Competition Commission of India

CCI issues cease and desist order against Kraft Paper Manufacturers and their four associations for indulging in anti-competitive practices (oct 12, 2022)

It was alleged that the various associations of Kraft Paper Manufacturers, by way of periodic meetings and correspondences, direct their members (i.e., Kraft Paper Mills) to: 

  1. increase the price of the paper to be sold to the buyers, i.e., corrugated box manufacturers; and 
  2. create a condition of shortage to enforce the unjust price increase and shut the operation of the paper mills in a region collectively. 


MINISTRY OF FINANCE 

Prevention of Money Laundering Act (oct 12, 2022)

In exercise of the powers conferred by sub-section (1) of section 43 of the Prevention of Money-laundering Act, 2002 (15 of 2003) and in consultation with the Chief Justice of High Court of Allahabad, the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 4603(E), dated the 3rd November, 2021.

Amendments - Various special courts designated and their areas have been specified. (refer to gazette notification for the same)


SUPREME COURT

No one should be prosecuted under Section 66A of IT Act, says Supreme Court (oct 12, 2022)

A bench of Chief Justice U U Lalit and Justices S Ravindra Bhat and Ajay Rastogi said it needs no reiteration that Section 66A is found to be in violation of the Constitution and as such no citizen can be prosecuted for violation of alleged offences under Section 66A of the IT Act.

After going through a pan-India status report, the bench said that after Shreya Singhal case, there can be no prosecution in violation of 66A and if reliance is placed on 66A, the same should stand deleted.

NEWS AT GLANCE 

  • IMF scales down its global growth projections to 3.2 per cent for 2022 and 2.7 per cent in 2023; India to remain fastest-growing large economy in the world.  
  • New Delhi says, the historical injustice of continued denial of representation to Africa in the permanent category in UN Security Council needs to be corrected.
  • New highly infectious variants of Covid emerge in China.

WORD OF THE DAY

Aequitas legem sequitur – Equity follows the law.

MARKET TODAY (as on 12.10.2022)

BSE SENSEX             57,625.91 INR▲ +478.59 (+0.84%)

NIFTY 50                   17,123.60 INR▲ +140.05 (+0.82%)   

1 US Dollar = 82.28 Indian Rupee (Last updated · 12 October at 1:52 pm UTC)

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