Competition/Antitrust
Regulatory
AZB & Partners
For a list of select transactions, please contact the individual lawyer
Navalmal Firodia Law College, Pune (B.S.L, LL.B (Hons), 2010)
Diploma in EU Competition Laws, King’s College, London (2018)
Delhi, India (2010)
Investing in India: An Overview of Legal Considerations – 2025 Checklist
Foreign investment continues to play a crucial role in India’s economic growth with India achieving the milestone of having received USD 1 trillion of foreign direct investment since April 2000. While the cumulative FDI received in the financial years ended March 31, 2023, and March 31, 2024 remained similar, there has been an increase in the FDI received between April 2024 to September 2024 in comparison to previous years.
This note examines certain key legal considerations for foreign investors investing in India and highlights key updates included in the legal framework during the calendar year 2024.
Key Changes to the Competition Act, 2002
The Ministry of Corporate Affairs, Government of India, and the Competition Commission of India (“CCI”) have introduced certain amendments to the Competition Act, 2002 (“Competition Act”) and the regulations framed thereunder. These include introduction of deal value thresholds to the Competition Act, relaxations for open offers and implementation of stock exchange purchases, changes to certain exemptions to test the notifiability of transactions, and changes to the CCI review timelines. This note describes the changes introduced to the Competition Act and the regulations framed thereunder.
Changes to the Competition Act, 2002
The Competition (Amendment) Act, 2023, which seeks to amend certain provisions of the Competition Act, 2002 received the assent of the President of India on April 11, 2023. This note provides an overview of the key changes to the Competition Act provided in the Competition (Amendment) Act, 2023.
Competition Amendment Bill, 2022: Key Changes to the Competition Act, 2002
On August 5, 2022, the Competition (Amendment) Bill, 2022 (the “Bill”), to amend the Competition Act, 2002 (the “Competition Act”), was introduced in the Indian Parliament. The timing of approval of the Bill, and its coming into effect, is uncertain at present. The Bill introduces certain new concepts into the field of Indian competition law, including Deal Value Thresholds, the changes to the definition of ‘control’, and mechanisms to settle certain violations of the Competition Act. It also provides for practical and much-needed updates to the Indian competition law regime, including relaxations for implementation of stock exchange purchases, proposed publication of guidelines for fines, and reduction of timeframes for the Competition Commission of India’s approval. This note provides detailed description of the changes proposed by the Bill.
Digital Markets Must be Defined Well for Competition Regulation
The rise of the digital sector has presented unique challenges for Indian regulatory authorities, including the Competition Commission of India (“CCI”), thanks to significant differences in the way such markets operate compared to traditional markets. There is growing demand, worldwide and in India, to hold digital platforms responsible and accountable for adverse impacts caused by them. A preliminary step involved in such probes is that of defining a ‘relevant market’ within which such digital platforms operate. This note analyzes the CCI’s approach on defining a ‘relevant market’ in the digital sector so far, and the need of the hour in terms of considering all substitutable and interchangeable products or services while defining such markets.
The PVR-INOX Merger: Bouncing Back from the Pandemic
On March 27, 2022, PVR Limited announced that it proposes to merge with INOX Leisure Limited. The combined entity will be rebranded as ‘PVR INOX’ and will have a network of 1,546 theatres. Ordinarily, a deal of such magnitude would have required prior approval from the Competition Commission of India, however the decreased revenue of the parties owing to the pandemic appears to have provided a unique benefit to this deal. This note analyzes the market positions of PVR and INOX, the role of the CCI, and the target based exemption that is applicable to this deal.
Karnataka High Court’s Dismissal of Amazon and Flipkart’s Petitions – An Opportunity Missed?
The Karnataka High Court has, on 11 June 2021, dismissed the writ petitions filed by Amazon and Flipkart challenging the Competition Commission of India’s order issued under Section 26(1) of the Competition Act, 2002, directing the Director General to investigate certain alleged anti-competitive practices. While the Karnataka High Court’s judgment appears to follow well-established legal principles laid down by the Supreme Court of India, a closer examination reveals that some of the key arguments raised by Amazon and Flipkart have only been given a cursory consideration by the Karnataka High Court. Amazon and Flipkart have preferred an appeal against this judgment before a division bench of the Karnataka High Court. This note analyzes the judgment passed by the single judge bench of the Karnataka High Court.