COMPETITION COMMISSION OF INDIA
Govt for fair AI development; Google in CCI crosshairs
Happy Friday! The government is leading multiple projects to foster responsible growth of AI. This and more in today¡¯s ETtech Morning Dispatch.
CCI orders probe against Google on Winzo¡¯s complaint
Online gaming company Winzo has accused Google of abusing its dominant position in the market and its restrictive policies towards online gaming companies, among others. In its order, the CCI has pointed out Winzo¡¯s claims that Google¡¯s policies restrict the listing of real money gaming apps on its Play Store.
CCI clears Google¡¯s $350 million funding in Flipkart, Temasek¡¯s investment in Rebel Foods
Google's $350 million investment in Flipkart is part of a nearly $1 billion funding round that valued the Indian e-commerce giant at $35-36 billion. Temasek¡¯s deal, a mix of primary and secondary share sales, comes at a nearly flat valuation compared to its previous round about three years ago.
Kotak Mahindra Bank shares in focus after CCI approves Rs 4,100 crore loan book deal with Standard Chartered
Kotak Mahindra Bank shares will be closely watched on Wednesday following the Competition Commission of India (CCI) approval for its acquisition of Standard Chartered Bank India's personal loan portfolio for Rs 4,100 crore. The CCI confirmed the approval of the deal, which involves Kotak acquiring Standard Chartered's unsecured personal loans portfolio in India.
CCI clears raft of deals; Kotak Mahindra Bank¡¯s takeover of StanChart¡¯s Rs 4,100-cr India personal loan book gets nod
India's Competition Commission (CCI) greenlit several deals, including Kotak Mahindra Bank's purchase of Standard Chartered Bank's Rs 4,100-crore personal loan portfolio. The CCI also approved acquisitions involving Fosroc, DMI Finance, and Rebel Foods by Starcin Holding, MUFG Bank, and Jongsong Investments, respectively.
Competition regulator unlikely to take cognizance of media reports on Adani bribery issue
Ravneet Kaur, CCI Chairperson, stated that the regulatory body is unlikely to investigate the bribery allegations against the Adani Group based solely on media reports. Kaur emphasized that the CCI operates under the Competition Act and requires formal information filing before initiating any action.
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ETtech Explainer: Apple faces setback in CCI antitrust case
The Competition Commission of India (CCI) rejected Apple's plea to halt an antitrust investigation into its App Store practices. The CCI is scrutinizing Apple's alleged abuse of market dominance, impacting developers and users. Apple denies wrongdoing, citing its small market share compared to Android. The CCI's final decision could significantly impact Apple's Indian operations and set a precedent for tech regulation.
CCI rejects Apple request to put antitrust report on hold
India's antitrust watchdog, the CCI, is proceeding with its investigation into Apple's business practices. The CCI found that Apple abused its dominant position in the app market. Apple's request to pause the investigation was denied. The CCI has ordered Apple to submit financial records. A final decision on the case is pending.
Central Bank of India gets RBI nod to enter insurance biz through JV with Generali group
Central Bank of India received approval from the Reserve Bank of India to enter the insurance business. The bank will form a joint venture with Generali Group under FGIICL and FGILICL, offering a range of insurance products. This follows approvals from the Competition Commission of India and IRDAI.
New rules under amended competition law seek to ensure 'optimal regulatory balance': CCI chief
The Competition Commission of India (CCI) has implemented new regulations following amendments to the Competition Act in 2023. These regulations aim to provide clarity for businesses, streamline merger processes, and ensure fair competition. The CCI emphasized its commitment to promoting voluntary compliance and raising awareness about the benefits of a competitive market environment.
Meta to appeal CCI penalty, says 2021 update was about providing users transparency
?In its statement on Tuesday, Meta said that the 2021 update ¡°was about introducing optional business features on WhatsApp and provided further transparency about how we collect and use data¡±.
CCI says 'no inherent conflict or repugnancy' between competition, data protection laws
This remarks are a part of the Competition Commission of India's order after levying a Rs 213.14 crore fine on the social media giant Meta for unfair business ways with respect to WhatsApp privacy policy update of 2021.
ETtech Explainer: CCI's Rs 213-crore penalty on Meta
The antitrust watchdog on Monday said Meta has abused its dominant position in the market, explaining that this fine relates to how WhatsApp's 2021 privacy policy was implemented and how user data was collected and shared with other Meta companies.
We disagree with decision, plan to appeal: Meta on CCI imposing Rs 213-crore penalty
The Competition Commission of India (CCI) on Monday asked WhatsApp to refrain from sharing user data with other applications, owned by Meta, for advertising purposes for a period of five years.
