[In the following post, our guest contributor Rahul Singh analyzes the impact of CCI’s order in Builders Association of India v. Cement Manufacturers Association, Case No. 29/2010. Rahul is Assistant Professor of Law, National Law School, Bangalore (on leave) & Counsel, Trilegal A summary of CCI’s order is available here] In a landmark decision, the Competition Commission of India (CCI) has...
Summary of CCI’s Order Against Cement Companies
[The following post is contributed by Karan S. Chandhiok, a senior associate with the competition law team at Luthra & Luthra Law Offices and a Member Executive of the Competition Law Bar Assocation. He graduated from Amity Law School in 2006 and did his BCL from Oxford in 2007. The views are personal, and he may be contacted at [email protected] We hope to carry further comments and...
Regulatory Updates: SEBI and CCI
SEBI: Stock Exchanges and Clearing Corporations SEBI has issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 that deal with the recognition, ownership and governance of stock exchanges and clearing corporations. Certain minimum ownership and net worth requirements have been specified. Maximum shareholding by a single shareholder has been...
The Concept of Control under the Indian Competition Act: an analysis (Part II)
(This is a continuation of a post contributed by Avirup Bose) In an earlier post I discussed the importance of understanding the concept of ‘control’ while analyzing the probable anti-competitive effects of a merger especially in a partial stock ownership context. The discussion was in the background of an order of the CCI dated May 17, 2012, which basically held that if a company has a...
The Concept of Control under the Indian Competition Act: an analysis (Part I)
(The following post is contributed by Avirup Bose, who holds law degrees from the West Bengal National University of Juridical Sciences and the Harvard Law School and is qualified to practice law in India and the U.S. Avirup has worked in the New York office of Weil Gotshal & Manges and in the New Delhi office of S&R Associates. He has also briefly worked at the Mumbai office of Trilegal...
Convertible Instruments and “Control” Under the Competition Act
Earlier this week, the Competition Commission of India (CCI) passed an order involving a transaction between the Reliance Industries group and the TV18 group of companies. What otherwise appears to be a complex transaction can be described in a nutshell as follows. About 40% shares of Network18 and (indirectly) TV18, both of which are listed companies, are held by Mr. Raghav Bahl and his...
Amendments to the Merger Regulations
(The following post has been contributed by Rahul Singh, Assistant Professor of Law, National Law School, Bangalore (on leave) and Senior Associate, Trilegal) We live in interesting times where the Minister for Corporate Affairs (Indian competition authority’s administrative Ministry) speaks about helping Kingfisher Airlines and slaying the dragon of runaway inflation through the so-called second...
CCI Approves Acquisition of UTV by Walt Disney
(The following post has been contributed by Piyush Prasad, who is an alumnus (B.Sc. LL.B.) of the National Law University, Jodhpur) The Competition Commission of India (“CCI”) on August 25, 2011 approved the proposed combination of Walt Disney Company (Southeast Asia) Pte. Limited (“the “Acquirer”) and UTV Software Communications Limited (“the “Acquired Enterprise”) under section 31 (1) of the...
Miscellaneous
1. Put Options & Foreign Exchange Regulations We have in the past discussed the questions regarding the enforceability of put and call options under securities laws and regulations, primarily the Securities Contracts (Regulation) Act, 1956. In addition, if put options are entered into by foreign investors, the Foreign Exchange Management Act, 1999 and regulations issued by the Reserve Bank of...
Maiden Order under Merger Control Regulations
Legally India has reported the issuance of the first order by the Competition Commission of India (CCI) under the Combination Regulations that came into force on June 1, 2011. CCI’s order considers the acquisition by Reliance Industries Limited and Reliance Industrial Infrastructure Limited (the Acquirers) of the 74% stake held by the Bharti Group in each of two joint venture insurance companies...
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