The document discusses India's evolving competition laws, specifically the introduction of merger control provisions in 2011. It makes the following key points:
1. India's economy has liberalized significantly, requiring the evolution of laws like competition laws to regulate markets. Merger control provisions were introduced in 2011 as part of India's competition law.
2. The merger control provisions are broadly in line with international antitrust laws and provide guidance on assessing transactions for their impact on market competition. Some areas will need further consideration as more deals are reviewed.
3. Over the past 10 months since introduction, the provisions have not faced extensive testing as no major acquisitions have been rejected. However, many filings were for intra-
This document discusses the structure of corporate acquisitions in the United States. It notes that there are three main ways to acquire control of another company: asset acquisition, stock acquisition, and merger. It also mentions that triangular mergers are sometimes used as a solution. The document outlines key US laws that govern mergers and acquisitions, including the Securities Act of 1933, Securities Exchange Act of 1934, Williams Act of 1968, Hart-Scott-Rodino Act, and insider trading laws/Rule 10b-5. Institutional shareholders can apply pressure to encourage restructuring or seeking a merger if management does not adequately respond to their concerns.
Article on teleInter- Regulatory Space : A case for healthy cooperation --- K...KK SHARMA LAW OFFICES
The Competition Commission of India (CCI) seeks to develop a formal consultation mechanism with sector regulators like the Department of Telecommunications (DoT) regarding merger and acquisition rules. The CCI's mandate under the Competition Act is to examine combinations (mergers and acquisitions) across all sectors that may have adverse competitive effects. Developing coordination between regulators could help avoid potential jurisdictional conflicts and regulatory uncertainty for businesses. The CCI aims to establish healthy cooperation with sector regulators based on their respective expertise to best promote competition while providing certainty to markets.
(1) There is a need for healthy cooperation between the Competition Commission of India (CCI) and other sector regulators to ensure the quality of economic regulation and avoid conflicts.
(2) While sector regulators have expertise in their industries, CCI has expertise in competition issues. Consultation between the two can help address regulatory issues from both competition and industry perspectives.
(3) The author argues that CCI seeking to provide input into sector regulators' merger and acquisition guidelines, such as those for telecom, is reasonable given CCI's mandate to evaluate combinations under the Competition Act. Regular consultation and coordination between regulators is beneficial.
The document provides an overview of the Competition Act of 2002 in India. It discusses the historical context leading to the enactment of the earlier Monopolies and Restrictive Trade Practices Act of 1969 and the transition to the Competition Act of 2002. The summary is as follows:
1. The MRTP Act of 1969 was enacted to curb monopolistic practices but became outdated with economic reforms in 1991 leading to the need for a new competition law.
2. The Competition Act of 2002 was enacted to promote competition and protect consumer interests in line with India's more liberalized economy. It established the Competition Commission of India to enforce the act.
3. The act aims to prevent anti-competitive practices like cartels
The document summarizes key opportunities and challenges for doing business in India over the next decade. It notes that India will require $1.7 trillion in infrastructure investments in the coming years. Major sectors of focus include power, transportation, ports, and telecommunications. India also has a growing middle class of 300 million people and is becoming a manufacturing hub for South Asia due to its skilled workforce and large domestic market. However, doing business in India presents challenges such as corruption, bureaucracy, and cultural differences that require due diligence. The document provides an overview of the legal and tax environment in India and recommendations for structuring foreign investments.
Objectives & Agenda :
To know the background of Abu Dhabi Global Market (ADGM) and the kinds of business that can be set-up in ADGM. To understand the procedure for setting-up business in ADGM and the benefits of operating from ADGM. To analyse the restrictions placed on persons operating in ADGM. To know the rules governing ADGM and finally the webinar will cover the compliances that has to be done while carrying out operations in ADGM
The document discusses India's general anti-avoidance rule (GAAR) and its key characteristics. It notes that GAAR can be classified as either general anti-avoidance rules or specific anti-avoidance rules. India has moved from relying on general principles in law to adopting GAAR. GAAR applies if an arrangement lacks commercial substance and its main purpose is to obtain a tax benefit. Characteristics of GAAR include lack of commercial substance, round-trip financing transactions, and arrangements with offsetting or cancelling elements.
M&A under competition law - Merger control regime in VietnamNgan Pham
This document provides an abstract and introduction for a dissertation on assessing mergers and acquisitions (M&A) under Vietnam's competition law. The author analyzes how Vietnam's competition law addresses M&A and refers to laws of other countries to propose solutions. The dissertation aims to clarify how M&A affects competition and improve Vietnam's economic concentration regulations. It consists of 6 chapters analyzing M&A concepts and effects, Vietnam's M&A regulations, laws of other countries, and proposed solutions. The introduction describes the purpose, tasks, and structure of the dissertation.
This document discusses the structure of corporate acquisitions in the United States. It notes that there are three main ways to acquire control of another company: asset acquisition, stock acquisition, and merger. It also mentions that triangular mergers are sometimes used as a solution. The document outlines key US laws that govern mergers and acquisitions, including the Securities Act of 1933, Securities Exchange Act of 1934, Williams Act of 1968, Hart-Scott-Rodino Act, and insider trading laws/Rule 10b-5. Institutional shareholders can apply pressure to encourage restructuring or seeking a merger if management does not adequately respond to their concerns.
Article on teleInter- Regulatory Space : A case for healthy cooperation --- K...KK SHARMA LAW OFFICES
The Competition Commission of India (CCI) seeks to develop a formal consultation mechanism with sector regulators like the Department of Telecommunications (DoT) regarding merger and acquisition rules. The CCI's mandate under the Competition Act is to examine combinations (mergers and acquisitions) across all sectors that may have adverse competitive effects. Developing coordination between regulators could help avoid potential jurisdictional conflicts and regulatory uncertainty for businesses. The CCI aims to establish healthy cooperation with sector regulators based on their respective expertise to best promote competition while providing certainty to markets.
(1) There is a need for healthy cooperation between the Competition Commission of India (CCI) and other sector regulators to ensure the quality of economic regulation and avoid conflicts.
(2) While sector regulators have expertise in their industries, CCI has expertise in competition issues. Consultation between the two can help address regulatory issues from both competition and industry perspectives.
(3) The author argues that CCI seeking to provide input into sector regulators' merger and acquisition guidelines, such as those for telecom, is reasonable given CCI's mandate to evaluate combinations under the Competition Act. Regular consultation and coordination between regulators is beneficial.
