The May 2024 edition of our Competition and Antitrust Laws Newsletter presents an overview of notable developments and regulatory updates in the field of competition law. This month, the Competition Commission of India ("CCI") has rendered significant decisions on prominent cases, including approvals for acquisitions and demergers involving Greenko Energies, HDFC Credila, and Matrix Pharma, while addressing proposals from entities such as Agro Tech Foods and ITC Limited. On the enforcement front, the CCI has resolved several complaints against organizations such as Maruti Suzuki India Limited, