CCI investigative arm finds Google abused market dominance; YES Bank's appeal against HC order
CCI investigative arm finds Google abused market dominance; YES Bank's appeal against HC order
CLB allows Nestle to align its financial year with its overseas holding company
Company Law Board, New Delhi accepts company application filed u/s Sec. 2(41) of Cos. Act, 2013, permits Nestle India Limited ('Nestle') to continue with the period of January 1 to December 31, each year as its Financial Year; Notes that Nestle is a subsidiary company of holding co. incorporated outside India, and therefore allows it to align the financial year with it holding co. starting from year 2015: CLB
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Govt. designates City Civil & Sessions Court, Mumbai as 'Designated Court' & 'Special Court'
Central Govt. designates Court No. 22, City Civil and Sessions Court, Mumbai, as the Designated Court for u/s 11C of SEBI Act and as Special Court under SEBI Act, Securities Contracts (Regulation) Act & Depositories Act: Notification
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Govt. extends deadline for comments on Companies Act, 2013
Based on stakeholders' requests and with a view to receive well-researched inputs, Govt. extends the date for giving suggestions/comments to Companies Law Committee, on issues arising from implementation of Companies Act, 2013 to July 31, 2015 (from July 21, 2015) : PIB Release
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11% PE stake buy in Mankind Pharma not mere investment, CCI notice required
CCI approves acquisition of 11 % of equity shares of Mankind Pharma Limited by Mauritian investors, Cairnhill CIPEF Limited and Cairnhill CGPE Limited ('Investors'); On parties' submission that such acquisition was made solely as an investment, thus, no notice was to be filed before CCI, CCI states that "an acquisition could be considered to be made solely as an investment if the acquirer has no intention to directly or indirectly participate in the formulation and determination of the business decisions of the target"; Observes that share agreement between investors and promoters of Mankind entitled investors to appoint 1 director on the board of directors of Mankind and also conferred certain affirmative rights to investors, thus, holds that the acquisition was not solely an investment; Further, notes that investors were Mauritius based private equity investors, managed and advised by Capital Group, and Mankind was Indian pharma co., holds no horizontal overlap between the parties; Also observes that since investors did not have any investment in pharmaceutical sector in India, "there is no possibility of any vertical foreclosure resulting from the proposed combination":CCI
MRTP Commission's order awarding higher interest-rate than stipulated under contract "against law"
SC sets-aside MRTP Commission order that directed Delhi Development Authority (appellant) to award interest at the rate of 12% pa to a flat buyer towards flat scheme cancellation charges and Rs.5000 towards litigation charges, holds it "against law" and "unjustified"; Observes that the contract governing the scheme stipulated 7% interest towards cancellation charges, holds that Commission erred in interfering with contractual rate of interest and that too without returning a finding that there was any unfair trade practice or any restrictive/monopolistic trade practice indulged into by appellant; Rejects Commission's reasoning that interest on registration amount was less than the one charged from applicants when in default, thus was unreasonable and inequitable; Explains that, "A default clause is introduced to deter any delay or default and hence such penalty is by its very nature a deterrent one. That by itself offers a reasonable justification for the appellant to charge a higher rate of interest in the case of delay/default. So far as interest on the registration amount is concerned it stands on a different footing":SC
CCI approves multiple business restructuring of Oudh Sugar Mills & Upper Ganges
CCI approves the composite scheme of arrangement intending to restructure multiple businesses carried out by Oudh Sugar Mills Limited and Upper Ganges Sugar & Industries Limited into their subsidiaries; Notes that the scheme proposes transfer of Oudh Sugar's food processing and investment business to its three unlisted subsidiaries, viz., Palash Securities, Allahabad Canning and Vaishali Sugar; The scheme further proposes transfer of Upper Ganges' tea and investment business to its three unlisted subsidiaries, viz., Ganges Securities, Cinnatolliah Tea and Magadh Sugar; CCI notes that substantial portion of total dispatches of sugar and related products of the parties were made to the states of Uttar Pradesh and Bihar, states that their market shares are not significant enough to cause any likely adverse competition concern in any of the states in which parties are present; Also observes significant presence of other competitors in areas affected by the proposed combination, thus, holds no appreciable adverse effect on competition in India :CCI
CCI approves exit of Religare from joint-venture AEGON Religare Life Insurance Co
CCI approves re-arrangement of constituent members of AEGON Religare Life Insurance Company Limited ("ARLIC", a joint venture) by increasing shareholding of AEGON India Holding B.V.('AEGON') and Bennett, Coleman & Co. Limited ('Bennett') and exit of Religare Enterprises Limited ("Religare") as a shareholder of ARLIC; Notes that AEGON, part of AEGON group of cos, is an international provider of life insurance, pension and asset management, while Bennett is a flagship co. of Times Group engaged in media, print, TV and internet and ARLIC operates in life insurance sector and provides life insurance products/services in India; Notes that AEGON and Bennett do not provide any similar or identical or substitutable products or services in India, thus, no horizontal overlap; Observes that the proposed combination pertains to insurance sector in India regulated by IRDA, and notes that AEGON is present in Indian life insurance sector only through its stake in ARLIC, while Bennett is present through its stake in ARLIC and insignificant indirect shareholding in two insurance brokerage companies, namely SMC Insurance Brokers Private Limited ("SMC") and AB Insurance Brokers Private Limited ("AB"); However, holds that vertical relationship between ARLIC and AB and SMC is insignificant, and market share of ARLIC amongst all the life insurance providers in India in 2013-14 was less than 1%; Further states that the "proposed combination would not change the competitive landscape in the life insurance sector as it will only lead to a change in control in ARLIC", thus no appreciable adverse on competition in India :CCI
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