The document provides an overview of the Competition Act of 2002 in India. It discusses the historical context leading to the enactment of the earlier Monopolies and Restrictive Trade Practices Act of 1969 and the transition to the Competition Act of 2002. The summary is as follows:
1. The MRTP Act of 1969 was enacted to curb monopolistic practices but became outdated with economic reforms in 1991 leading to the need for a new competition law.
2. The Competition Act of 2002 was enacted to promote competition and protect consumer interests in line with India's more liberalized economy. It established the Competition Commission of India to enforce the act.
3. The act aims to prevent anti-competitive practices like cartels
The document summarizes key opportunities and challenges for doing business in India over the next decade. It notes that India will require $1.7 trillion in infrastructure investments in the coming years. Major sectors of focus include power, transportation, ports, and telecommunications. India also has a growing middle class of 300 million people and is becoming a manufacturing hub for South Asia due to its skilled workforce and large domestic market. However, doing business in India presents challenges such as corruption, bureaucracy, and cultural differences that require due diligence. The document provides an overview of the legal and tax environment in India and recommendations for structuring foreign investments.
Objectives & Agenda :
To know the background of Abu Dhabi Global Market (ADGM) and the kinds of business that can be set-up in ADGM. To understand the procedure for setting-up business in ADGM and the benefits of operating from ADGM. To analyse the restrictions placed on persons operating in ADGM. To know the rules governing ADGM and finally the webinar will cover the compliances that has to be done while carrying out operations in ADGM
The document discusses India's general anti-avoidance rule (GAAR) and its key characteristics. It notes that GAAR can be classified as either general anti-avoidance rules or specific anti-avoidance rules. India has moved from relying on general principles in law to adopting GAAR. GAAR applies if an arrangement lacks commercial substance and its main purpose is to obtain a tax benefit. Characteristics of GAAR include lack of commercial substance, round-trip financing transactions, and arrangements with offsetting or cancelling elements.
M&A under competition law - Merger control regime in VietnamNgan Pham
This document provides an abstract and introduction for a dissertation on assessing mergers and acquisitions (M&A) under Vietnam's competition law. The author analyzes how Vietnam's competition law addresses M&A and refers to laws of other countries to propose solutions. The dissertation aims to clarify how M&A affects competition and improve Vietnam's economic concentration regulations. It consists of 6 chapters analyzing M&A concepts and effects, Vietnam's M&A regulations, laws of other countries, and proposed solutions. The introduction describes the purpose, tasks, and structure of the dissertation.
The document discusses key concepts in US and Indonesian competition law and antitrust legislation. It explains that antitrust laws seek to promote competition by prohibiting anticompetitive business practices that harm consumers. Major US antitrust laws discussed include the Sherman Act of 1890, Clayton Act of 1914, and Federal Trade Commission Act of 1914. The Sherman Act prohibits anticompetitive contracts and monopolies. The Clayton Act addresses early-stage anticompetitive practices, while the FTC Act established the Federal Trade Commission to enforce antitrust laws. The document also discusses key Indonesian competition laws and defines concepts like per se illegality versus the rule of reason analysis.
The document provides an overview of the Competition Act of 2002 in India. It discusses key aspects of the Act including its objectives to prevent anti-competitive practices and abuse of dominance. It outlines the prohibitions on anti-competitive agreements and abuse of dominant position. It also covers the regulation of combinations or mergers and acquisitions as well as the thresholds for notification. The document proposes some amendments to the Act including increasing pre-merger consultation and notification timelines.
The document discusses India's legal environment for business and competition law. It provides an overview of India's transition from a command economy to a more liberalized market, including the introduction of the Competition Act of 2002. The Act aims to promote fair competition in India and established the Competition Commission of India (CCI) to prevent anti-competitive practices. The CCI regulates mergers and acquisitions, abuse of dominance, and monitors anti-competitive agreements. It can impose penalties on firms found violating the Act.
The document provides an overview of India's Competition Act of 2002. It discusses the objective of establishing the Competition Commission of India to promote fair competition and protect consumers. The Act prohibits anti-competitive agreements between companies and abuse of dominant market positions. It also regulates mergers and acquisitions. The Competition Commission of India enforces the Act and works to advocate for competition through non-enforcement measures like education programs. The Act has been amended over time to address challenges in its implementation and continue meeting India's evolving economic needs regarding fair competition.
Key issues to consider when venturing into business in India. Some topics include repatriation of investments, taxation, court proceedings and IP issues.
Competition is the best means of ensuring that the ‘Common Man’ or ‘Aam Aadmi’ has access to the broadest range of goods and services at the most competitive prices. With increased competition, producers will have maximum incentive to innovate and specialize. This would result in reduced costs and wider choice to consumers. A fair competition in market is essential to achieve this objective. Our goal is to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers
This document provides an overview of the Doing Business in Nigeria 2010 report, which measures regulations affecting business across 36 states and the Federal Capital Territory of Nigeria. It analyzes regulations related to starting a business, dealing with construction permits, registering property, and enforcing contracts. The report aims to identify regulatory best practices across locations and assess regulatory reforms over time. The data is intended to inform policymakers and encourage competition between locations to improve their business environments and support investment and economic growth.
This document provides an overview of commercial law and related topics. It defines commercial law as the set of laws related to trade and sales, including contract law, property law, business regulations, corporate law, intellectual property law, and tax law. It also discusses the key elements of a valid contract, common legal issues in commercial law such as contract violations, and the components of an effective internal control system.
The document summarizes India's merger control regime. It outlines key considerations for combinations including statutory thresholds, exemptions from notification, filing requirements, and timelines. It discusses factors considered by the Competition Commission of India (CCI) in reviewing combinations, including relevant market definition and impact on competition. It also covers the CCI's powers to approve, modify, or block combinations, and penalties for gun jumping or failing to notify the CCI of combinations.
The document discusses securities laws and corporate financing in Indonesia. It begins with an overview of the new regulatory structure for financial services in Indonesia, noting that the Otoritas Jasa Keuangan (OJK) was established in 2011 to integrate regulation of banking, capital markets, insurance, pensions and other financial services. It then outlines the key entities and participants in Indonesia's capital markets under the new OJK structure. These include stock exchanges, clearing and guarantee institutions, depository and settlement agencies, securities companies, investment managers, and supporting professionals. The document also provides reasons for replacing the previous financial services regulator, Bapepam, with the new OJK structure.
