The complaint was lodged by Mumbai-based Express Industry Council of India, which represented major express courier and cargo companies such as DTDC, Aramex India, Blue Dart, DHL Express, GATI and First Flight.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
CCI's ruling came on a complaint filed by Express Industry Council of India.
The partnership will also see the two parties cooperate on technology initiatives, including development of affordable smartphones.
Summary of sports events and persons who made news on Saturday
PharmEasy has acquired Medlife for an undisclosed amount, the e-pharmacy unicorn said on Tuesday. The deal will make PharmEasy the largest player in the domestic online pharmacy sector, with the combined entity set to serve 2 million customers a month.
Xi's visit to Nyingchi, bordering Arunachal Pradesh, signals China's opening of another front to India in the eastern sector, observes Srikanth Kondapalli, the leading China expert.
Chinese e-commerce giant Alibaba has received anti-trust regulator CCI's approval for buying 4.14 per cent stake in Snapdeal.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
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Former Air India Executive Director Jitender Bhargava filed the appeal challenging the decision of the Competition Commission of India to clear the Jet-Etihad deal without carrying out a detailed assessment.
Demand disbanding of WFI
Prosus-backed fintech firm PayU is set to acquire India's earliest payment gateway BillDesk in an all-cash transaction of $4.7 billion. This will be the largest acquisition in India's digital payments space. The deal will also give exit to investors General Atlantic, TA Associates, Temasek, Clearstone Ventures, and Visa. The proposed acquisition will help PayU, the payments and fintech business of Prosus which operates in more than 20 markets, become one of the leading online payment providers globally by total payment volume (TPV).
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
Google abusing dominance in online web search, watchdog said; Matrimony.com complaining the search giant had got off too lightly
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
In Gujarat, the Congress must have felt like the Swiss in Doha. Suffering at the hands of both the BJP and the AAP, they seemed to lack a goalkeeper. In Himachal, although a victory for the Congress, the tenor was more akin to Spain versus Morocco. The underdog triumphed, points out Shyam G Menon.
The only answer to 'How to crack the NDA exam' is to recognise what you need to work on and then get into it, advises Kamal Gupta, a BYJU'S Exam Prep Expert.
India's antitrust regulator has approved Sun-Ranbaxy deal, subject to the companies divesting seven products.
The retailer has registered a new company called 'Wal-Mart India Private Ltd' in the country, according to the data available with the Ministry of Corporate Affairs.
'With a less than comely bride and no dowry to speak of, the prospects of landing a good match look bleak, a grim, sinister and no-nonsense prospective father-in-law notwithstanding,' says Anjuli Bhargava.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
Current FDI norms allow a foreign airline to hold up to 49 per cent in a domestic carrier.
In a BSE filing, the company said it has filed certified copies of the Andhra Pradesh High Court order paving way for the merger with Registrar of Companies, Andhra Pradesh, Hyderabad.
'India Inc has been afraid to criticise the government of the day for many years now, and it is perhaps unfair to blame the current one alone,' says Shyamal Majumdar.
'Our competitiveness with China is very important.' 'If the exchange rate depreciates, it is good for us because it helps in our competitiveness.'
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
Submits revised proposal to CCI as Birla Corp deal fails
Future Retail Ltd (FRL) on Wednesday said it is "committed" to reversal of takeover of its stores by Reliance Retail and will take all such action as may be necessary to seek value adjustments. The Kishore Biyani-led firm also said the action of the Reliance Group has come as a "surprise" to it. Moreover, the action of taking possession of its stores has "complicated" the positive scenario which had started building up after a CCI order in December 2021, FRL said in a regulatory filing.
He supervised and handled several major big ticket insolvency cases that includes Essar Steel, Bhushan Power & Steel, Bhushan Steel, Jaypee Infratech, ElectroSteel Steel, Binani Cement, Reliance Communications.
The writing has been on the wall for some time and it showed up prominently during the festival-season sales last year, when Meesho toppled Amazon to become the second-largest player in order share. During the sales season, 60 per cent of the orders Meesho received were from tier-4 cities and beyond. According to a report by consulting firm Redseer, festival-season sales last year were driven primarily by tier-2 and tier-3 cities, with 64 per cent of the shoppers coming from those.
Independent directors of Future Retail Ltd are collating information and will expose the details of contradiction and misrepresentation made by Amazon before the Competition Commission of India (CCI), said FRL independent director Ravindra Dhariwal. Speaking to PTI, Dhariwal said the independent directors are "collating" all the pieces of information together, going "deeper into each and every representation" which Amazon had made before the CCI and showing how its "intent was totally contradictory." "We are going out to point exactly to CCI, this is what they have told you and this is what the internal documents are saying. "We are going to expose the details of contradiction and details of misrepresentation, which they have made," Dhariwal said adding "We are going to show the true face of Amazon to the whole world". In November 2019, Amazon had acquired a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a company that holds a stake in FRL.
While Google has market capitalisation of almost $753 billion and Facebook commands one of $515 billion, it is the wealth of user data they have that one fears
The proposal will now be considered by the Cabinet Committee on Economic Affairs.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
Ahmedabad-based firm to fund deal through equal amount of equity and debt.
US e-commerce major Amazon Wednesday apprehended the "disappearance" of assets and sought an interim order from the Supreme Court to ensure the preservation of assets of Future Retail Ltd besides resumption of arbitration over FRL's merger deal with Reliance Retail. A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli took note of the allegations of the US firm that the "applecart was being upset" by its rivals and asked the Future group firms, FRL and Future Coupons Ltd (FCPL), to respond to the interim plea of Amazon seeking resumption of arbitration and preservation of assets and fixed the hearing on March 23. Amazon and Future group are engaged in multi-forum litigations on the issue of FRL's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd after the US e-commerce giant dragged the latter to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
'As the 1991 experience showed, the solution to a large trade deficit may be to open up the economy, not putting up protective walls,' points out T N Ninan.
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