viacom 18, Digital18 and Star India, a unit of global media giant The Walt-Disney. The development comes two days after the Competition Commission of India approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country’s largest media empire worth over Rs 70,000 crore. Approving it, the NCLT observed: “From the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy”. The NCLT in its 22-page-long order also observed that the scheme “will be made effective, in terms of the Scheme, only upon the receipt of the approval of the Competition Commission of India”. The scheme had proposed the transfer and vesting of Media …

Reliance, Disney Said to Seek CCI Nod With Cricket Rights Assurance

Published by Webster

Reliance Industries and Walt Disney have sought antitrust clearance for their $8.5 billion India media merger by arguing their combined power, especially on cricket broadcasting, will not hit advertisers, two people with direct knowledge told Reuters. The deal, announced in February, has been expected by experts to face intense scrutiny as it will create India’s biggest entertainment player with 120 TV channels and two streaming services. It will also own lucrative rights for cricket, India’s top sport. Reliance and Disney have told the Competition Commission of India (CCI) the cricket rights were obtained separately under a bidding process which was competitive, said the two sources, who declined to be named as the approval process is confidential. The companies argue other competitors won’t be harmed as they can bid when those rights expire in 2027 and 2028, the sources added. The CCI will now review the confidential filing. Though any clearance typically takes several weeks, it can take longer if the watchdog isn’t satisfied and seeks more information. Reliance, Walt Disney and the CCI did not …

Pankaj Advani outclass Causier to retain CCI billiards crown

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Current double World champion Pankaj Advani continued to rule at the Cricket Club of India. The dapper Advani was in outstanding form as he constructed two humungous breaks of 801 and 460 to smother the challenge from Englishman David Causier by charging to a 1836-743 victory in a lop-sided four-hour final of the All India CCI Billiards Classic 2024, played at the CCI’s Wilson Jones billiards hall on Sunday. At the end of the first two-hour session Advani enjoyed a slender lead of 593-570 and was on a break of 204, which he converted to a 460. This was Advani’s fourth successive triumph at this venue. He claimed the CCI Snooker Classic over the last two years and now retained the billiards title. The Bengaluru-based Advani, the country’s most decorated green baize player, and proud owner of 27 World titles, was in domineering mood and quashed the aspirations of the former 10-time World champion from England. Advani, in workmanlike fashion went about his task of building those massive breaks which knocked the fight out of …

Adani Power Gets Anti-Trust Body CCI Nod To Acquire Lanco Amarkantak Power

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Adani Power proposed to acquire 100% share capital and control of Lanco Amarkantak Power New Delhi: Fair trade regulator Competition Commission of India (CCI) cleared Adani Power’s proposed acquisition of Lanco Amarkantak Power. Adani Power proposed to acquire 100% share capital and control of the Lanco Amarkantak Power, pursuant to the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a release. Insolvent Lanco Amarkantak Power is engaged in the business of thermal power generation. On March 5, Adani Power announced it received the creditors’ approval for the resolution plan to acquire insolvent Lanco Amarkantak Power. “The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India,” CCI said. Adani Power is engaged in the business of thermal power generation in India. In another release, CCI said it has cleared the proposals of purchasing stakes in PharmEasy by various entities, including Ranjan Pai’s MEMG Family Office LLP and 360 ONE Group. API Holdings, through its subsidiaries, is in the …

CCI to Probe Google Amidst Dispute With Indian Firms Over In-App Billing Policy

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India’s antitrust body on Friday ordered a probe into Alphabet Inc’s Google in an ongoing dispute with local startups over its in-app billing system, saying the U.S. company implemented its policies in a “discriminatory manner”. Indian startups have been at odds with Google for months over the fee it charges for in-app payments. The dispute escalated earlier this month after Google removed more than 100 Indian apps from its app store for violations related to billing, though it restored them after the Indian government intervened. The startups had asked the Competition Commission of India (CCI) to look into the matter and the watchdog on Friday ordered an investigation, saying: “Google is implementing its policies in a discriminatory manner”. The CCI also directed its investigation unit to complete the probe within 60 days. “We are examining CCI’s order initiating the investigation,” a Google spokesperson said in an emailed response to Reuters, adding that the company will cooperate with the process “in every way”. The dispute centres on efforts by some Indian startups to stop Google from …

