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Parallel behavior of non-participation in bid is anti-competitive

10th May, 2013 The Competition Appellate Tribunal in a recent order has held that behaviour of the explosive manufacturers in boycotting the bid for supply to Coal India as anti-competitive but the deterrent punishment should not be so much as to affect their ability to deliver the goods in an efficient manner. The Tribunal hence reduced the penalty to 10% of the penalty imposed by Competitio...

Takeover Regulations amended

20th April, 2013 SEBI has amended SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011. The major changes are in relation to timing of making a public announcement in case of successive and connected acquisitions of shares or voting rights in the target company. Some of the other amendments include changes in disclosures and reference date in buyback of shares by the target...

TRAI caps duration of TV advertisements

20th April, 2013 The Telecom Regulatory Authority of India (TRAI) has amended the Standards of Quality of Service (Duration of Advertisements in Television Channels) Regulations, 2012 to impose a cap of twelve minutes per hour on commercial advertisements. TRAI had earlier issued the regulations in May 2012 but the broadcasters had obtained a stay on its implementation by challenging the r...

Revised FDI Policy released

20th April, 2013 Consolidated and revised Foreign Direct Investment (FDI) Policy has been issued by the Department of Industrial Policy and Promotion in the Ministry of Commerce & Industry. The Circular No. 1 of 2013 incorporates the policy changes in multi brand retailing, civil aviation, investment from Pakistan etc. in the main policy. Single-brand retail The earlier requirement that ...

Write-off of unrealized export bills - RBI issues new guidelines

19th March, 2013 Exporters, including status holders, have been allowed to self write-off unrealised export bills, subject to limits in terms of specified percentage of the proceeds realized during previous calendar year. As per Reserve Bank of India A.P. (DIR Series) Circular No. 88, dated 12-3-2013, while status holder exporters have been allowed to write-off up to 10% of the total export p...

Service quality benchmarks for wireless data services

20th December, 2012 The Telecom Regulatory Authority of India (TRAI) has released “The Standards of Quality of Service for Wireless Data Services Regulations, 2012”. The regulations mandate every Cellular Mobile Telephone Service provider or Unified Access Services provider to set up a test set up comprising of servers and test probes to cover the entire geographical area of coverage of diffe...

Banking mergers to face scrutiny of two regulators

20th December, 2012 Bank M&As  may have to obtain clearance both from the Competition Commission of India (CCI) and Reserve Bank of India (RBI) according to recent reports. As per the reports, banks have strongly advocated that they should be exempt from the scrutiny of CCI since they are already regulated by RBI. The same was also reflected in the Banking Laws (Amendment) Bill, 2011. Howe...

Govt. to press CTRL button on foreign investment

20th December, 2012 The Finance Ministry had recently suggested the Department of Industrial Policy and Promotion (DIPP), the nodal agency for foreign direct investment in India to amend the definition of ‘control’. The present definition of control covers only those situations where there is a power to appoint majority of the directors of the company. However the government opines that th...

Scope of ECBs set to widen

20th December, 2012 The Indian Government is all set to widen the scope of External Commercial Borrowings (ECB) by changing the definition of ‘infrastructure’, as approved by the Cabinet committee on infrastructure. The Committee has identified five main sectors (transport, energy, water sanitation, communication, social and commercial infrastructure) and 29 infra sub-sectors for inclusion...

Appointment of arbitrators – Procedures cannot be bifurcated

23rd November, 2012 The Supreme Court has held that the procedure followed by the Calcutta High Court in considering applications for appointment of arbitrator(s) under Section 11 of the Arbitration and Conciliation Act, 1996 in a piecemeal manner is legally impermissible. The Calcutta High Court was considering applications for appointment of arbitrator(s) under Section 11 by following a ...

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