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CCI issues order against CIL and its subsidiaries for abusing dominant position, imposes penalty
Mar 24,2017

The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for supply of non-coking coal.

The Final Order has been passed on a batch of informations filed by Maharashtra State Power Generation Company Ltd. and Gujarat State Electricity Corporation Limited against Coal India Ltd. and its subsidiaries (Mahanadi Coalfields Ltd., Western Coalfields Ltd., South Eastern Coalfields Ltd.).

The Order has been passed by CCI pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI in which a penalty of Rs. 1773.05 crore had been imposed upon CIL. After hearing the parties afresh in terms of the directions issued by Competition Appellate Tribunal, CCI held that CIL through its subsidiaries operates independently of market forces and enjoys dominance in the relevant market of production and supply of non-coking coal in India. CCI noted in the order that CIL did not evolve/ draft/ finalize the terms and conditions of FSAs through a bilateral process and the same were imposed upon the buyers through a unilateral conduct. CCI found CIL and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in FSAs with the power producers for supply of non-coking coal.

Apart from issuing a cease and desist order against CIL and its subsidiaries, CCI has directed modification of FSAs in light of the findings and observations recorded in the order. The impugned clauses related to sampling and testing procedure, charging transportation and other expenses for supply of ungraded coal from the buyers, capping compensation for supply of stones etc. For effecting the modifications in FSAs, CIL has been ordered to consult all the stakeholders. CIL has also been directed to ensure uniformity between old and new power producers as well as between private and PSU power producers.

Further, CCI has imposed a penalty of Rs. 591.01 crore upon CIL for the abusive conduct. While reducing penalty, CCI noted the steps taken by CIL to improve the sampling procedure even post-passing of the original order by CCI. However, while holding the extant sampling procedure as unfair, CIL has been directed to incorporate suitable modifications in fuel supply agreements to provide for a fair and equitable sampling and testing procedure besides considering the feasibility of sampling at the unloading-end in consultation with power producers and adopting international best practices.

The common Order of the Commission has been passed in Case Nos. 03, 11 and 59 of 2012 and a copy thereof has been uploaded on the website of CCI at www.cci.gov.in.

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Benami Transactions (Prohibition) Act, 1988 amended through the Benami Transactions (Prohibition) Amended Act, 2016
Mar 24,2017

Benami Transactions (Prohibition) Amended Act, 2016 Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through the Benami Transactions (Prohibition) Amended Act, 2016. The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated. Besides, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.

The Benami Transactions (Prohibition) Amendment Act, 2016 came into effect from1st November, 2016. Several benami transactions have been identified since the coming into effect of the amended law. Show cause notices for provisional attachment of benami properties have been issued in 140 cases involving properties of the value of about Rs. 200 crore. Out of these, provisional attachment has already been effected in 124 cases. The benami properties attached include deposits in bank accounts and immovable properties.

The Government has put in place empowered institutions for efficient implementation of the amended law. In exercise of powers conferred under sub-section (2) of section 28 read with section 59 of the amended Prohibition of Benami Property Transactions Act, 1988, vide Notification No. SO 3290E, dated 25.10.2016 the Central Government has notified specified Income-tax authorities to act as Initiating Officer, Approving Authority and Administrator in respect of benami transactions. Further, vide Notification No. SO 3288E, dated 25.10.2016, the Adjudicating Authority has been notified

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CCRAS has undertaken several projects to develop medicines for chronic and lifestyle diseases
Mar 24,2017

The technology related to the drug developed by Central Council for Research in Ayurvedic Sciences (CCRAS), namely, AYUSH-82 has been given to eight manufacturing firms through National Research Development Corporation (NRDC), Dept. of Scientific & Industrial Research, Ministry of Science & Technology, Government of India. The scientific study on AYUSH-82 carried out by CCRAS has shown encouraging results.

CCRAS has developed medicine for other Chronic diseases like arthritis and cancer. CCRAS has developed AYUSH-SG (Sunthi Guggulu) for Arthritis and the technology has been transferred to five firms through NRDC and is available in the market.

Projects on AYUSH -QOL2C for improving quality of life in cancer patients and AYUSH-Manas in Mental Retardation have been recently concluded. Further, CCRAS has undertaken work for developing AYUSH-SL for Lymphatic Filariasis, AYUSH-D for Diabetes Mellitus, Carctol-S for Ovarian Cancer and AYUSH M-3 for Migrane.