Securities Law and Corporate Financing
Human: Thank
This document provides an overview of horizontal agreements under the Competition Act of 2002 in India. It discusses the key types of horizontal agreements regulated by the act, including agreements related to prices, quantity/quality, market allocation, and bid rigging. It also defines cartels and provides examples of cartel cases investigated by the Competition Commission of India (CCI) related to drugs, films distribution, railway procurement, and food preservatives. The document outlines the objectives of regulating such collusive practices and exceptions under the act for efficiency-enhancing joint ventures.
This document provides an overview of competition policy and law in India. It discusses the early stages of India's planned economic development and transition to economic reforms since 1991. This led to the enactment of the Competition Act of 2002 and establishment of the Competition Commission of India in 2003 to prevent anti-competitive practices. The CCI regulates combinations (mergers and acquisitions) by requiring compulsory notification above certain thresholds. Combinations are assessed based on their impact on competition and orders passed for approval or modification. Relevant provisions and procedures related to combination regulation aim to balance effective competition with business certainty.
GAAR India and International perspectiveVIJAY KAMBOJ
This document provides an overview of general anti-avoidance rules (GAAR) from an India and international perspective. It discusses the concept of tax avoidance historically and in India. While countries have expressed concern over tax evasion and avoidance, tax planning is legitimate if done strictly within the law. The document outlines India's experience with tax avoidance cases and principles developed by courts. It also examines the GAAR concept and international experience, and discusses India's proposed GAAR regime under the Direct Tax Code.
The document discusses corporate governance standards in India following the Satyam scandal. It outlines existing laws and regulations around corporate governance in India, including the Companies Act of 1956, recommendations from industry groups, and SEBI's Clause 49. However, it notes that full compliance with Clause 49 is still lacking in many companies. It argues that independent directors should be held more accountable and that the Satyam scandal highlighted weaknesses in their role and auditors' responsibilities. Tighter rules are needed to strengthen corporate governance standards and better protect shareholders and stakeholders.
The document discusses India's General Anti-Avoidance Rules (GAAR). It summarizes that GAAR allows Indian tax authorities to levy tax on "impermissible avoidance arrangements" where companies avoid taxes by citing exemptions not intended for them. However, GAAR implementation has been postponed until 2016-2017 due to concerns about lack of clarity negatively impacting investor sentiment. A committee recommended further postponing GAAR and increasing the tax benefit threshold to address these concerns.
The document describes the ease of doing business in India. It discusses the factor used for calculating ease of doing business index. It also mentions about the regulations restricting the ease of doing business in India and the way forward to improve the same.
The document summarizes key points of China's foreign investment law:
1. The law now allows Chinese natural persons to invest in sino-foreign joint ventures, changing a past rule.
2. It defines forms of permitted foreign investment as direct investment, mergers and acquisitions, investment in new projects, and other approved forms.
3. Foreign investors receive pre-entry national treatment and are subject only to rules on a negative investment list, with equal treatment for non-listed investments.
4. The law provides protections for foreign investment such as national treatment, intellectual property protections, business secret protections, and ensuring policy commitments are upheld.
OBJECTIVE
OECD Inclusive Framework released a public consultation document on matters where its members seek input from stakeholders in conducting this 2020 review. This webinar shall touch upon the issues relating to implementation, scope and content of CbC Reporting set out in the document for public consultation.
The document summarizes clarifications provided by the Central Board of Direct Taxes in India on the implementation of General Anti-Avoidance Rules (GAAR) beginning April 1, 2017. Some key points:
- GAAR provisions will come into force on April 1, 2017 and allow tax authorities to deny benefits of transactions lacking commercial substance or made solely to achieve a tax benefit.
- The clarifications address 16 questions on issues like when GAAR can be invoked, its interaction with tax treaties and specific anti-avoidance rules, and how its consequences will be determined.
- Safeguards are in place to ensure GAAR is only applied in clear cases of avoidance and not due to interpretation differences,
The document summarizes the premise of a proposed television show called "Southern Scrappers" about a group of people struggling financially in Pensacola, Florida who team up to make money scrapping junk and recyclables. The main characters are Roger, a 400-pound former drug dealer who owns a lawn business; Ray, a 19-year-old Roger is mentoring; Patti, a 50-something dog lover; and Pam, a recovering alcoholic former stripper. They band together to scrap metal as the economy has declined, competing against others now scrapping for money. Interpersonal drama and challenges ensue as the characters deal with issues like evictions, car troubles, and relapses while depending on
The document discusses key concepts in US and Indonesian competition law and antitrust legislation. It explains that antitrust laws seek to promote competition by prohibiting anticompetitive business practices that harm consumers. Major US antitrust laws discussed include the Sherman Act of 1890, Clayton Act of 1914, and Federal Trade Commission Act of 1914. The Sherman Act prohibits anticompetitive contracts and monopolies. The Clayton Act addresses early-stage anticompetitive practices, while the FTC Act established the Federal Trade Commission to enforce antitrust laws. The document also discusses key Indonesian competition laws and defines concepts like per se illegality versus the rule of reason analysis.
The document provides an overview of the Competition Act of 2002 in India. It discusses key aspects of the Act including its objectives to prevent anti-competitive practices and abuse of dominance. It outlines the prohibitions on anti-competitive agreements and abuse of dominant position. It also covers the regulation of combinations or mergers and acquisitions as well as the thresholds for notification. The document proposes some amendments to the Act including increasing pre-merger consultation and notification timelines.
The document discusses India's legal environment for business and competition law. It provides an overview of India's transition from a command economy to a more liberalized market, including the introduction of the Competition Act of 2002. The Act aims to promote fair competition in India and established the Competition Commission of India (CCI) to prevent anti-competitive practices. The CCI regulates mergers and acquisitions, abuse of dominance, and monitors anti-competitive agreements. It can impose penalties on firms found violating the Act.
The document provides an overview of India's Competition Act of 2002. It discusses the objective of establishing the Competition Commission of India to promote fair competition and protect consumers. The Act prohibits anti-competitive agreements between companies and abuse of dominant market positions. It also regulates mergers and acquisitions. The Competition Commission of India enforces the Act and works to advocate for competition through non-enforcement measures like education programs. The Act has been amended over time to address challenges in its implementation and continue meeting India's evolving economic needs regarding fair competition.
Key issues to consider when venturing into business in India. Some topics include repatriation of investments, taxation, court proceedings and IP issues.
