CCI's anti-trust case settlement and its impact on businesses
NEW DELHI: The Competition Commission of India (CCI) earlier this week came out with two schemes meant to facilitate early market correction in cases of anti-competitive practices which will also help to reduce litigation. While one scheme allows for the settlement of cases of anti-competitive practices where investigations are complete, the second one allows CCI to accept commitments for behavioural changes by businesses in return for dropping a probe. Mint takes a look at what these schemes strive to achieve and what it means for businesses:
What are the two schemes CCI is planning to roll out?
The two schemes--settlement and commitment--were introduced in the Competition Act by the Parliament earlier this year. The regulator wants to consult stakeholders in framing the regulations before implementing the schemes so that businesses have confidence in them, opt for them in appropriate cases and help in reducing litigation, while achieving early market correction. The two schemes are in line with global best practices.
Under the commitment scheme, a party facing an investigation can commit to change its market behaviour and if the offer is accepted by the regulator, a probe will be dropped. This helps by way of achieving early market correction given that imposing penalties and protracted litigation can often mean that the anti-competitive practice in the market may persist till the time the case reaches its logical conclusion.
The second scheme--settlement - is for business or any other party against which an investigation for anti-competitive behaviour is complete. The parties can offer to settle the case and pay an amount to the government as determined by CCI.
The two schemes are meant to improve ease of doing business and to make the competition regulation regime world class.
What all will be covered under commitment and settlement?
The two schemes are available for those facing or have faced investigations for abuse of dominance or for entering into anti-competitive agreements other than cartels. These anti-competitive agreements could be among enterprises or persons at different stages of the production chain. Examples include tie-in arrangement, exclusive supply or distribution agreements, refusal to deal or resale price maintenance. Cartels are seen as very serious offences and are not covered under the two schemes.
What are the highlights of the settlement scheme?
An entity seeking settlement has to apply for it within 45 days of receiving the report of investigation by the Director General of investigation. CCI can give a 30-day grace period in certain cases. The application has to have details of the settlement proposal including as to how the settlement will address the breaches and the competition concerns. CCI will decide on the application after weighing the nature, gravity and impact of the alleged contraventions.
The settlement amount computed by CCI will be final and any application seeking revision of the same will not be entertained by the Commission, as per the draft settlement scheme. The applicant has 15 days to accept the offer of settlement made by CCI and 30 days from then to make the payment, failing which the settlement application will be rejected. The applicant has the freedom to withdraw the settlement proposal at any time before CCI comes up with its order.
How will the commitment scheme work?
CCI may accept a commitment proposal from a party facing a probe based on certain factors including whether the commitment terms proposed would address the identified competition concerns, alleged contraventions, and whether the same can be implemented effectively and quickly and be monitored easily. The two schemes are designed to improve the ease of doing business. The draft schemes that have been released by the regulator are likely to see some changes based on feedback from public consultation.
Source: Live Mint
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WATCH | Private Jet Veers Off Runway on Landing at Mumbai Airport Amid Heavy Rain
A private jet carrying six passengers and two crew members veered off the runway on landing at Mumbai airport amid heavy rain and low visibility on Thursday. In a video that has gone viral on social media, the aircraft can be seen landing but skids off the runway resulting in a crash. No casualties have been reported so far, but three injured persons have been hospitalised.
According to the Directorate General of Civil Aviation (DGCA), the VSR Ventures Learjet 45 aircraft VT-DBL was operating from Vishakhapatnam to Mumbai and was making an attempt to land on runway number 27 at the Mumbai airport. Visibility was 700 m due to heavy rain, the DGCA added.
The DGCA said the incident took place at the domestic airport at 5.08 pm and was reported by the Mumbai Fire Brigade. Runway operations were put on hold for a short period of time but were resumed soon after. There is, however, reports of a number of flights being delayed.
“On 14.09.2023, M/s VSR Ventures Learjet 45 aircraft VT-DBL operating flight from Vizag to Mumbai with 06 passengers and 02 crew members on board, veered off the runway at Mumbai International Airport. The incident occurred at approximately 17:08 PM today. There are no casualties. The CSMIA's airside team is on ground to assist with the clearance onsite," said a spokesperson from the Chhatrapati Shivaji Maharaj International Airport (CSMIA).
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One Dead, Four Injured As Bus Rams into Group of Students Published 12 minutes ago
In a shocking incident, a speeding private bus rammed into a group of students waiting to board it under a tree, killing a girl and seriously injuring four others in Karnataka's Chikkamagaluru district on Thursday.
