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The CCI under the draft regulations dated March 2, 2011 had first introduced the provision for pre-filing consultation. However, this found no mention in the recently issued final Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, dated May 11, 2011. The CCI has now, in accordance with international best practices, re-introduced the facility of informal and verbal consultation with the staff of CCI prior to the filing of notice under the Act in connection with the proposed combination.
In the notification of the Government of India in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), number S.O. 479(E), dated the 4th March, 2011, for section 31 of the said Act read section 31 of the said Act as amended by sections 4, 5, 14, 22, 23 and section 24 of the Competition (Amendment) Act, 2007 (39 of 2007).
n exercise of the powers conferred by sub-section (3) of section 1 of the Competition Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 44 of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 43A of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
Humanity & another Versus State of West Bengal & Ors. (Supreme Court) – Several writ petitions were filed in public interest before the Calcutta High Court challenging the allotment of land given in favour of Mr. Sourav Ganguly (hereinafter referred to as allottee), by the State of West Bengal. The High Court, by its judgment dated 12.4.2010, upheld the allotment of plot of land being plot no. CA-222 by allotment letter dated 17.2.2009. It disposed of all the petitions by a direction that in order to retain leasehold rights and possession of the said plot in Sector-V, Salt Lake City (Bidhannagar), Kolkata, the allottee has to pay the State Government a sum of Rs. 43,25,500/-, failing which the lease deed dated 1.4.2009 shall be treated as invalid and possession of the land shall be handed back to the State Government.
The Delhi High Court today asked Competition Commission to provide the NSE by friday its complete order including views of members dissenting with the majority ruling that held the bourse guilty of abusing market dominance.
NOTIFICATION NO. G.S.R. 397(E), DATED 24-5-2011 – In exercise of the powers conferred by clause (mc) of sub-section (2) of section 63 read with sub-section (1) of section 53G of the Competition Act, 2002 (12 of 2003), the Central Government hereby makes the following rules, further to amend the Competition Appellate Tribunal (Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2009,
Jawahar Singh Vs. Bala Jain & Ors. (Supreme Court – 09.05.2011) The Supreme Court has stated that it is the duty of the owner of a motor vehicle to ensure that it was not misused. Therefore, he would be liable to pay compensation for the accident if the vehicle is driven by a minor. The owner was asked to pay Rs 8 lakh to the family of a man who died in a road mishap in this case, Jawahar Singh vs Bala Jain. The court rejected the plea of the owner that the minor, who is his nephew, had taken away the key of the motorcycle without his knowledge and as such he cannot be held responsible. “We cannot shut our eyes to the fact that it was the minor, who came on the motorcycle and hit the scooter of the deceased from behind. The responsibility of causing the accident was, therefore, found to be solely that of the minor.
The Supreme Court last week set aside the judgment of the Gujarat high court and directed the sale of a wound-up company in Veraval at a higher price so that creditors will get their dues. The company judge had first ordered the sale at a one price, but recalled its order when a higher offer was made by another party. However, when one of the losing bidders moved the division bench of the high court, it confirmed the sale at the earlier price on the ground that a confirmed auction sale cannot be set aside merely because subsequently a higher price was offered by one of the bidders. Shradhha Aromatics Private Limited Vs. O.L. of Global Arya Industries Limited and others
The Government of India has decided to raise the limit for external commercial borrowings to $30 billion from $20 billion before, a senior finance ministry official said on Friday. The government has decided not to raise the foreign institutional investor limit in government bonds, said the official, who did not wish to be named. FIIs can invest up to $10 billion in government bonds currently.