Govt notifies provision to let CCI impose penalty on firm’s global turnover

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NEW DELHI: The government on Wednesday notified amendments in competition laws allowing the Competition Commission of India (CCI) to impose penalty on the global turnover of a company. FILE PHOTO: According to experts, the new rules will impact big tech companies having multiple business verticals. (REUTERS) Earlier, CCI could levy a penalty only on the sales of the particular business segment that was in question. Hindustan Times – your fastest source for breaking news! Read now. “In exercise of the powers conferred by sub-section (2) of section 1 of the Competition (Amendment) Act, 2023 (9 of 2023), the Central Government hereby appoints the 6th day of March, 2024 as the date on which the provisions of sections 20, 35 and 40 of the said Act shall come into force,” a government notification said. It empowers CCI to impose a penalty on the global turnover of a company derived from all the products and services, and not just on turnover derived from the product under investigation, said Vaibhav Choukse, partner and head of Competition Law at …

Two owners of Cable Corporation of India booked for Rs 14.23-cr fraud | Mumbai News

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The Economic Offences Wing (EOW) of the Mumbai Police on Monday registered an FIR against two owners of the Cable Corporation of India (CCI), a leading manufacturer of a wide range of power and control cables, for allegedly duping another cable and wire supply company of Rs 14.23 crore. Owners of CCI Hiten Khatau and Rohan Khatau, along with the company’s office-bearers, were booked under sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) of the Indian Penal Code. The FIR followed a complaint by the chairman and managing director of an Andheri-based company, which is into the business of supplying cable and wires for prominent cable work operators and contractors. In 2022, the complainant learned that CCI, a leading manufacturer of a wide range of power and control cables, had suffered a huge loss in business, due to which their plant in Malegaon MIDC was shut down. The complainant decided to buy the said company, police said. After meetings with CCI owners, the complainant decided to buy the company’s cable and …

Google Refused to Be Given Interim Stay on CCI Fine by NCLAT

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In a setback for Google, an appellate tribunal on Wednesday refused an interim stay on the competition regulator imposing a Rs. 936-crore penalty on the US tech giant for abusing its dominant position in the market. The National Company Law Appellate Tribunal directed Google to deposit 10 percent of the fine that was slapped by the Competition Commission of India in a case related to its Play Store policies. A week back, Google failed to get relief from the NCLAT on a separate Rs. 1,337.76 crore fine imposed by CCI on alleged abuse of the dominant position that the US tech giant has in the Android smartphone operating system in the country. It was asked to deposit 10 percent of the fine within four weeks. Google challenged that order before the Supreme Court, which agreed to hear it on Monday. While in the first case, CCI had in October last year asked Google to allow smartphone users on the Android platform to uninstall apps and let them select a search engine of their choice, the …

Google’s Appeal Against NCLAT’s Refusal to Stay CCI Fine to Be Heard on January 16

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The Supreme Court on Wednesday agreed to hear on January 16 an appeal of Google against the National Company Law Appellate Tribunal’s (NCLAT) refusal to stay the Rs. 1,337.76 crore penalty imposed on the technology giant by the Competition Commission of India (CCI) for alleged anti-competitive practices. A bench of Chief Justice DY Chandrachud and Justice PS Narasimha said it would hear the case on Monday. Pleading for the urgent hearing, senior advocate Abhishek Manu Singhvi representing Google, said, “Extraordinary directions passed by CCI. I am asking (listing of the case) for Friday. The compliance date (of the order) is 19th otherwise the matter will become infructuous.” “We will keep it on Monday,” said the bench. After facing a setback at NCLAT, which refused to stay the CCI order, Google approached the Supreme Court. The CCI had, in October 2022, imposed the penalty on Google for abusing its dominant position in multiple markets in the Android mobile device ecosystem and also directed the technology giant to cease and desist from participating in anti-competitive practices. Google …

Google Warns Android Growth in India on the Brink of Stalling Due to CCI Order in Supreme Court Challenge

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The growth of Google’s Android ecosystem is on the brink of stalling in India due to an antitrust order that asks the company to change how it markets the platform, the US company has said in a Supreme Court challenge seen by Reuters. The Competition Commission of India (CCI) in October fined Alphabet-owned Google $161 million (roughly Rs. 1,300 crore) for exploiting its dominant position in Android, which powers 97 percent of smartphones in India, and asked it to change restrictions imposed on smartphone makers related to pre-installing apps. Google has so far said the CCI decision will force it to change its long-standing business model, but its Indian Supreme Court filing for the first time quantifies the impact and details the changes the company will need to make. Google will need to modify its existing contracts, introduce new license agreements and alter its existing arrangements with more than 1,100 device manufacturers and thousands of app developers, it says. “Tremendous advancement in growth of an ecosystem of device manufacturers, app developers and users is at the …