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Competition law – Relevant market and locus standi for moving CCI

28 July, 2014 Competition Appellate Tribunal (COMPAT) on 4-7-2014 has held that there cannot be a restrictive ‘relevant market’ on the basis of a singular feature in the impugned goods (car in this case). The decision of the Competition Commission of India (CCI) which found the relevant market to be market for luxury cars sold in India, was hence upheld by the COMPAT rejecting the plea of the...

Related party transactions - Section 188 of Companies Act clarified

28 July, 2014 Prohibition of any related party from voting in any special resolution of the company to approve any contract or arrangement (as specified in Section 188 of the Companies Act, 2013) is applicable only to the contract or arrangement for which the special resolution is being passed. MCA General Circular No. 30/2014, dated 17-7-2014 issued for this purpose clarifies that the term...

E-voting clarified

19 June, 2014 Voting through electronic means i.e. e-voting as contained in Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 is not mandatory till 31st of December, 2014. The Ministry of Corporate Affairs has, on 17th June, clarified certain aspects of these provisions on e-voting.  According to General Circular No. 20/201...

CLB not empowered to order issue of shares

17 June, 2014 The Company Law Board (CLB) does not have power under Section 111 of the Companies Act, 1956 to decide on right to shares and decree suits for specific performance as well as order rectification of register. The Bombay High Court examined the powers of the CLB as regards ordering rectification of register when on facts, there was no agreement to purchase shares, no consideration...

Committees to be constituted within one year

17 June, 2014 Public companies with a paid up capital of Rs. 10 crore or more, or having turnover of Rs. 100 crore or more, or having in aggregate, outstanding loans or borrowings or debentures or deposits exceeding Rs. 50 crore and/or more, and which were not required to constitute Audit Committee or the Nomination and Remuneration Committee under the erstwhile Companies Act, 1956, are now r...

Appointment of Independent Directors – Certain issues clarified

17 June, 2014 Ministry of Corporate Affairs has clarified that transactions like availing telecom services, courier services, etc., between a company and its independent director that are on par with products or services that are provided by the company to any member of the general public including price, will not create ‘pecuniary relationship’ with the said company as contemplated under Sec...

Reference to arbitration in cases of void or voidable contracts – SC lays down guidelines

6 June, 2014 The Supreme Court of India has, on 28th of May, 2014 declined to accept the proposition that whenever a contract is alleged to be void ab-initio, the courts exercising jurisdiction under Section 8 and Section 11 of the Arbitration and Conciliation Act, 1996 are rendered powerless to refer the disputes to arbitration. The Apex Court in this regard relied on an earlier judgement in...

Bombay High Court rules on meeting requirements

23 May, 2014 Even as the new Companies Act continues to unfold slowly, issues of interpretation and conflicts have started to appear. Deciding on an application by Godrej Industries in CSD/256/2014 dated 8-5-2014, the Bombay High Court held that the new companies Act does not totally do away with the requirement of meetings. Electronic voting is sufficient as a meeting, an opportunity to pa...

Public offer as per Takeover Regulations includes voluntary open offer - Economic viability not ground for withdrawal

16 May, 2014 The fundamental issue which arose in this appeal before Supreme Court was whether an open offer voluntarily made through a public announcement for purchase of shares of the target company can be permitted to be withdrawn under Regulation 23(1)(d) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (‘New Takeover Regulations’) on the ground that the volunta...

Non-competitor cannot be held liable for denial of market access

16 May, 2014 The Competition Appellate Tribunal (COMPAT) has overruled the ruling given by Competition Commission of India in 2012 [Please refer Corporate Amicus-July 2012 issue for CCI Order] imposing penalty on cable operators for denial of market access to the broadcasters and other stakeholders, by certain cable operators who worked as a group, and hence acting in contravention to Section...

Target discounts when not make prices discriminatory

21 April, 2014 Competition Appellate Tribunal (COMPAT) has on 2nd of April 2014 held that price and conditions can be said to be discriminatory, if and only if, they are different for the same quantities of the same product. Overruling the majority order of the Competition Commission of India (CCI), the Tribunal noted the contentions of the appellant (Schott Glass India Pvt. Ltd.) that higher...

Arbitration – Absence of express intention

21 April, 2014 Supreme Court of India has on 7-4-2014 held that in the absence of an arbitration clause (or intention for same) in an agreement, as defined in sub-section (4) of Section 7 of the Arbitration and Conciliation Act, 1996, the dispute between Power Transmission Corporation Limited v. Deepak Cables (India) Ltd. cannot be referred to the arbitral tribunal for adjudication. The court...

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