CCI New Penalty Rules: Based on Company Income, Turnover
The Competition Commission of India (CCI) has issued new guidelines for imposing penalties on companies that violate the competition law. The guidelines, which came into effect from March 6, 2024, allow the CCI to base the penalties on the average turnover or income of the company derived from all products and services, and not just […]
IGL Cuts CNG Prices in Delhi by Rs 2.5/kg
Indraprastha Gas Limited (IGL), the sole supplier of compressed natural gas (CNG) in Delhi, has slashed the selling prices of the gas by Rs 2.5 per kg across all geographical areas of its operation, effective from 6 am on March 7, 2024. The company said that the price reduction was due to a dip in […]
AIGF: CCPA Order Separates Legal and Illegal Gambling Sites
The All India Gaming Federation (AIGF) has welcomed the advisory issued by the Central Consumer Protection Authority (CCPA) to celebrities and influencers to refrain from promoting betting and gambling firms, saying it will help in distinguishing genuine platforms from illegal entities. In this article, we will discuss the following aspects of the CCPA advisory and […]
Government Announces Settlement Provisions in Competition Law
The government has recently notified the provisions relating to settlement and commitment under the competition law, which will enable faster resolution of cases involving anti-competitive practices and abuse of dominant position. What are settlement and commitment provisions? Settlement provisions allow parties involved in competition law violations of vertical anti-competitive agreements [Section 3 (4)] and also […]
Zomato: 2% Stake Sold by Antfin Singapore for Rs 2,827 Cr
Antfin Singapore Holding, an affiliate of Alibaba’s Ant Financial Group, has reduced its stake in online food delivery platform Zomato by 2 per cent through open market transactions on Wednesday. The sale, which involved offloading over 17.63 crore shares, was executed within a price range of Rs 160.11-160.40 per share, resulting in a deal size […]
New FDI Norms in Space Sector by DPIIT
The Department for Promotion of Industry and Internal Trade (DPIIT) has notified changes in the foreign direct investment (FDI) norms in the space sector, allowing up to 100% overseas investment in some activities. This is expected to attract foreign players and private companies into the segment, which has been largely dominated by the government so […]
SBI Criticised by Bank Federation Over Electoral Bonds Delay
The State Bank of India (SBI) is facing criticism from various quarters for seeking more time from the Supreme Court to disclose the details of electoral bonds purchased and redeemed by political parties since April 12, 2019. The apex court had struck down the Centre’s Electoral Bonds Scheme as unconstitutional on February 15, 2024, and […]
IOC: First Indian Firm to Fuel Formula 1
Indian Oil Corporation Ltd (IOC) – the nation’s top oil firm – will in three months start manufacturing fuel used in adrenaline-pumping Formula One or F1, motor racing as it looks to expand its basket of niche fuels. IOC Unveils ‘Storm’ Petrol for FIM Asia Road Racing Championship IOC, which already has three branded fuels, […]
RBI Directs Banks to Offer Multi-Network Card Choices
The Reserve Bank of India (RBI) has issued new guidelines for credit card issuers, aimed at providing more flexibility and options for customers. The central bank has mandated that card issuers must allow their eligible customers to choose from multiple card networks at the time of card issuance or renewal. This will enable customers to […]
IIFL Finance Gets $200 mn Boost from Fairfax After RBI Ban
IIFL Finance, one of India’s leading non-banking finance companies (NBFCs), has received a major boost from its top shareholder Fairfax India, which has committed to provide up to $200 million in liquidity support to the company. This comes after the Reserve Bank of India (RBI) imposed an embargo on the company’s gold loan disbursements, effective […]