CCI Approves Combination Involving Bhushan Power, JSW entities And JFE Steel

The Competition Commission of India (CCI) on January 20 approved a proposed combination involving Bhushan Power and Steel Ltd, JSW Sambalpur Steel Ltd, JFE Steel Corporation and JSW Kalinga Steel Ltd. The approval relates to a multi-step transaction involving the transfer of Bhushan Power and Steel's steel business undertaking, and not the company itself, as well as the acquisition of a stake by a foreign partner. As part of the approved transaction, Bhushan Power and Steel's steel business...

CCI Imposes ₹40 Lakh Penalty On Goldman Sachs For Failure To Notify Investment In Biocon Biologics U/S 6(2) Of Competition Act

The Competition Commission of India (CCI) has penalized Goldman Sachs INR 40 lakh under Section 43A of the Competition Act, 2002, for failing to notify its investment in Biocon Biologics Limited.Background FactsGoldman Sachs AIF Scheme-1 (GS AIF) executed a Securities Subscription Agreement and a Shareholders Agreement (SHA) on 7.11.2020, and closed the transaction on 9.12.2020. Under the SHA, GS AIF gained Reserved Matter Rights, Information Rights and Access Rights. GS AIF is an investment...