The Supreme Court (SC), in a case where the Liquidator acting under I&B Code, 2016 cancelled the auction on expectation of a higher price of the assets, has held that “such a cause of action would not only lead to incurring of avoidable expenses but also erode credibility of the auction process itself.” Earlier, the National Company Law Appellate Tribunal had directed a fresh auction at the behest of the plea filed by one of the creditors.
The Competition Commission of India (CCI), has imposed a penalty of Rs.10,00,000 on Cummins Inc. (Cummins) for Gun-jumping by not notifying Cummins’ acquisition of Meritor Inc. (Meritor). Cummins communicated its notice to CCI in November, 2022; however, the parties had already consummated the acquisition back in August, 2022. Cummins contended that, there has been a bona fide error in assessing the applicability of the De Minimis Exemption Notification issued under Section 54 of the Competition Act, 2002 (Act). However, CCI noted that penalty under Section 43A of the Act will get attracted, on failure to give notice, irrespective of it being inadvertent or intentional.
The Supreme Court (SC) has held that under Section 319 of Cr.P.C., 1973 a person not named in the F.I.R. can also be proceeded against during the trial if there is sufficient evidence of his involvement and upon satisfaction of the Court to such an extent that is more than prima facie, as formed at the stage of a charge being framed, and short of satisfaction to an extent that the evidence, if unrebutted, would lead to conviction.
The Rajasthan High Court quashed a 1996 Order of the Rajasthan State Electricity Board (RSEB), directing that only women would be appointed as lower division clerk under compassionate scheme in Electricity Board, stating that the policy of RSEB is based on gender discrimination and not on any rational having reasonable nexus with an object sought by the RSEB. Further, “ neither the legislature nor the Rule making Authority can make a law or a Rule, issue any guidelines/circulars/administrative instructions, which would be in violation of Articles 14 and 15 of the Constitution of India.”
The Competition & Markets Authority (CMA), UK, has denied the proposed acquisition of Activision-Blizzard by Microsoft Inc. as it raised competitive concerns in cloud gaming market in the UK. Microsoft committed to offer royalty-free access to CoD & other popular titles to certain cloud gaming providers & allowing consumers to stream titles on other cloud gaming providers. However, CMA noted that the remedy applies only to a defined set of Activision games, which can be streamed only in a defined set of cloud gaming services; thus requiring some degree of regulatory oversight by CMA. By contrast, preventing the merger would effectively allow market forces to continue to operate and develop cloud gaming without any regulatory intervention.
The Delhi High Court (‘DHC’) affirmed the order of lower Court which had set aside an arbitral award for not awarding interest in terms of Section 15 and 16, which deal with liability of buyer to make payment and the rate at which the interest is payable respectively, of the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’), without giving any reason.
The HC observed that Section 15 and 16 of the MSMED Act are mandatory provisions and held “it was incumbent upon the Arbitral Tribunal to indicate its reasons for denying the benefit under Sections 15 and 16 of the MSMED Act to the respondent.”
The Allahabad High Court (‘AHC’) dismissed a petition saying that “the law has now been settled that the use of loudspeakers from mosques is not a fundamental right”. The petitioner approached the AHC after the permission sought by him, for playing loudspeaker/mike at the time of azan, was rejected by the SDM Tehsil Bisauli, District Budaun.