CCI NEWS
CCI approves Godrej family settlement proposals
The Competition Commission of India (CCI) has approved the restructuring of the Godrej group, involving a realignment of interests, legal ownership, and management among family branches. This restructuring, based on a family settlement agreement from April 30, will affect entities including Godrej Industries, Godrej Consumer Products, Godrej Properties, and others within the GILAC and G&B Groups.
ITC shareholders approve demerger of ITC Hotels with 99.6% majority
At a meeting held on Thursday, an overwhelming majority of 99.6% of shareholders approved the resolution of demerger of the hotels business of ITC Limited into ITC Hotels Limited.
Reliance Industries seeks CCI approval for Viacom18-Star India merger
Reliance Industries, led by billionaire Mukesh Ambani, has sought approval from the Competition Commission of India (CCI) for an $8.5 billion merger between Viacom18 and Star India Pvt Ltd (SIPL). The merger aims to combine the entertainment businesses of Viacom18, part of Reliance Industries, with SIPL, a wholly-owned subsidiary of The Walt Disney Company (TWDC). Post-merger, SIPL will become a joint venture held by RIL, Viacom18, and TWDC subsidiaries.
Reliance, Disney seek India antitrust nod with cricket rights assurance
Reliance Industries and Walt Disney have applied for antitrust clearance for their $8.5 billion media merger in India, arguing that their combined influence, particularly in cricket broadcasting, will not negatively impact advertisers. The deal, announced in February, is anticipated to face close scrutiny due to its potential to establish India's largest entertainment entity, with extensive TV channels, streaming services, and cricket rights. The companies have assured the Competition Commission of India (CCI) that the cricket rights were obtained through a competitive bidding process, and competitors can bid when these rights expire in 2027 and 2028.
Key changes at Wipro; CCI on digital firms’ ‘opaque’ algorithms
IT services company Wipro is undergoing more changes under new CEO Srinivas Pallia. More on this on today’s ETtech Top 5.
Air India, Vistara CEOs to address staff about proposed merger on May 13
Air India and Vistara chiefs will address staff on May 13 regarding the proposed merger of the two airlines. The merger, announced in November 2022, entails Vistara merging with Air India, with Singapore Airlines acquiring a 25.1% stake in Air India. Vistara, a joint venture between Singapore Airlines and Tata Group, is part of the deal. The townhall meeting, to be held in a phygital mode, will feature Air India CEO Campbell Wilson and Vistara CEO Vinod Kannan, who is also the Chief Integration Officer for the merger.
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Tatas to speed up Air India-Vistara merger
Tata Sons is hastening the integration of Air India and Vistara to operate as a single airline by year-end. Both airlines have initiated merging their operations manuals and transferring flying crew. This move simplifies Tata's aviation business, merging Air India and Vistara into a full-service airline and integrating AirAsia India and Air India Express into a low-cost carrier. While Air India's CEO had suggested that Vistara's brand identity wouldn't change before 2025, the merger could happen sooner.
Searching for Google: Will legal hurdles threaten tech giant’s grip on India?
Having met regulatory challenges globally, Google is now facing run-ins with the Indian govt on several fronts.
SC stays govt’s fact-check unit; no CCI relief for Indian internet firms
The apex court has put on hold the Centre's notification on setting up a fact-checking unit. Details on this and more in today’s ETtech Top 5.
CCI orders probe in to Google’s Play Store billing policies
In a 21-page order, antitrust regulator Competition Commission of India said that prima facie, Google has violated provisions of the Competition Act, which warrants a detailed probe into the matter.
Paytm moves PoS terminals to RBL Bank; CCI orders probe on Google
Paytm’s point of sale (PoS) terminals for processing card payments are being moved to RBL Bank. This and more in today’s ETtech Top 5.
Stocks in news: Tech Mahindra, Bajaj Auto, ZEE, Tata Steel, Axis Bank, L&T Finance
Leading private lender Axis Bank's standalone net profit rose 4% year-on-year to Rs 6,071 crore in the October-December 2023 period. Net interest income (NII) in the third quarter rose 9% to Rs 12,532 crore.
Stocks in news: Canara Bank, Kotak Bank, Paytm, Adani Total Gas
Canara Bank has given in-principle approval to initiate the process of listing its mutual fund subsidiary Canara Robeco AMC through an initial public offering of shares.
Stocks in news: LIC, GMR Airports, Lupin, Brigade Enterprises, Maruti
The Department of Economic Affairs has decided to grant a one-time exemption to Life Insurance Corp to achieve 25% minimum public shareholding (MPS) within 10 years from the date of listing.
CCI approves Nirma's acquisition of Glenmark Life Sciences
The acquisition will trigger a mandatory open offer to all public shareholders of GLS for an additional 17%.
Stocks in news: Airtel, Titan, Maruti Suzuki, BPCL, TCS, Wipro
Adani Enterprises arm Adani Defence Systems has signed a shareholders agreement and share subscription agreement with Elbit Systems, Israel.
CCI to firm up rules for leniency-plus regime: Chairperson Ravneet Kaur
The Competition Commission of India (CCI) is proposing a new "leniency-plus" regime that would allow companies under investigation for cartelisation to reduce penalties by disclosing information about other cartels. The regulator plans to seek stakeholder comments on the proposed regulations and finalize them for enforcement.
Competition regulator to soon release 'leniency-plus' regulations to bust cartels
The Competition Commission of India (CCI) will introduce regulations for a proposed leniency-plus regime, which will encourage companies under investigation for cartelisation to report other cartels and receive reduced penalties. The CCI will seek stakeholder comments on the regulations and finalize them.
CCI probing Google, Apple for unfair business practices: chairperson Ravneet Kaur
The watchdog had ordered detailed investigations against Google with respect to its alleged abuse of dominance in the smart television segment and in the news content space. Further, the regulator had ordered an investigation against Apple for alleged anti-competitive practices with respect to its App Store.
CCI approves merger of Vistara into Air India
The Competition Commission of India (CCI) has approved the merger of Tata SIA Airlines into Air India, with certain conditions. The merger between the fully owned Tata airline Air India and sister airline Vistara had raised concerns about market power. The merged airline, which will have a combined fleet of 218 aircraft, is expected to pose a challenge to local rival IndiGo.
Parliament committee wants focus on potential unfair practices by digital companies
The Parliamentary Standing Committee on Finance headed by former minister of state for finance Jayant Sinha also wants to be apprised of the government panel's recommendations after they are submitted with the government.
CCI sided with Amazon in verdict, alleges Google; GoM, states divided over GST on online gaming
Tech giant Google has alleged that the Competition Commission of India sided with rival Amazon after the latter said Google's restrictions were a cause of the failure of its modified Android System FireOS. Google, however, said FireOS foundered due to poor user experience. This and more in today’s ETtech Top 5.
CCI approves Multiples PE Fund and CPPIB investments in Acko Technology
The Competition Commission of India (CCI) has approved the acquisition of additional Series E compulsorily convertible preference shares of Acko Technology & Services by Multiples Private Equity Fund III and CPP Investment Board Pvt Holdings (4). Acko is engaged in providing technology and outsourced services while also providing all-round damage protection plans for electronic devices such as mobile phones and facilitating the sale and purchase of new and used vehicles through its platform. The target (through its affiliates) is also involved in the provision of non-life insurance services in India. The companies involved belong to the Multiples and Canada Pension Plan Investment Board groups.
Entrepreneurs flag lack of ‘credence’ as IAMAI not representing their interests, favouring Big Tech
This signals a deepening of the chasm between the interests of global internet majors such as Google and Facebook and that of the local startups over issues ranging from pricing policies to digital regulations.
Competition Commission clears LIC Mutual Fund-IDBI Mutual Fund deal
Deals beyond a certain value require approval from the regulator, as it keeps a tab on unfair business practices in the market place.
CCI gives nod to deal involving VVDN Technologies
The proposed combination relates to acquisition of shareholding by the Kotak Special Situations Fund (KSSF) and Kotak Pre-IPO Opportunities Fund (KPIOF) through a combination of secondary share purchases of equity shares and subscription to compulsorily convertible debentures of VVDN Technologies, according to CCI
Google set to challenge CCI antitrust ruling at Supreme Court
The Competition Commission of India in October fined the Alphabet Inc unit $161 million for exploiting its dominant position in the market for Android which powers 97% of smartphones in India, a key growth region for the US giant.
Startups chase convertible notes amid downturn; CCI clubs news complaints against Google
This will mark the second such capital infusion for the B2B startup this year as late-stage equity funding remains scarce in one of the world’s fastest-growing startup ecosystems.
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