The incident took place in Sitapura Kaval Duglapura Gate near Tarikere town in the district. The deceased girl was identified as 14-year-old Tulasi, a Class 8 student.
Though she was shifted to a hospital in Shivamogga immediately, she succumbed to her injuries. The condition of another 14-year-old student Niveditha was critical. The injured were being treated at the Meggan Hospital, according to police.
According to eyewitnesses, five other children escaped from being run over by a whisker.
The rash and negligent driving was the reason for the accident as per the preliminary investigations and the bus driver had escaped from the scene.
After running over the school children, the bus crashed into a roadside house damaging the roof.
The incident created an outrage among the villagers and they pelted stones at the bus. They also expressed their anguish at authorities for not taking any action even as the rash and dangerous driving by the private bus operators was brought to their notice regularly.
The private bus is owned by MDS & Sons. The driver was supposed to stop near the children for them to board the vehicle, but he ran over them. Further investigation is on.
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Team India nahi Bharat
India announced its ODI World Cup 2023 squad amid reports of the government considering changing the country's name from India to ‘Bharat,’ cricket veteran Virender Sehwag said that now our players are Team Bharat, not Team India. Virender Sehwag even tagged BCCI Secretary Jay Shah and said that our player wears a jersey which has “Bharat".
“Team India nahin #TeamBharat. This World Cup as we cheer for Kohli , Rohit , Bumrah, Jaddu , may we have Bharat in our hearts and the players wear jersey which has “Bharat" @JayShah," Virender Sehwag said on X (formerly Twitter).
Source: Live Mint
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Far More Potent Attack
Indian wicketkeeper turned commentator, Dinesh Karthik has expressed his preference for Pakistan's pace attack over the Indian counterparts. He shared his thoughts on the trio of Naseem Shah, Haris Rauf, and Shaheen Shah Afridi and found them deadly in the Sri Lankan wickets.
Asia Cup 2023 Full Schedule | Asia Cup 2023 Complete Results | Asia Cup 2023 Full Coverage
Karthik spoke to Cricbuzz where he said, “Shaheen, Haris Rauf, and Naseem can bowl 90+ consistently and all three are very different. Shaheen Shah, obviously the left arm, has an angle to it and brings the ball back in, Naseem Shah swings the ball both ways, Haris is arguably one of the best bowlers right now at the back end of an inning because of his skid and the nasty bouncer that he's got."
On being asked whom he would prefer to bat on these wickets, he found Indian pacers (Mohammad Siraj, Mohammad Shami, and Jasprit Bumrah) comfortable to face. He mentioned the bounce that the Pakistani trio generated off the pitch as a reason not to play them.
READ MORE: Asia Cup 2023: ‘Should Have Continued With Pacers': Shoaib Akhtar Slams Babar Azam for his Defensive Tactics - News18
“For me, they are a far more potent attack on flat wickets. If there is something in the pitch then both attacks at all times become very equal but if I had to play an attack I have a feeling,” said Karthik.
He further added, “I have a better chance of probably playing Jasprit Bumrah, Siraj, and Shami only because the bounce they'll get will be slightly lesser than what these three other bowlers can do from Pakistan."
The Pakistani pace trio clinched all the 10 wickets that fell on Saturday night. However, the match got called off due to rain, and both teams shared a point each. Pakistan with three points qualified for the next stage.
READ MORE: ‘Bahot Saare Padosiyon ke TV Bach Gye': Cricket Fraternity And Fans React After IND vs PAK Washed Out - News18
Shaheen Afridi was the stand-out bowler for Pakistan having picked the big wickets of Indian skipper, Rohit Sharma, Virat Kohli, Hardik Pandya and Ravindra Jadeja. He put pressure on the Indian side after picking up two wickets of Rohit and Virat within the first six overs of the innings.
It was thanks to the resistance displayed by Ishan Kishan and Hardik Pandya that India was able to post a par score after losing four wickets for only 66 runs.
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Viacom 18 bags TV and digital rights for Indian cricket team's home matches
Viacom 18 bags TV and digital rights for Indian cricket team's home matches for five years. Viacom18 won the media rights for all BCCI India matches for a total of ₹5963 crore. It will pay ₹3101 crore for digital rights which is ₹35.23 per match and for TV, it will pay ₹2862 or 32.52 crore per match.
