Real estate sector's 'political' influence not Competition concern; Refuses independent body constitution |
CCI closes information filed against Govt. of Haryana (OP 1), and chiefs of two real estate companies in Gurgaon (DLF Chief K.P. Singh (OP 2) and Raj Singh Gehlot, Proprietor of HLF Enterprises (OP 3)) alleging their anti-competitive conduct in real estate sector which affected lives of residents of group housing societies formed for condominiums in Gurgaon; Observes that no case of collusive practice u/s 3 is made out against opposite parties, and also notes that OP 1 does not operate in the same market as OP 2 and OP 3 and there is no material on record to show that opposite parties have acted in collusion; Rejects informant's allegation that OP 3 and OP 2 were using political connections to seek approvals from OP 1 to legitimise their otherwise illegal actions, holds such allegation "cannot come within the purview of section 3 of the Act"; Also dismisses abuse of dominance complaint against OP 3, observing that OP 3 was not in dominant position in real estate market in Gurgaon including the market of 'development and sale of residential apartments in the geographic region of Gurgaon'; Observes that complaint was largely against OP 3 (as informant was resident of OP 3 residential project), states that, "it appears that OP 1 and OP 2 have been added as parties to give more weightage to the allegations raised in the information"; Further rejects informant's reliefs to constitute an independent body governing real estate sector in India and to assign advisory and executive roles to different bodies, holds such reliefs "do not fall under the purview of the Commission":CCI |
| The order was passed by Shri Ashok Chawla (Chairperson), Shri S. L. Bunker, Shri Sudhir Mital, Shri Augustine Peter and Shri U. C. Nahta (Members). |
Orders divestiture of Lafarge's plants at Jharkhand & Chhattisgarh for merger with Holcim |
CCI approves proposed combination relating to merger of Holcim Ltd. ('Holcim') & Lafarge S.A. ('Lafarge'), subject to certain modifications; Observes that an adverse effect of the proposed combination is likely on competition in relevant market for grey cement in the Eastern region, thus, proposes divestiture of various units; Orders divestiture of Lafarge's Jojobera plant located in Jharkhand and Lafarge's integrated unit located at Sonadih in Chhattisgarh; Holds that such divestiture "would be most effective in eliminating the concerns of AAEC in the relevant market"; Appoints Monitoring Agency for supervision of such modifications to combination:CCI |
Approves Reliance's theatre business transfer to subsidiary; Single screen cinemas strong competitors |
CCI approves two step combination whereby film exhibition business alongwith food & beverages business of Reliance MediaWorks Ltd (Reliance Media) is transferred to its subsidiary Cinema Ventures Private Limited (CVPL), and subsequently, 98% of CVPL's share capital shall be acquired by Carnival Films Pvt Ltd and 2% by Carnival's director; Notes that the proposed combination pertains to film industry in India particularly the film exhibition sector, however with regard to delineation of relevant market, observes that different cities where films are exhibited may be considered as different relevant geographic markets; Further observes that market conditions in one city could not be equated easily with those in another, due to differences in means of transportation, purchasing power of consumers etc; Observes that there are overlaps between Carnival and Reliance Media with respect to the multiplexes in 7 cities, viz., Indore, Mumbai, Dindigul, Ghaziabad, Dehradun, Raipur and Ajmer; However, with respect to relevant markets of Indore, Mumbai, Ghaziabad, Dehradun, Raipur and Ajmer, notes that competition concerns may not arise as there are other multiplexes in addition to cinemas operated by Carnival and Reliance Media; With regard to city of Dindigul in Tamil Nadu, observes that three prominent independent single screen cinemas namely, Ganesh, NVGB and Solai Hall amongst others in addition to a multiplex owned by competitors is likely to pose competitive constraints on Carnival; Also observes that Tamil Nadu Govt had regulated the rate for admission to theatres, thus "it is unlikely that the combination would result in increase in prices or would have an adverse impact on the amenities provided to the consumers in Dindigul":CCI |
Closes 'dominance abuse' information against Communication Ministry arm; Informant's market delineation "superficial" |
