Updates from Managing Partner
1) NCLAT stays CCI’s order which penalised Google for unfair trade practices
The National Company Law Appellate Tribunal (NCLAT) has stayed an order of the Competition Commission of India (CCI) that imposed a penalty of Rs 1.36 billlion on Google for unfair business practices in online search market.
While admitting the plea of Google against the order, the NCLAT bench directed the internet major to deposit 10 per cent of the penalty amount with it in four weeks. The matter has been listed for hearing on May 28, 2018.
Earlier, in February 2018, CCI had imposed a fine on Google for unfair business practices in the Indian market for online search. Passing the order on complaints filed back in 2012, the regulator had stated that the penalty is being imposed on Google for infringing anti-trust conduct.
According to the CCI order, the penalty amount translates to about 5 per cent of the company’s average total revenue generated from India operations from its different business segments for the financial years 2013, 2014 and 2015. The ruling has come on complaints filed by Matrimony.com and Consumer Unity & Trust Society (CUTS), back in 2012, against Google LLC, Google India Private Limited and Google Ireland Limited.
2) Monitoring of Foreign Investment limits in listed Indian companies to be operational from May 01, 2018
Foreign Investment in India is regulated in terms of clause (b) of sub - section 3 of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017 issued vide Notification No. FEMA 20(R)/2017- RB dated November 7, 2017. FEMA prescribes the various foreign investment limits in listed Indian companies. These include the aggregate FPI limit, the aggregate NRI limit and the sectoral cap .
The RBI Master Direction (FED Master Direction No. 11/2017 - 18 ) dated January 04, 2018 provides a compilation of the instructions issued on Foreign Investment in India and its related aspects under FEMA
The new system for monitoring foreign investment limits in listed Indian companies shall be made operational on May 01, 2018. The existing mechanism for monitoring the foreign investment limits shall be done away with once the new system is operationalized. RBI shall issue the necessary guidelines in this regard.
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