Competition Commission of India
Competition Commission of India Revises Long Form for Merger & Acquisitions ( APR 04, 2022 )
The Competition Commission of India (CCI) has notified the revised format of Form II (i.e. long form of merger notification) vide Notification no. CCI/CD/Amend/Comb. Regl./2022 dated 31st March 2022. This amendment revises the content and format of information that the parties to a combination uses to file under section 6(2), where the post-combination market share exceeds 15% in cases of horizontal overlap and 25% in cases of vertical interface. Generally, these are the cases requiring detailed examination to assess the likely effect of the combination on competition in India.
The revised Form II will be effective from 1st May 2022. The one-month period has been given for making the revised form effective. Time period of one month will provide sufficient time for the notifying parties to get familiarised with the revised Form – II.
The amendments to Combination Regulations are available at www.cci.gov.in.
SEBI Circular
Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities ( APR 04, 2022 )
For the clients who issue the DDPI to stock broker/stock broker and depository participant, the following provisions of the SEBI circulars issued with respect to PoA shall stand replaced with DDPI with effect from July 01, 2022: 9.1. Paragraphs 4.2.1 and 4.2.2 of SEBI circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/158 dated August 27, 2020, and 9.2. Paragraphs 1(i) and 1(ii) of Enclosure to the SEBI circular no. CIR/MRD/DMS/13/2010 dated April 23, 2010.
The word “Power of Attorney (PoA)” in the SEBI circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020 and SEBI/HO/MIRSD/DOP/P/CIR/2021/595 dated July 16, 2021 shall be substituted as “Power of Attorney (PoA) (for the existing PoAs) or Demat Debit and Pledge Instruction (DDPI), as the case maybe”.
This circular shall be applicable with effect from July 01, 2022.
This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Section 19 of the Depositories Act, 1996, to protect the interests of investors in securities and to promote the development of and to regulate the securities markets.
Implementation of Section 51A of UAPA,1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: amendment in 2 entries ( APR 04, 2022 )
United Nations Security Council (UNSC) Committee established pursuant to Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities regarding changes in the List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017), and adopted under Chapter VII of the Charter of the United Nations has issued the following notification(s).
Note SC/14850 dated April 01, 2022 regarding amendment in 2 entities:
- QDi.430 Name: 1: EMRAAN 2: ALI 3: 4: na
- QDe.161 Name: ISLAMIC STATE IN IRAQ AND THE LEVANT - KHORASAN (ISIL- K) A.k.a.:
- ISIL KHORASAN
- ISLAMIC STATE’S KHORASAN PROVINCE
- ISIS WILAYAT KHORASAN
- ISIL’S SOUTH ASIA BRANCH
- SOUTH ASIAN CHAPTER OF ISIL
- The Islamic State of Iraq and ash-Sham—Khorasan Province
- The Islamic State of Iraq and Syria—Khorasan
- Islamic State of Iraq and Levant in Khorasan Province
- Islamic State Khurasan
- ISIS-K
- ISISK
- IS-Khorasan
Stock Brokers/Depositories/AMFI/Registered intermediaries are advised to
- circulate this press release to respective members/ participants/AMC’s for necessary compliance as required.
- follow the procedure as well as advise their respective members/participants/AMC’s to follow the procedure as mentioned in the Central Government Order dated February 02, 2021 detailing the implementation of Section 51A of Unlawful Activities (Prevention) Act, 1967.
For Official Circular, Click Here
SUPREME COURT
3-judge bench of Supreme Court to hear plea challenging validity of Section 15, 16 of Hindu Succession Act on April 5 ( APR 04, 2022 )
A three-judge bench of the Supreme Court - Justice Dhananjay Chandrachud, Justice Suryakant and Justice Bela M Trivedi - will hear the constitutional validity of Section 15 and 16 of the Hindu Succession Act, 1956 on April 5, the top court had said on January 31.
The top court had said that the issue has come before it as a special leave petition against an order of the Bombay High Court rejecting the caveat filed by the petitioner on the ground that she did not have an interest in the property of her deceased daughter, during the lifetime of the spouse of the deceased.
The bench in February 2019, while issuing notice said that since the petition which has been instituted under Article 32 raises an important question of gender equality, it is inclined to issue notice and had sought a response from the Centre.
It had appointed senior advocate Meenakshi Arora as amicus curiae to assist the court on the issue.
NCLT
NCLT allows govt to take over management of Delhi Gymkhana Club ( APR 04, 2022 )
Nearly two years after submitting its plea citing ''violations'' of companies law, the National Company Law Tribunal (NCLT) on Friday allowed the central government to take over the management of the prestigious Delhi Gymkhana Club.
In April 2020, the government through the Ministry of Corporate Affairs had moved NCLT under sections 241 and 242 of the Companies Act, 2013, seeking to supersede the club's general committee.
Sections 241 and 242 of the Companies Act deal with oppression and mismanagement and give wide powers to the tribunal, which include removal of the managing director, manager or any of the directors of the company and recovery of undue gains.
Delhi Gymkhana Club was initially registered as Section 8 Company with specific objects related to sports and pastimes, obtained land on lease from the government.
Business
IOC, L&T, ReNew announce joint venture for India green hydrogen business ( APR 04, 2022 )
State-run Indian Oil Corporation (IOC), engineering major Larsen & Toubro (L&T), and green energy player ReNew Power said on Monday they will form a joint venture (JV) to develop the green hydrogen sector in India.
Additionally, IndianOil and L&T signed a binding term sheet to form a JV with equity participation to manufacture and sell electrolysers used to produce green hydrogen. “Both these JVs aim to enable the nation’s ‘Aatmanirbhar Bharat’ mission to rapidly build, expand and bring in economies of scale to make green hydrogen a cost-effective energy carrier and a chemical feedstock for many sectors.”
World Affair
New law means sexual assault victims wanting forensic examination won’t have to report to police ( APR 04, 2022 )
VICTIMS of rape and sexual assault in Scotland no longer need to go through the police to access a forensic examination in a change aimed at giving people more control. Instead people can contact the NHS, at any time of the day, to have an examination. NHS Shetland chief midwife Jacqui Whittaker said it was a private and confidential service.
The new legislation came into force on Friday, and gives anyone aged 16 or over the ability to self-refer for a forensic examination. The DNA from the examination can be kept on file by the NHS for up to 26 months. In this time the victim can decide their next step, instead of having to report it to the police in the first instance.
Word of the Day
Curse of First is the idea that a head start can often be a long term economic disadvantage. It is commonly used to explain why civilizations rise to economic and cultural dominance only to be overtaken. The idea can also apply at a smaller scale to cities, companies and individuals. The following are hypothetical examples:
- Capital Equipment - An airline launches in 1965 and aggressively purchases a fleet of hundreds of aircraft. In the mid 1970s, the airline struggles to compete with younger companies that have a modern fuel efficient fleet. The company is steeped in debt and is forced to operate with the old fleet despite rising fuel prices.
- Excesses & Hubris - A civilization that develops an economic and military lead may develop excesses and hubris that cause it to collapse or waste away.
- Entitlements - An nation or organization that is economically successful may become top heavy with an elite who demand excessive entitlements leading to some sort of revolution or collapse.
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