Jurisdiction of Competition Appellate Tribunal (COMPAT) is the topic of discussion this month. Article in this March 2013 issue of Corporate Amicus analyses the topic in the light of an earlier Supreme Court decision while concluding that in certain circumstances the only option available is to file writ petition/SLP before High Court/Supreme court. Reserve Bank of India has relaxed provisions on external commercial borrowings for entities contesting investigations, adjudication or appeals relating to FEMA violations. SEBI has issued detailed guidelines in case of Indian Depository Receipts (IDRs). SEBI has further approved new regulations for regulating issuance of non-convertible redeemable preference shares and listing of privately placed redeemable preference shares.
In the Ratio decidendi column, this issue of Amicus summarizes recent important case law - Supreme Court has held that any encumbrance created by the owner after issuance of land acquisition notification is void and Competition Commission of India (CCI) has held that in most cases, the existence of an anti-competitive practice or agreement must be inferred from a number of coincidences and indicia which, taken together, may constitute evidence of the existence of an agreement.