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On and from 1 June 2011, any acquisition or merger or amalgamation that exceeds the monetary threshold specified in Section 5 of the Act will require approval of CCI. These provisions are aimed at ensuring that the proposed Combination is not anti-competitive. This may lengthen the time required to complete the Combination. If CCI is convinced that the Combination is not anti-competitive, it should not be difficult to obtain the approval. The CCI has also released draft rules for public comments on provisions relating to Regulations of Combinations. Once this is finalized and notified, it will facilitate implementation of the provisions relating to Combination.
The Central Bureau of Investigation has arrested a Dy. Registrar of Trade Marks, Intellectual Property, Chennai for possession of disproportionate assets to the tune of approx Rs. one crore. The Anti Corruption Branch of CBI, Chennai has registered a case against Dy. Registrar of Trade Marks (Head of the Office and Technical Head Trade Marks), Intellectual Property G.S.T. Road, Guindy, Chennai and her husband (an Advocate) for abetment and for possession of assets disproportionate to the known sources of their income U/s 109 IPC and Section 13(2) r/w 13(1)(e) of Prevention of Corruption Act, 1988.
In addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 582 proposals out of which 374 SEZs have been notified. A total of 130 SEZs have commenced export. Statements containing state-wise and sector-wise distribution of SEZs are enclosed.
Know Your EPFO Claim Status. * Please click on the following link to find the status of your claim submitted in any of the EPFO Office * * Select the EPFO office and furnish your PF Account number Click Here for the status
Problem of judgements without giving reasons continues :- Though the SC has criticised some high courts for writing judgements without giving reasons, the problem seems to continue. In the case of Tikaula Sugar Mills vs State of Uttar Pradesh, the Allahabad high court was asked to pass a reasoned judgement in the dispute. The high court had set aside the order of the Special Secretary, Government of Uttar Pradesh, without giving reasons. “In our considered view, the judge should not have set aside the order without assigning any reasons,” the SC said, and asked the high court to dispose of the case within a month.
These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 201_. (2) They shall come into force on the date of their publication in the Official Gazette.
As per sections 5 & 6 of the Competition Act, the commission is empowered to probe a corporate deal for any possible breach of the competition law. However, the government has set a threshold limit as per which only those M&As would come under the CCI purview that have combined assets of R1,000 crore or more or combined turnover of R3,000 crore or more.
Once a gift is complete, the same cannot be rescinded. For any reason whatsoever, the subsequent conduct of a donee cannot be a ground for rescission of a valid gift.
4th March, 2011. S.O. 482(E) – In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or assets are being acquired has assets of the value of not more than Rs. 250/- crores or turnover of not more than Rs. 750/- crores from the provisions of section 5 of the said Act for a period of five years.
4th March, 2011. S.O. 481 (E) – In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent of voting rights in other enterprise from the provisions of section 5 of the said Act for a period of five years.