Competition is the best means of ensuring that the ‘Common Man’ or ‘Aam Aadmi’ has access to the broadest range of goods and services at the most competitive prices. With increased competition, producers will have maximum incentive to innovate and specialize. This would result in reduced costs and wider choice to consumers. A fair competition in market is essential to achieve this objective. Our goal is to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers
This document provides an overview of the Doing Business in Nigeria 2010 report, which measures regulations affecting business across 36 states and the Federal Capital Territory of Nigeria. It analyzes regulations related to starting a business, dealing with construction permits, registering property, and enforcing contracts. The report aims to identify regulatory best practices across locations and assess regulatory reforms over time. The data is intended to inform policymakers and encourage competition between locations to improve their business environments and support investment and economic growth.
This document provides an overview of commercial law and related topics. It defines commercial law as the set of laws related to trade and sales, including contract law, property law, business regulations, corporate law, intellectual property law, and tax law. It also discusses the key elements of a valid contract, common legal issues in commercial law such as contract violations, and the components of an effective internal control system.
The document summarizes India's merger control regime. It outlines key considerations for combinations including statutory thresholds, exemptions from notification, filing requirements, and timelines. It discusses factors considered by the Competition Commission of India (CCI) in reviewing combinations, including relevant market definition and impact on competition. It also covers the CCI's powers to approve, modify, or block combinations, and penalties for gun jumping or failing to notify the CCI of combinations.
The document discusses securities laws and corporate financing in Indonesia. It begins with an overview of the new regulatory structure for financial services in Indonesia, noting that the Otoritas Jasa Keuangan (OJK) was established in 2011 to integrate regulation of banking, capital markets, insurance, pensions and other financial services. It then outlines the key entities and participants in Indonesia's capital markets under the new OJK structure. These include stock exchanges, clearing and guarantee institutions, depository and settlement agencies, securities companies, investment managers, and supporting professionals. The document also provides reasons for replacing the previous financial services regulator, Bapepam, with the new OJK structure.
Securities Law and Corporate Financing
Human: Thank
This document provides an overview of horizontal agreements under the Competition Act of 2002 in India. It discusses the key types of horizontal agreements regulated by the act, including agreements related to prices, quantity/quality, market allocation, and bid rigging. It also defines cartels and provides examples of cartel cases investigated by the Competition Commission of India (CCI) related to drugs, films distribution, railway procurement, and food preservatives. The document outlines the objectives of regulating such collusive practices and exceptions under the act for efficiency-enhancing joint ventures.
This document provides an overview of competition policy and law in India. It discusses the early stages of India's planned economic development and transition to economic reforms since 1991. This led to the enactment of the Competition Act of 2002 and establishment of the Competition Commission of India in 2003 to prevent anti-competitive practices. The CCI regulates combinations (mergers and acquisitions) by requiring compulsory notification above certain thresholds. Combinations are assessed based on their impact on competition and orders passed for approval or modification. Relevant provisions and procedures related to combination regulation aim to balance effective competition with business certainty.
GAAR India and International perspectiveVIJAY KAMBOJ
This document provides an overview of general anti-avoidance rules (GAAR) from an India and international perspective. It discusses the concept of tax avoidance historically and in India. While countries have expressed concern over tax evasion and avoidance, tax planning is legitimate if done strictly within the law. The document outlines India's experience with tax avoidance cases and principles developed by courts. It also examines the GAAR concept and international experience, and discusses India's proposed GAAR regime under the Direct Tax Code.
The document discusses corporate governance standards in India following the Satyam scandal. It outlines existing laws and regulations around corporate governance in India, including the Companies Act of 1956, recommendations from industry groups, and SEBI's Clause 49. However, it notes that full compliance with Clause 49 is still lacking in many companies. It argues that independent directors should be held more accountable and that the Satyam scandal highlighted weaknesses in their role and auditors' responsibilities. Tighter rules are needed to strengthen corporate governance standards and better protect shareholders and stakeholders.
The document discusses India's General Anti-Avoidance Rules (GAAR). It summarizes that GAAR allows Indian tax authorities to levy tax on "impermissible avoidance arrangements" where companies avoid taxes by citing exemptions not intended for them. However, GAAR implementation has been postponed until 2016-2017 due to concerns about lack of clarity negatively impacting investor sentiment. A committee recommended further postponing GAAR and increasing the tax benefit threshold to address these concerns.
The document describes the ease of doing business in India. It discusses the factor used for calculating ease of doing business index. It also mentions about the regulations restricting the ease of doing business in India and the way forward to improve the same.
The document summarizes key points of China's foreign investment law:
1. The law now allows Chinese natural persons to invest in sino-foreign joint ventures, changing a past rule.
2. It defines forms of permitted foreign investment as direct investment, mergers and acquisitions, investment in new projects, and other approved forms.
3. Foreign investors receive pre-entry national treatment and are subject only to rules on a negative investment list, with equal treatment for non-listed investments.
4. The law provides protections for foreign investment such as national treatment, intellectual property protections, business secret protections, and ensuring policy commitments are upheld.
OBJECTIVE
OECD Inclusive Framework released a public consultation document on matters where its members seek input from stakeholders in conducting this 2020 review. This webinar shall touch upon the issues relating to implementation, scope and content of CbC Reporting set out in the document for public consultation.
The document summarizes clarifications provided by the Central Board of Direct Taxes in India on the implementation of General Anti-Avoidance Rules (GAAR) beginning April 1, 2017. Some key points:
- GAAR provisions will come into force on April 1, 2017 and allow tax authorities to deny benefits of transactions lacking commercial substance or made solely to achieve a tax benefit.
- The clarifications address 16 questions on issues like when GAAR can be invoked, its interaction with tax treaties and specific anti-avoidance rules, and how its consequences will be determined.
- Safeguards are in place to ensure GAAR is only applied in clear cases of avoidance and not due to interpretation differences,
The document summarizes the premise of a proposed television show called "Southern Scrappers" about a group of people struggling financially in Pensacola, Florida who team up to make money scrapping junk and recyclables. The main characters are Roger, a 400-pound former drug dealer who owns a lawn business; Ray, a 19-year-old Roger is mentoring; Patti, a 50-something dog lover; and Pam, a recovering alcoholic former stripper. They band together to scrap metal as the economy has declined, competing against others now scrapping for money. Interpersonal drama and challenges ensue as the characters deal with issues like evictions, car troubles, and relapses while depending on
This document discusses wind turbines, their main parts which include blades, gearbox, shaft, generator and hub, and how they work to generate electricity. The blades capture wind energy which turns the shaft and spins the generator to produce electricity that can power homes or cities. References are also included about wind turbines on YouTube and Wikipedia for additional information.
