Showing posts with label CCI. Show all posts
Jan 6, 2016
Reliance capital gets CCI nod to acquire Goldman Sach’s fund arm
Reliance Capital Asset Management has received nod from Competition Commission of India to acquire Goldman Sachs’s mutual funds and exchange-traded funds business in India.
The boards of both the companies have approved the transaction. Reliance Capital Asset Management has also applied to the Securities and Exchange Board of India for approval of the acquisition.
According to Reliance Capital Asset Management, it is the country’s largest asset manager, managing assets over Rs 54,517 crore ($39.15 billion) across various funds, schemes, and managed accounts.
US based Goldman Sachs had entered the Indian mutual fund industry in 2011 with acquisition of Benchmark Mutual Fund for 120 crore rupees.
RCAM’s is subsidiary of Reliance Capital which in turn is financial services arm of business conglomerate Reliance Group led by Anil Ambani.
Reliance Capital is also present in insurance, brokerage and wealth management among other areas.
Nov 18, 2015
CCI imposes Rs 258 cr fine on Jet Airways, IndiGo, SpiceJet
The Competition Commission of India (CCI) has slapped penalties worth Rs 258 crore on three leading airlines- Jet Airways, IndiGo and SpiceJet for cartelisation in fixing cargo fuel surcharge.
In this regard, it also issued a cease and desist order against these three airlines on the complaint filed by Express Industry Council of India (EICI). In its complaint EICI also had named Air India and GoAir apart from the three airlines.
In its order, the CCI noted that
- These 3 airlines acted in collusion to fix fuel surcharge rates which resulted in indirectly determining the rates of air cargo transport.
- Imposed penalties are: 152 crores rupees upon Jet Airways, 64 crores rupees upon IndiGo and 42 crores rupees upon Spice Jet.
- The conduct of these airlines was contravention of the anti-competitive agreements in the air cargo industry and it undermined economic development of the country and ultimately affected the end consumers.
- Fuel surcharge was essentially introduced to mitigate the fuel price volatility. But cartelisation of it by these leading airliners has harmed the fair competition in the market.
CCI however has imposed no penalty upon Air India and Go Airlines as they were not found violating competitive norms. It has asked Jet Airways, IndiGo and SpiceJet to immediately stop indulging in such anti-competitive practices.
Sep 21, 2015
Ajinkya Rahane gets CCI’s honorary membership
The Cricket Club of India (CCI) has conferred honorary life membership on India’s middle-order batsman Ajinkya Rahane in Mumbai. Rahane and his wife were given membership cards for utilising all facilities of the club by CCI president Kekoo Nicholson. Rahane said it had been his wish to become a member of the club since he had attended a coaching camp there as a budding cricketer. The CCI is also conferring an honorary life membership on India’s top woman tennis professional Sania Mirza after her recent win of the US women’s doubles title with “Swiss Miss” Martina Hingis.
Cricket Club of India
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