On 26 October 2022, the Competition Commission of India (CCI) published its order approving the amalgamation of Zee Entertainment Enterprises Limited (ZEEL / Zee) and Bangla Entertainment Private Limited (BEPL), with and into Culver Max Entertainment Private Limited (CME) (collectively, “Parties”) (the “Proposed Combination”).
Continuing its crackdown on the Indian digital sector, the Competition Commission of India (CCI), within a span of five days, imposed penalties worth INR 1,337.76 crore (~USD 162 million) and INR 936.44 crore (~USD 113 million) on Google for abusing its dominant position in the Android mobile operating system (Android OS) market and in relation to its ‘Play Store’ policies, respectively. In addition to the hefty penalties and the cease and desist orders, the CCI has directed Google to adopt corrective measures to create a level playing field.
On 19 October 2022, the Competition Commission of India (CCI) imposed penalties of INR 223.48 crore and INR 168.88 crore on MakeMyTrip, Goibibo (MMT-Go) and Oravel Stays Private Limited (OYO), respectively.
Securities and Exchange Board of India (SEBI) has by its circular bearing reference no. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/00139 dated 10 October 2022 (2022 EBP Circular) amended and replaced Chapter VI (Electronic Book Provider platform) of the Operational Circular dated 10 August 2021 (Operational Circular).
The National Company Law Appellate Tribunal (NCLAT) in the case of P.M. Cold Store Pvt. Ltd. v Goouksheer Farm Fresh Pvt. Ltd. & Anr. (Company Appeal (AT) Insolvency No. 615 of 2020) urged the Insolvency and Bankruptcy Board of India (IBBI) to investigate the conduct of a Resolution Professional (RP).
The Companies Act, 2013 (Companies Act) was the first legislation to require eligible companies (a) to form board level committees to focus on corporate social responsibility (CSR Committee); (b) to formulate a corporate social responsibility policy; and (c) to spend 2% of average net profits of the company on corporate social responsibility (CSR).
On 30 September 2022, the Reserve Bank of India (RBI) issued a circular (LSF Circular) to bring about uniformity in the imposition of a Late Submission Fee (LSF) for reporting delays across foreign investment, external commercial borrowings (ECB) and overseas investment.
The Hon’ble Supreme Court in its judgement dated 12 May 2022 in PTC India Financial Services Limited v Venkateswarlu Kari and Anr, (Civil Appeal No. 5443 of 2019) (PTC Judgement), provided some much needed clarity on various issues pertaining to the creation and enforcement of pledge created over securities in dematerialised form (Pledged Shares).
The Insolvency and Bankruptcy Board of India (IBBI) in exercise of the powers conferred inter-alia under section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code, 2016 (the IBC or Code) has notified the (i) IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations 2022 (Third Amendment Regulations); (ii) IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations 2022 (Fourt
The Tamil Nadu cabinet has approved an ordinance on 26 September 2022 (Ordinance) to “ban” online games with stake in the state of Tamil Nadu. The announcement was made via a press release. The Ordinance will take effect once it receives the governor’s assent.