Zara is a Spanish fast fashion retailer known for its rapid production model. It churns out 30,000 designs per year near copies of runway trends and gets garments to stores within 3 weeks. Zara releases new inventory twice weekly and aims to fuel frequent wardrobe changing among shoppers. Its highly efficient global supply chain moves 2.5 million items per week with nothing in warehouses for over 72 hours. Customers visit Zara six times more than competitors on average, attracted by its constant flow of affordable trendy clothes.
Most company systems do not have a mobile connection. The systems are only accessible within the organization from PCs locally or through VPNs. Sometimes these IT systems can only be accessed from special terminals.
Many companies need to bring important information directly to their coworkers everywhere. Since the employees can’t always be located in the company or be in front of their computer, they often need a mobile connection.
The document discusses font choices, color schemes, images, and sizing for an ancillary product (double-page magazine spread) and poster promoting a documentary. For the magazine spread, light blue, white, and black colors were chosen for text clarity. Font sizes of 28, 16, and 14 were used for the title, paragraph, and side text respectively. Images from the documentary were included to intrigue readers. A serif font was used for continuity. The poster uses black and white colors for simplicity and a large sans-serif font for visibility from a distance.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise has also been shown to boost self-esteem and can serve as a healthy way to manage stress.
La electroquímica estudia las reacciones químicas causadas por corrientes eléctricas y la generación de electricidad a través de reacciones químicas. Se divide en electrólisis, que implica reacciones causadas por corrientes eléctricas, y celdas galvánicas, que generan corriente eléctrica a través de reacciones espontáneas. Las leyes de Faraday establecen que la masa de un producto de una reacción electroquímica es proporcional a la cantidad de electricidad que pas
After assessing the current state of local news blogs in New York, we realized the desperate need for a clutter-free interface. In the redesign of the Local East Village, we aimed to prioritize the news, highlight a sense of community, and create a simple user experience, all through a clean and concise design.
Jenna Windle was assigned to redesign a poster that originally lacked visual interest and was dull. The redesigned poster included:
1. A bold, centered title to stand out.
2. The addition of relevant pictures and graphics.
3. Formatting changes like alternating text colors, bullets, and bolding to highlight important information and make the poster more visually engaging.
The document summarizes the development and implementation of merger control regulations in India by the Competition Commission of India (CCI). It discusses how there was initial opposition to bringing merger control provisions into force, but that the CCI was finally able to notify final merger regulations in May 2011. It describes some initial amendments made by the CCI in 2012 and 2013 to refine the merger review process based on experience. It also notes that after over two years of implementation, it is an appropriate time to review the CCI's performance in regulating combinations and mergers under Indian competition law.
“ India recently completed a little over two years of regulation of combinations.
In contrast to the exaggerated fears associated with the likely bringing into force
of the provisions relating to regulation of combinations before the provisions
were actually notified w.e.f. June 1, 2011, the two years have passed rather
peacefully. The author , Mr. K K Sharma, former Head of Merger Control and
Director General, CCI, who laid the foundations of regulation of combinations
in India by way of devising the Merger Review Format as well as making it
successfully functional , reviews the performance of Competition Commission of
India in regulation of combinations and discusses the associated issues. He also
throws light on merger filing Form 1 which is almost the simplest in the world
for a jurisdiction having almost the highest thresholds in the world. He places on
record the deft handling of the regulation of combinations by CCI.”
The document provides an introduction to the Competition Act of 2002 in India. It summarizes that the Act was introduced to replace the Monopolies and Restrictive Trade Practices Act of 1969 by establishing a new competition regulatory authority. The Act aims to prevent anti-competitive practices like anti-competitive agreements and abuse of dominant positions while regulating combinations/mergers. It also seeks to encourage competition advocacy to promote a culture of competition in India's economic policies and laws.
The document discusses the constitutional basis and evolution of competition law in India. It notes that Articles 38 and 39 of the Indian Constitution mandate promoting social welfare and minimizing economic inequalities, triggering the first competition law in 1969. A committee in 1999 recommended a modern competition law aligned with international standards. This led to the Competition Act of 2002, which aims to promote fair competition while allowing for monopolies in some industries. It prohibits anti-competitive agreements and abuse of dominant positions while regulating mergers and acquisitions. The Competition Commission of India was established to enforce the Act and advocate for pro-competitive policies.
THE REGULATION OF MERGERS AND ACQUISITIONS IN INDIA.pptxLaibaArshad61
The document discusses the regulation of mergers and acquisitions (M&A) in India, including the role of the Competition Commission of India (CCI) in assessing anti-competitive effects. It notes that the CCI reviews M&A transactions and can intervene if a transaction has an appreciable adverse effect on competition. The CCI aims to balance competition and economic growth. The document also outlines Indian laws governing M&A, such as the Companies Act, and examines antitrust provisions and challenges in the CCI's review process.
The document provides an overview of the Competition Act of 2002 in India. Some key points:
- The Act aims to promote fair competition in the market and protect consumer interests by prohibiting anti-competitive agreements and abuse of dominant market positions.
- It established the Competition Commission of India (CCI) to investigate anti-competitive practices and regulate combinations (mergers and acquisitions).
- The Act prohibits anti-competitive agreements, abuse of dominant positions, and combinations that negatively impact competition. It replaced the Monopolies and Restrictive Trade Practices Act of 1969.
- Key concepts defined include cartels, enterprises, persons, relevant markets, and what constitutes anti-competitive agreements and abuse of
The Competition Act, 2002 aims to promote fair competition in India and protect consumer interests. It replaced the Monopolies and Restrictive Trade Practices Act of 1969. The key objectives of the Competition Act are to prevent anti-competitive practices, promote competition, protect consumer interests, and ensure freedom of trade. The Act prohibits anti-competitive agreements between companies, abuse of dominant market position, and regulates combinations/mergers above certain financial thresholds. It established the Competition Commission of India to enforce the competition laws and regulations in the country.
11.emergence and applicability of competition act, 2002www.iiste.org call for...Alexander Decker
The document discusses the emergence and applicability of India's Competition Act of 2002. It provides an overview of the key aspects of the Act, which replaced the earlier Monopolies and Restrictive Trade Practices Act of 1969. The Competition Act aims to foster competition and protect Indian markets from anti-competitive business practices. It prohibits anti-competitive agreements between enterprises, abuse of dominant market positions, and regulates mergers and acquisitions. The Act established the Competition Commission of India as the primary regulator and aims to ensure a competitive business environment in India.
