MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs)

Establishment of the New Delhi International Arbitration Centre (JUNE 14,2022)

In exercise of the powers conferred by sub-section (1) of section 3 of the New Delhi International Arbitration Centre Act, 2019 (17 of 2019), the Central Government hereby establishes the New Delhi International Arbitration Centre having its head office at New Delhi with effect from 13th June, 2022.

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MINISTRY OF FINANCE (Department of Revenue) 

CENTRAL BOARD OF DIRECT TAXES

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, namely:- 

In the said notification, in the Table, after serial number 21, the following serial number and entries relating thereto, shall be inserted, namely:- 

SL. NO.

Financial Year

Cost Inflation Index

“22

2022-23

331”

This notification shall come into force with effect from 1st day of April, 2023 and shall accordingly apply to the Assessment Year 2023-24 and subsequent years.

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Competition Commission of India  

CCI approves acquisition of entire shareholding in Air Asia India by Air India (JUNE 14, 2022)

The Competition Commission of India (CCI) approves acquisition of entire shareholding in Air Asia India by Air India   The proposed combination envisages the acquisition of the entire equity share capital of AirAsia (India) Private Limited (Air Asia India) by Air India Ltd. (AIL), an indirect wholly owned subsidiary of TSPL. At present, TSPL holds 83.67% of the equity share capital of Air Asia India.

Air Asia India is a joint venture between TSPL and Air India Investment Limited (AAIL) with TSPL presently holding 83.67% and AAIL holding 16.33% of the shareholding. Air Asia India operates under the brand name “AirAsia”.

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CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS 

FinMin issues draft SoP for e-com jewellery exports via courier route (JUNE 13, 2022)

The finance ministry has come out with draft SoP for facilitating e-commerce jewellery exports through courier route, as it looks to provide a simplified regulatory framework for manufacturers and traders who want to export jewellery.  

The Central Board of Indirect Taxes and Customs (CBIC) has invited feedback and suggestions from stakeholders by June 14 on the Standard Operating Procedure (SoP) for implementation of a simplified regulatory framework to facilitate export of jewellery made of precious metals and imitation jewellery through e-commerce in courier mode.     

The CBIC also proposes to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, and related forms and come out with a notification prescribing conditions for reimport of returned jewellery and has invited views from stakeholders on the same.

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NCLAT 

NCLAT rejects Amazon plea against CCI order, directs to pay Rs 201 cr (JUNE 14, 2022)

The National Company Law Appellate Tribunal (NCLAT) on Monday turned down Amazon.com’s plea that challenged antitrust body Competition Commission of India’s (CCI’s) order striking down its 2019 deal with the Future group. It was for suppressing information while seeking regulatory approval.  

The deal involves a Rs 1,431-crore investment by the US major to purchase a 49 per cent stake in Kishore Biyani-led Future Coupons Pvt Ltd (FCPL) in 2019.     

The tribunal has upheld views of the CCI that Amazon had misled the antitrust regulator to believe — through false statements and material omissions — that the combination and its purpose were in the interest of Amazon in the business of FCPL.

Key Events AMAZON VS CCI

2019:  

  • Amazon buys 49% stake for Rs 1,431 crore in Future Coupons 
2020:  

  • Future Retail board approves Rs 24,713-crore deal with Reliance Retail 
  • Amazon moves Singapore International Arbitration claiming Future Group violated its contract, seeks halt on Reliance deal 
  • SIAC halts Reliance deal, issues interim order 
  • CCI approves Reliance RetailFuture Retail deal 
2021:  

  • CCI imposes Rs 202-crore penalty on Amazon, suspends 2019 Future deal nod 
  • Alleges suppression of facts while seeking approval 
2022:  
  • NCLAT admits plea of Amazon against CCI order 
  • NCLAT rejects Amazon plea against CCI order

WORD OF THE DAY 

A reverse triangular merger is the formation of a new company that occurs when an acquiring company creates a subsidiary, the subsidiary purchases the target company, and the subsidiary is then absorbed by the target company.

MARKET TODAY (as on 14.06.2022)

BSE SENSEX                 52,693.57 ▼ 153.13 (0.29%)

NIFTY 50                       15,732.10 ▼ 42.30 (0.27%)

1 US Dollar = 77.99 Indian Rupee ( Last updated · 14 June, 3:05 pm UTC )


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