CCI closes information filed against CSC e-governance Services India Ltd. (opposite party, a special purpose vehicle floated by Ministry of Communication & Information Technology for building a common identity for the Common Service Centre ('CSC') scheme) by CSC Forum (an association of service centre agencies) alleging that opposite party abused its dominant position by creating an independent portal for delivering G2C & B2C services and not integrating with Service Centre Agencies ('SCAs'); Rejects informant's delineation of relevant market into three, viz., 'market for provision of B2B services for segments (e.g. Banks, Insurance, IRCTC etc) through CSC network in India' (Relevant Market-I), 'market for provision of B2B services through CSC network in India' (Relevant Market-II), and 'market for provision of e-services through CSC network' (Relevant Market-III); Holds that such segregation is "superficial and unnecessary as the services provided by SCAs in these segments are of similar nature. While these segments, undoubtedly, are different in nature they do not qualify as separate relevant markets"; Defines the relevant market in instant case as 'market for provision of e-services through the CSC network in India', and observes that since SCAs are not dependant on opposite party in relevant market, absent proof; With regard to allegation against opposite party entering into agreements with various vendors such as IRDA, LIC, banks and other public institutions for awarding orders on nomination basis to opposite party was in contravention of Sec 3, holds that there was nothing wrong with the decision taken by IRDA, LIC etc. in choosing opposite party over other SCAs on nomination basis:CCI |
SEBI wields stick for non-compliance of women directors directive; Cos to face fines |
SEBI prescribes fine structure for non-compliance with Clause 49 requirement relating to having atleast woman director on the Board of companies; Issues warning to non-compliant cos/promoters/directors of "action" against them for failure to comply with the regulation by Sept. 30, 2015 : SEBI |
Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013
ICAI has hosted an announcement on its website on 'Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013', which is as follows:
"We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year 2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013. However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry.
The Companies Act, 1956 has ceased to have effect from 01st April, 2014. As a corollary, the Companies (Auditor's Report) Order, 2003 issued under section 227(4A) of the said Act also ceases to have effect from the said date.
Section 143(11) of the Companies Act, 2013 which came into force from 01st April, 2014 provides that "the Central Government may, in consultation with the National Financial Reporting Authority, by general or special order, direct, in respect of such class or description of companies, as may be specified in the order, that the auditor's report shall also include a statement on such matters as may be specified therein."
Accordingly, it may be noted that as when an Order is notified by the Central Government under section 143(11) of the Companies Act, 2013, the members would be required to report thereon as a part of their statutory audit reports.
Until the aforesaid Order is issued, no additional reporting under section 143(11) of the Companies Act, 2013 is required by the Auditors for the financial year 2014-15.
Members are advised to keep a watch on the MCA site (www.mca.gov.in) as well as the ICAI site (www.icai.org) for further announcements in this regard." Read more.
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ICAI has hosted an announcement on its website on 'Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013', which is as follows:
"We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year 2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013. However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry.
The Companies Act, 1956 has ceased to have effect from 01st April, 2014. As a corollary, the Companies (Auditor's Report) Order, 2003 issued under section 227(4A) of the said Act also ceases to have effect from the said date.
Section 143(11) of the Companies Act, 2013 which came into force from 01st April, 2014 provides that "the Central Government may, in consultation with the National Financial Reporting Authority, by general or special order, direct, in respect of such class or description of companies, as may be specified in the order, that the auditor's report shall also include a statement on such matters as may be specified therein."
Accordingly, it may be noted that as when an Order is notified by the Central Government under section 143(11) of the Companies Act, 2013, the members would be required to report thereon as a part of their statutory audit reports.
Until the aforesaid Order is issued, no additional reporting under section 143(11) of the Companies Act, 2013 is required by the Auditors for the financial year 2014-15.
Members are advised to keep a watch on the MCA site (www.mca.gov.in) as well as the ICAI site (www.icai.org) for further announcements in this regard." Read more.
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CA. V.M.V.SUBBA RAO
Chartered Accountant
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