Emergence and applicability of competition act, 2002 in india’s new competiti...Alexander Decker
1. The document discusses India's Competition Act of 2002, which aims to establish fair competition in the country's markets amidst increasing globalization and liberalization of India's economy.
2. The Act prohibits anti-competitive agreements between companies, abuse of dominant market positions, and regulates mergers and acquisitions to ensure they do not harm competition. It established the Competition Commission of India to enforce the Act.
3. The Act was passed to foster economic development, protect consumer interests, and ensure freedom of trade in India in line with modern competition laws and policies. It replaced the older MRTP Act and came into effect in phases starting in 2009.
The Competition Act of 2002 established the Competition Commission of India (CCI) to prevent anti-competitive practices and promote competition. The CCI is tasked with investigating anti-competitive agreements, abuse of dominant market positions, and mergers and acquisitions. Parties to a combination are not required to notify the CCI, but the CCI can investigate combinations on its own. The CCI faces challenges due to overlapping jurisdictions, unrealistic timelines, lack of cooperation from foreign counterparts, and limited resources and infrastructure.
PRESENTATION ON METAMORPHOSIS OF MRTP ACT 1969 TO COMPETITION ACT 2002077PranjalMishra
The document provides an overview of a presentation on the evolution of competition law in India from the Monopolies and Restrictive Trade Practices (MRTP) Act of 1969 to the Competition Act of 2002. It discusses key features and limitations of the MRTP Act, the need for reform, and salient aspects of the Competition Act, including its broader scope and impact in promoting fair competition, consumer empowerment, and curbing anti-competitive practices.
The document summarizes competition laws in India, including the MRTP Act and the Competition Act of 2002. It provides details on anti-competitive agreements, abuse of dominant position, regulation of combinations, and the role of the Competition Commission of India. It also briefly discusses cases involving the cement industry, airlines industry, and automobile industry. Competition laws in the US and UK are also summarized at a high level.
The document summarizes key aspects of India's competition law framework. It outlines that competition law in India was triggered by the constitution and the first law was the Monopolies and Restrictive Trade Practices Act of 1969. This was replaced by the Competition Act of 2002 to promote competition and private enterprise.
The Competition Act established the Competition Commission of India and has four main parts - regulating anti-competitive agreements, abuse of dominance, combination regulation, and competition advocacy. It aims to facilitate competition, establish the CCI to prevent anti-competitive practices, promote market competition, protect consumer interests, and ensure trade freedom. The CCI has powers like imposing penalties, modifying or blocking combinations, and separating dominant enterprises.
Merger means combining two or more entities into one, resulting in the merger of all assets and liabilities. Mergers allow for economies of scale, acquisition of new technologies, and market/sector access. Under competition law, mergers that substantially lessen competition by reducing the number of competitors or increasing prices are considered detrimental. The Competition Act defines a "combination" to include mergers and acquisitions, and any combination above a certain asset/turnover threshold must be notified to the Competition Commission of India.
A detailed perspective of the background, the present functioning and the future possibilities of the merger control regime in India as it unfolds with the passage of time by the architect of merger control in India.
A comparative study of the provisions of the Indian Competition Act, US Anti ...Pritam Pandey
This document provides an overview of competition law in India, the United States, and the United Kingdom. It discusses key provisions and comparisons. The main points are:
1) Competition law deals with restrictive business practices and market failures. The US Sherman Act of 1890 was one of the earliest such laws. India, UK, and over 100 other countries now have competition laws.
2) The Indian Competition Act covers anti-competitive agreements, abuse of dominant position, and combinations. It established the Competition Commission of India to enforce the act.
3) US and UK competition laws are more rigorously applied and enforced through criminal sanctions. Violations in India are larger in number but attract less regulatory attention.
The document provides an overview of competition law in India under the Competition Act of 2002. It discusses the history and objectives of competition law in India, including replacing the MRTP Act of 1969. It then summarizes key aspects of the Competition Act such as regulations around anti-competitive agreements, abuse of dominant market position, and merger control. It also discusses trends in enforcement of the act, including sectors investigated, types of complaints received, and penalties imposed.
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MRTP Act 1969 and Competition Act 2002Chanda Singh
The document compares the MRTP Act of 1969 and the Competition Act of 2002 in India. The MRTP Act aimed to control monopolies and restrictive trade practices, while the Competition Act aims to promote competition and protect consumer interests. It established the Competition Commission of India to prevent anti-competitive conduct and regulate combinations. Some key differences are that the Competition Act explicitly defines anti-competitive offenses and regulates combinations, while the MRTP Act was more complex and reactive.
Compared to the other enforcement provisions of the Act, the merger control
provisions, or regulation of combinations as these are called in India, are of more
recent origin. The regulations drafted by the Competition Commission of India
(the Commission) for regulation of the combinations, in an attempt to make the
combination regulations more business friendly, have given a window of not filing
the merger filings before the Commission in some cases of combinations where the
possibilities of the Appreciable Adverse Effect on Combination (AAEC) are lesser.
The question arises as to how to deal with the instances where the parties do not file
the details of any combination and the Commission is of the opinion that the
combination either causes or is likely to cause an AAEC in the relevant market.
The author, who was the architect of the introduction of schedule 1 for the
exempt type categories while drafting the combination regulations for India as
the first Head of Merger Control in India and thus making regulation of
combinations a reality in India, delves deep into the issue and looks at the possible
solutions. In his view, the Commission still has freedom to act against any
combination causing AAEC – whether above or below thresholds.
Similar to Merger control provisions - A step in the right direction (20)
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Merger control provisions - A step in the right direction
1. 2012] B-161
Merger control provisions – A step in the right direction
Sujit Ghosh*, Nitin Savara** with inputs from Shveta Kalra***
Indian economy has been significantly liberalised in the last two decades and the
growth story continues. Consequently, Indian laws are also evolving to keep in
line with the dynamic economy. Competition laws were first introduced in 2002
and more recently in 2011, merger control provisions/combination regulations
have also been introduced. Indian Combination Regulations are broadly in line
with international anti-trust laws and provide guidance on scrutiny of
transactions, to assess impact on basic competitive nature of markets. The
regulations are only 10 months old and are at a nascent stage. There are certain
areas, which will merit consideration, based on the Indian experience as more
deals are scrutinised. Having said that, competition law is an essential
pre-requisite to be assessed by companies embarking on M&A.
