COMPETITION COMMISSION OF INDIA 

Commission approves the amalgamation of the Jio Cinema OTT platform with Viacom 18 Media Private Limited (Viacom18), following an investment by BTS Investment 1 Pte. Ltd. (BTS1) and Reliance Projects & Property Management Services Limited (RPPMSL)  (SEP 22, 2022)

BTS1 is a company incorporated under the laws of Singapore. RPPMSL, a wholly owned subsidiary of Reliance Industries Limited, is engaged in the provision of IT support services, business and infrastructure support services, manpower support services and erection and commissioning of telecom facilities. RSL is presently not engaged in any business activities. 

Viacom 18 is engaged in providing the following services in the media and entertainment sector in India:  broadcasting of channels across genres, OTT video streaming through Voot and Voot Kids, production and distribution of feature films, production and licensing of digital content, and other allied businesses.

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MINISTRY OF COMMUNICATIONS

Inviting comments on the draft Indian Telecommunication Bill, 2022 (SEP 22, 2022)

In July 2022, a Consultation Paper on ‘Need for a new legal framework governing Telecommunication in India’ was published and comments were invited. Comments have been received from various stakeholders and industry associations.  

Based on the consultations and deliberations, the Ministry has now prepared the draft Indian Telecommunication Bill, 2022.  To facilitate further consultations, an Explanatory note to provide a brief overview of the Bill has also been prepared.  

Last date of sending the comments will be October 20, 2022.

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SUPREME COURT

Supreme Court awards six months jail term to former promoters of Fortis Healthcare (SEP 22, 2022)

The Supreme Court on Thursday awarded six months jail term to former promoters of Fortis Healthcare Ltd, Malvinder Singh, and Shivinder Singh, in a case related to the sale of shares of Fortis to Malaysia-based IHH Healthcare.  

The former promoters of Fortis Healthcare Ltd were facing the court battle after a Japanese firm, Daiichi Sankyo, had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award that it had won before a Singapore tribunal against the Singh brothers.

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WORLD AFFAIRS

SBI found to be the least efficient bank in Asia-Pacific zone: S&P Global Market Intelligence report (SEP 22, 2022)

As per the data compiled by Market Intelligence, SBI's cost-to-income ratio rose 911 bps year-on-year to 71.06 per cent in the June quarter, mostly due to losses on investments.In comparison, other Indian banks on the list, ICICI Bank and HDFC Bank, showed improvement in the ratios. While HDFC Bank Ltd.'s cost-to-income ratio rose from 35.23 per cent to 40.78 per cent, ICICI Bank’s cost-to-income ratio rose up to 60.01 per cent from 62.45 per cent. 

As per the analysts, most Indian lenders are facing mark-to-market losses on their investments due to market weakness.

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NEWS AT GLANCE

  • NIA conducts searches at premises linked to Popular Front of India in several states; Arrests over 100 PFI leaders and functionaries.  
  • India bags UN award for its initiative to control and prevent hypertension under National Health Mission.
  • Union Cabinet clears second tranche of PLI scheme to boost manufacturing of High Efficiency Solar PV Modules; Also gives nod to National Logistics Policy.  
  • Government approves modifications in scheme for development of Semiconductors and Display Manufacturing Ecosystem; Offers 50 percent incentive for manufacturing semiconductors.  
  • Security forces win decisive victory in the ongoing fight against Left Wing Extremism across the country; Establish permanent camps of security forces in Maoist strongholds in Jharkhand and Bihar.

WORD OF THE DAY

The mailbox rule (also called the posting rule), which is the default rule under contract law for determining the time at which an offer is accepted, states that an offer is considered accepted at the time that the acceptance is communicated (whether by mail e-mail, etc).

MARKET TODAY (as on 22.09.2022)

BSE SENSEX              59,119.72 ▼ 337.06 (0.57%)     

NIFTY 50                    17,629.80 ▼ 88.55 (0.50%)  

1 US Dollar = 80.90 Indian Rupee (Last updated · 22 September at 1:25 pm UTC)

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