The Ministry of AYUSH through its research organizations. namely, Central Council for Research in Ayurvedic Sciences (CCRAS), Central Council for Research in Unani Medicine (CCRUM), and Central Council for Research in Homoeopathy (CCRH) have launched a pilot programme to integrate Ayurveda, Homoeopathy and Unani with National Programme for prevention and Control of Cancer, Diabetes, Cardiovascular diseases and Stroke (NPCDCS). Initially the pilot study has been started in six districts.

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Power Finance Corporation fixes record date for interim dividend
Mar 24,2017

Power Finance Corporation has fixed 01 April 2017 as record date for payment of interim dividend for FY 2017. The dividend will be paid on 07 April 2017.

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Infibeam Incorporation allots 4818 equity shares
Mar 24,2017

Infibeam Incorporation has allotted 4818 equity shares under ESOS. Post the allotment, the paid up equity share capital has increased to 5,34,57,557 equity shares of Rs 10 each.

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Speciality Restaurants gets reaffirmation in ratings for line of credit
Mar 24,2017

Speciality Restaurants announced that ICRA has reaffirmed the long term rating of ICRA A+ and short term rating of ICRA A1 rating assigned to Rs 100 crore line of credit of the Company. The outlook on the long term rating has been revised to Negative from Stable.

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ICICI Bank allots 335,975 equity shares
Mar 24,2017

ICICI Bank has on 23 March 2017 allotted 335,975 equity shares under ESOS.

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Board of Rane Engine Valve appoints CFO
Mar 24,2017

Rane Engine Valve announced that the Board of Directors of the Company at its meeting held on 24 March 2017 have inter alia approved the appointment of V K Vijayaraghavan as Chief Financial Officer effective 16 February 2017.

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Federal Bank allots 10,98,446 equity shares
Mar 24,2017

Federal Bank has allotted 10,98,446 Equity Shares with face value of Rs. 2/- each of the Bank to the Option Grantees has been made upon exercise of stock options under ESOS 2010 Scheme for which allottees have paid money.

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SMS Pharmaceuticals invests Rs 6.98 crore in VKT Pharma
Mar 24,2017

SMS Pharmaceuticals has invested an amount of Rs 6.98 crore in VKT Pharma, an associate company, by subscribing to 3.10 lakh equity shares of Rs 10 each at a price of Rs 225 per share, including premium of Rs 215 per share.

Consequent to this investment, the total holding of the Company has increased to 40.26% of total paid up share capital of VKT Pharma.

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Bharat Forge divests 23% stake in power equipment JV with Alstom
Mar 24,2017

Bharat Forge has divested 23% of its stake holding in power equipment JV with GE (erstwhile Alstom), Alstom Bharat Forge. The transaction for the balance 26% equity would be consummated upon receipt of customer approvals for certain projects. Pending this, the Company has received the entire amount of USD 35 million on agreed terms of sale.

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Board of Vinayak Vanijya appoints company secretary and compliance officer
Mar 24,2017

The Board of Directors of Vinayak Vanijya in its meeting held on 24 March 2017 has appointed Shikhar Agarwal as Company Secretary & Compliance Officer of the Company.

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UCO Bank to receive capital infusion of Rs 1150 crore from GoI
Mar 24,2017

UCO Bank has received a communication from Ministry of Finance, Government of India vide its letter dated 16 March 2017 informing inter alia capital allocation of Rs.1150 crore in the Bank as a part of turnaround linked capital infusion plan.

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Veeram Ornaments announces change in directorate
Mar 24,2017

Veeram Ornaments announced that the Board of Directors of the company has appointed Rajesh Shantilal Shah as an Independent director of VEERAM ORNAMENTS LIMITED w.e.f. 24 March 2017. Further, the Board of Directors of the company has accepted the resignation of Shankar Prasad Bhagat from the post of Independent director w.e.f. 24 March 2017.

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Lakshmi Vilas Bank launches LVB VYAPAAR Current Account
Mar 24,2017

Lakshmi Vilas Bank has launched LVB VYAPAAR Current Account aimed at addressing business banking requirements of small merchants, traders, such as fruit and vegetable vendors, flower vendors, small eateries, medical stores, and kirana stores across the country.

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