“Competition is not only the basis of protection to the consumer,
but also is the incentive to progress.”
Herbert Hoover (American President, 1874-1964)
India – Growing economy, evolving laws This change is inevitable and the reasons
Winds of change are sweeping through are understandable. Over the past
Indian laws! The list is endless – Takeover 20 years, India has responded to the
Regulations have been amended recently, trend of globalisation by liberalising its
Securities Laws continue to see regular economy and removing the strong
changes based on capital market Government controls imposed earlier.
requirements, revamped Corporate Laws Liberalisation brings with it a host of
are ready for launch; Direct Tax Code and challenges, and the need to have dynamic
Goods and Service Tax (GST) are set to regulations, aligned to the country’s
bring a new era to direct and indirect economic situation.
taxation. Amidst all these changes, Competition
Law is one such law that has been
* Partner, BMR Legal
** Partner (M&A), BMR Advisors
*** Vice President (M&A), BMR Advisors
COMPETITION LAW REPORTS APRIL, 2012 203
2. B-162 Competition Law Reports [Vol. 1
introduced in India and is a clear Drawing reference from various
indication of India’s evolving legal international anti-trust regulations,
framework. Combination Regulations for
regulating M&A were introduced last
Introduction of Competition Law – year as part of Indian Competition Law
Paradigm shift in regulating the markets with effect from 1 s t June, 2011.
Combination Regulations sought to
In terms of history, Competition Law was
regulate big ticket M&A transactions,
first introduced in India in 2002 as a
which could potentially have an
successor of The Monopolies and
Appreciable Adverse Effect on
Restrictive Trade Practices Act
Competition (AAEC) in India. The
(MRTP Act), which had been around
regulatory body for Competition Law
since 1969 for the past 33 years,
in India is the Competition
substantially in its original avatar! As
Commission of India (CCI), which
can be expected, MRTP Act had become
oversees adherence to the law, and
obsolete, and out of place in India’s
scrutinises combinations (mergers
current economic scenario. This was
acquisitions), which fall within the
especially so, since the economic boom
purview of Combination Law and the
required a paradigm shift from restricting
related regulations.
monopolies to promoting competition,
which was sought to be achieved with In the international context, US and EU
the introduction of Competition Law to are mature markets and anti-trust laws
replace MRTP Act. Competition Law, have been in existence for some time now.
by its very nature, is designed to operate BRICS countries have also put in place
at a macro level to regulate large anti-trust laws to regulate domestic
anti-competitive actions, which are markets, especially given the significant
committed against (or have an interest and investment inflows from
impact on) a market rather than against international players. China is an
a particular business or person within example, where a new anti-monopoly
the market. law was introduced in 2008, and came
into the limelight in 2009, when
Coca Cola’s $ 2.3 billion bid to acquire
Competition law, by its very China Huiyuan Juice Group Ltd
(China’s leading fruit juice company)
nature, is designed to operate was rejected.
at a macro level to regulate Let us look at some salient features of the
large anti-competitive actions Combination Regulations, in the context
of global anti-trust laws, and
developments over the past 10 months
Further, with India Inc participating in since introduction.
many big ticket M&A deals (both
domestic and global), impact of M&A on Scope of Combination Regulations
Indian markets and competition Basic parameters have been set out to
continued to be a burning topic for define the scope of Combination
debate. From an economic perspective, a Regulations, in terms of combinations,
merger or acquisition involves which would fall within the purview of
concentration of power in the hands of Competition Law.
fewer persons than before and less
operating players in the market.
204 COMPETITION LAW REPORTS APRIL, 2012
3. 2012] Merger control provisions – A step in the right direction B-163
Specified thresholds for trigger of In fact, it is well understood that
Combination Regulations anti-trust regulations, being reactive,
would have open-ended parameters and
In line with the overall intention of
only provide guiding principles for
Competition Act to scrutinise only those
determining whether a combination
transactions which may have a
could have any adverse implications or
significant impact in India, certain
AAEC in light of specific facts. We all
threshold limits are prescribed for trigger
appreciate that it is virtually impossible
of Combination Regulations. Prior filings
to foresee every kind of factor that is to be
under Combination Regulations would
examined for combinations to identify
not be required where a particular
an AAEC.
combination does not fall within the
thresholds. Thresholds are based on: Combination Regulations in India are no
• Size of business test (asset/turnover) different in this respect. An inclusive list
of guiding factors is provided in
• Size of domestic acquirer (entity/
Competition Act for taking a decision on
group)
the potential impact of a combination,
• Size of global acquirer (entity/ and these factors include consideration
group) and the India presence of entry barriers in a particular market
as also the combination’s contribution
Combination Regulations are to economic development.
predictive; decisions are based on
Following the experience in other
futuristic analysis of facts, in light of
countries, it is expected that over a period
certain guiding factors of time, CCI will lay down principles for
As is the case for anti-trust laws globally, AAEC in specific transactions as part of
Combination Regulations are predictive detailed orders, based on its scrutiny of
and not reactive, since a decision on facts and consideration of potential
potential impact of combination is consequences. This is an important area,
required to be taken, relying on futuristic where references could also potentially
analysis of data, rather than a clear be imported into the Indian context from
analysis of past events and actions. international precedents, since similar
COMPETITION LAW REPORTS APRIL, 2012 205
4. B-164 Competition Law Reports [Vol. 1
principles would have been examined Cola would have a dominant position in
in the past in most jurisdictions. the fruit juice market.
Over the past 10 months since the It is therefore imperative for acquirers to
introduction of Combination Regulations, maintain appropriate documentation to
there has not been any acquisition highlight future business operations, no
of a leading market player as such AAEC and also factor the impact of
(primarily due to the prevailing economic various economic theories applicable to
environment), and no rejection of any combinations while filing for CCI
proposed combination by CCI till date, approval.
hence Combination Regulations have not
been tested extensively to that extent. Some Newly introduced exemption for
key takeaways based on analysis of intra-group mergers
orders passed by CCI till date are:
This is an interesting area, which will
(1) Maximum filings were in respect continue to evolve over a period of time,
of intra-group mergers (Shriram and more relaxations are expected.