CCI slaps penalty of Rs 213 crore on Meta for abusing dominant position
India's Competition Commission has fined Meta approximately $26 million for abusing its dominant market position with WhatsApp's 2021 privacy policy. The regulator found that the policy update, which mandated data sharing with Meta companies, violated competition law by forcing users to accept expanded data collection terms without an opt-out option.
Ambuja Cements seeks CCI nod to acquire majority stake in Orient Cement
Ambuja Cements, owned by Gautam Adani, is seeking regulatory approval to acquire a majority stake in Orient Cement for Rs 8,100 crore. The two-stage deal involves an initial purchase of a 46.80% stake, followed by an open offer that could increase Ambuja's ownership to 72.8%. This acquisition will significantly boost Adani Cement's capacity, adding 16.6 MTPA to its existing operations.
Zomato, Swiggy brush off reports of antitrust violation: all you need to know
Zomato said the Competition Commission of India (CCI) had issued a prima facie order in April 2022 calling for an investigation into potential violations under the Competition Act, 2002. Zomato's compliance officer, Sandhya Sethia, explained that the watchdog wanted to investigate aspects such as preferential listing of restaurant partners and pricing parity on these platforms.
CCI order in play store billing case not backed by findings: Google
Alphabet Inc., Google's parent company, is challenging an antitrust ruling by the Competition Commission of India (CCI) before the National Company Law Appellate Tribunal (NCLAT). Alphabet argues that the CCI's order, which found Google guilty of abusing its dominant market position and imposed a ?936 crore fine, was premature and lacked proper analysis.
CCI proposes changes to penalty recovery rules; seeks public feedback by Dec 6
India's Competition Commission (CCI) proposed amendments to its penalty recovery regulations, aiming to streamline the process of collecting fines for violations of the Competition Act. The proposed changes include issuing formal demand notices with specified payment deadlines and addressing procedural issues to enhance regulatory compliance and efficiency.
KKR, Singtel gets Competition Commission's approval to acquire stake in STT GDC
India's Competition Commission (CCI) has approved a significant investment deal. KKR and Singtel will acquire a stake in STT GDC, a major data center provider in Southeast Asia. The deal, valued at USD 1.3 billion with potential for further investment, marks the largest digital infrastructure investment in the region this year.
CCI clears Temasek, Apax Partners additional stake buy in Thoughtworks
Global private equity advisory firm Apax Partners (AP Funds) through its special purpose vehicle Tasmania Midco LLC is acquiring a stake in Thoughtworks.
Japan's MUFG Bank, Koch Group seek CCI nod to acquire minority stakes in Shiprocket
?? According to a notice, MUFG Bank, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc, has sought CCI nod for acquisition of a minority stake in logistics services aggregator platform.
Made 'opposite party' in CCI probe without notice: Xiaomi
Xiaomi India has been named as an 'opposite party' in a CCI investigation on exclusive smartphone launches on platforms like Amazon and Flipkart without prior notice. The company is seeking access to the full report to better understand the allegations and prepare its defense.
Retail group seeks antitrust probe of quick commerce companies Swiggy, Blinkit, Zepto
In a letter dated Oct. 18, All India Consumer Products Distributors Federation (AICPDF), which represents 400,000 retail distributors of major companies including Nestle and Hindustan Unilever, told the antitrust body quick commerce firms were practising predatory pricing - or offering deep discounts and selling below cost to lure customers.
Temasek seeks CCI nod for investment in Rebel Foods
On August 26, ET had reported that Temasek is in advanced discussions to lead an investment of $100-150 million in Rebel Foods. The deal will be a mix of both primary and secondary share sales, with a nearly flat valuation compared to its previous round nearly three years ago.
Karnataka HC grants interim stay on CCI proceedings against Flipkart, Amazon
The Karnataka High Court has temporarily halted the Competition Commission of India's investigation into Flipkart and Amazon due to procedural errors by the director general. The investigation alleges the ecommerce giants violated FDI rules and engaged in anti-competitive practices like exclusive launches, deep discounting, and preferential listings.
No new anti-profiteering investigations under GST from April 1, 2025
From April 1, 2025, new anti-profiteering investigations under GST will cease, allowing businesses to set prices independently. Ongoing cases will continue, with the GST Appellate Tribunal taking over from the Competition Commission of India starting October 1, 2024.
Govt notifies provision in amended competition law related to CCI probe procedure
The government has notified a provision in the amended competition law allowing the Competition Commission of India (CCI) to issue show cause notices and grant time for responses before passing final orders. This amendment, effective from September 19, aims to enhance transparency and procedural fairness in CCI proceedings.
CCI can now hire agencies to monitor compliance; tweaks confidentiality regime
The Competition Commission of India (CCI) will now engage independent agencies to monitor the implementation of its orders, particularly in cases involving mergers, anti-competitive behavior, and abuse of dominant positions. The CCI has also updated its confidentiality ring regime to streamline processes and prevent delays in case disposal.
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