Jay Shah, Secretary, BCCI in a tweet wrote," Congratulations Viacom18 for winning the @BCCI Media Rights for both linear and digital for the next 5 years. India Cricket will continue to grow in both spaces as after @IPL and wplt20 we extend the partnership @BCCI Media Rights as well. Together we will continue to capture the imagination of cricket fans.
Source: Live Mint
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Three Killed, Nine Seriously Injured as Car Ploughs into Group Returning from Cultural Event Published 17 minutes ago
At least three people were killed and nine others seriously injured after a car ploughed into a group of people returning home from a cultural programme in Jharkhand's Palamu district, police said on Tuesday.
The incident took place in Baraon village in Chainpur police station area, around 175 km from state capital Ranchi, on Monday midnight, a police officer said. They were returning to their homes after attending a cultural programme organised in the village on the occasion of the last Monday of the holy month of Shravan, he said.
Additional Superintendent of Police Rishav Garg said, “Three people, including a woman, have died in the incident and six other are seriously injured. They are being treated at Medinirai Medical College and Hospital. The driver has fled with the car after the incident and a manhunt has been launched to nab him."
The deceased were identified as Udal Chaurasia (34), Rohit Chaurasia (45) and Madhu Mehta (30), he added.
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Pallavi Joshi Says She Plays a
Actress Pallavi Joshi is currently busy shooting for her upcoming film, The Vaccine War, in Hyderabad. The movie, which revolves around the medical fraternity and scientists during the Covid-19 pandemic, is being helmed by Pallavi's husband, filmmaker Vivek Agnihotri.
The actress and producer recently revealed details about her upcoming film The Vaccine War. Giving a sneak peek into what the audience can expect from the film, the actress said that the film is perhaps one of the most gratifying projects she has been a part of as a producer, primarily because it delves into the realm of women scientists. “This movie is perhaps the nicest movie I have done as a producer mainly because it deals with so much of women scientists. None of us knew when we started with the research that the field of science in India is so full of women. Recently we also saw the Chandrayaan landing on the moon and you could see all the rocket scientists wearing their kanjivarams, with their gajras. Similarly, here, all the bioscientists are all women,” she said, adding, “Their story was important for me to tell as a woman and to have acted as one of these scientists, it makes my chest swell with pride. I call this a superhero film where I got the opportunity to play a superhero.”
Recently, The Kashmir Files was awarded the Nargis Dutt Award for Best Feature Film on National Integration at the 69th National Film Awards. That apart, Pallavi Joshi secured the award for Best Supporting Actress for her role in the same film. Speaking of it, she said, “We were in Chicago when we heard about it. It was six in the morning and for a minute I thought that it was probably a dream. When I did that character of Radhika Menon, I told Vivek Agnihotri that this is probably one of my best performances but I'm not going to get an award for this.”
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18 Killed in Road Accident in Pakistan's Punjab Province
At least 18 passengers, including women and children, were killed and 16 injured in a fatal accident on a motorway in Punjab province of Pakistan on Sunday morning, police said. The bus en route to Islamabad from Karachi carried about 40 passengers when it collided with a pick up van at Pindi Bhattian section of Faisalabad motorway, some 140 kilometres from Lahore, around 4:30 am, the police said.
“On the Pindi Bhatian section of the motorway, the bus hit a static van which was carrying a fuel tank. The bus hit it from the rear and both vehicles caught fire immediately, killing at least 18 passengers," Inspector General (IG) Motorway Police Sultan Khawaja said. Another 16 persons with burn injuries were shifted to nearby hospitals.
The death toll may rise further as the condition of some of the injured is said to be critical, the IG said. The IG further said the passengers who managed to jump off the bus survived.
Others did not get a chance to get off as fire engulfed both the vehicles, he said, adding that drivers of both the vehicles also died. IG Khawaja also said the cause of the accident was yet to be ascertained “whether the bus driver fell asleep as the time of accident or the crash took place because of over speeding".
He said both the vehicles would not have caught fire had the van not been carrying a fuel tank. He added that the identity of those who lost their lives would be ascertained through DNA tests after which the bodies would be handed over to their families.
Punjab caretaker chief minister Mohsin Naqvi expressed grief over the loss of lives in the accident and directed the authorities concerned to provide best treatment to the injured. Road accidents which are common across Pakistan claim numerous lives on a daily basis.
Five people, including a woman and two minors, were killed and 20 others injured when a bus overturned in the Fazilpur area of Punjab's Rajanpur district back in July.
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