Transport, Goldman Sachs, Initially, the Combination Regulations
Reliance Group, Tata Chemicals) – provided an exemption to intra-group
This prompted an inclusion of “acquisitions”, and hence it was
exemption for certain intra-group interpreted to mean that mergers were not
mergers in February 2012 covered, thus requiring a prior filing –
(2) There would be no AAEC where This was also clarified by CCI in the order
combined market presence on sales for merger of Wyoming Mauritius with
volume/value basis continues to be Tata Chemicals. Accordingly, prior filings
very minimal (Sumitomo-Nippon, were required for intra-group mergers of
Standard Chartered-Barclays, wholly owned/substantially owned
Reliance-Bharti AXA) companies, which were actually harmless
(3) Control has not been expressly transactions from a competition law
defined in Competition Law. CCI standpoint, and akin to intra-group
concluded that there is no change acquisitions. Subsequently, in February
in control, since there is no change 2012, a limited amendment was made and
in constitution of Board of Directors following intra-group mergers were
or management, and shareholding included as exempt transactions in
increased from 14.95 per cent to Combination Regulations, hence not
24.95 per cent (KKR’s investment requiring a prior filing:
in Magma FinCorp) (1) Holding company and direct/
While there has not been an opportunity indirect wholly-owned subsidiary
for CCI to debate on certain aspects due to of the group
limited transactions, it would be interesting (2) Subsidiaries wholly owned by
to see how complexities regarding same group
“definition of market” are addressed in However, as is evident from the
combinations, since internationally this diagrammatic illustrations below, the
has been a widely debated aspect. US exemption has a very limited scope and
antitrust laws have issued extensive does not cover certain intra-group
guidelines to explain how antitrust mergers, which could also have been
markets should be defined. In China, one included. We expect that this exemption
of the debates after rejection of Coca Cola’s will be expanded further to cover more
acquisition was the possibly narrow intra-group mergers in its ambit, in the
definition of “relevant market” adopted by near future.
the Government, while stating that Coca
206 COMPETITION LAW REPORTS APRIL, 2012
5. 2012] Merger control provisions – A step in the right direction B-165
Given that the Combination Regulations Value of assets/ turnover in a series of
specifically provide an exemption for transactions leading to a combination
“mergers” only, another related
A recent concept introduced in February
interpretation issue that sometimes
2012 in the Combination Regulations is
arises is applicability of exemption to a
with respect to chain (or related
demerger of business. We believe that
individual) transactions leading to a
given the conceptual similarity of a
combination and guidance has been
merger and a demerger, it is reasonable
provided on the basis for calculation of
to apply all applicable provisions for a
assets/turnover for threshold purposes.
merger to demerger as well.
This is illustrated below:
In the event Step 1 and Step 2 above are fairly common structure adopted by large
considered as chain transactions, corporate, for divestment of an identified
Seller Co’s entire assets and turnover business, and has been extensively used
would also be attributed to Buyer’s Co’s in the past. There is no time frame
assets and turnover, for purposes of specifically prescribed for treating
Combination Regulations, instead of a series of transactions as chain
only considering new SPVs identified transactions.
business assets/turnover. Now, there will be numerous instances,
Basically, this amendment covers where small transactions (otherwise
structures wherein part of a company’s within prescribed exemption thresholds)
business is first transferred to a Special routed through an SPV by a large
Purpose Vehicle (SPV), post which the company would be covered within the
SPV enters into some agreement of purview of Combination Regulations,
acquisition/merger. This is, in fact, a and require prior filing, since seller
COMPETITION LAW REPORTS APRIL, 2012 207
6. B-166 Competition Law Reports [Vol. 1
company’s entire assets/turnover business per se, rather a new SPV is set
would be considered, even though the up on the basis that the partners would
actual business being transferred is generate fresh revenues through
much smaller in size. collaborative efforts. Such JVs may not
This is not a desirable situation, since the fall within the asset/turnover thresholds
relevant data points that should be initially and there are arguments to state
considered are with respect to the business no requirement for a prior filing with CCI.
being sold rather than the seller company. So does this mean that two powerhouses
A transaction with similar sequence was can form a Greenfield JV for carrying on
presented to the CCI for approval few future business in the JV Company,
days prior to this amendment, in respect without any prior filing requirement?
of the acquisition of ductile iron pipe Going forward, there will always be other
manufacturing business by Saint-Gobain anti-competitive regulations, which can
from Electrotherm India Limited. While impact the JV (abuse of dominant
the business was housed in a separate position, etc.), but the JV could potentially
subsidiary immediately prior to sale, be formed without any prior filing. It is
Electrotherm India’s entire assets likely that there is a new JV formed every
and turnover were considered while week with business projections that
calculating thresholds, and on that basis, would definitely breach all thresholds,
a filing with CCI was preferred. though it may be set up with a de minimis
capital contribution by existing players.
More clarity required for Joint Ventures An argument in favor of the “no prior
JVs are generally understood as a very filing required” position for Greenfield
convenient form of investing (and also JVs is clearly that a new entity has merely
most widely used) in a new territory, been set up and there is no existing
product or line of business, to overcome business. Given the uncertainties in
any weaknesses one person might have, today’s economy, future projections
while leveraging on own strengths. would remain theoretical till they are
While JVs can be formed in different actually achieved, and hence there is no
ways, this discussion is centred around need to regulate such new entities
equity JVs, i.e. a JV, which is set up in a initially.
separate legal form, with JV partners as Another related controversial aspect for
equity shareholders. JVs is the exclusion from classification
Combination Regulations do not have as “anti-competitive agreements” under
specific provisions for JVs, and no the Competition Act if the JV results in
particular distinction has been created vis- increase of certain defined business
à-vis other enterprises. Of course, where a efficiencies (no monetary threshold
JV is formed for an existing business, it is prescribed). Logically speaking, every JV
relatively easier to apply the asset/ should fall within this exception since
turnover thresholds and also review the very purpose of creating a JV is to
applicability of the regulations, at the time increase business efficiencies.
of induction of a new JV partner through Given the above, Combination
share sale. Typically, JVs for existing Regulations will need to consider JV
businesses, which are set up in a separate situations and, if required, set out specific
SPV, would be covered within the “chain guidelines for this purpose. Reference
transactions combination” provisions can be drawn from international anti-
(discussed above). trust laws, since JVs are a focus area
The challenge arises in Greenfield JVs, across jurisdictions, and checks are
which do not involve a transfer of introduced (or guidelines laid out in past
208 COMPETITION LAW REPORTS APRIL, 2012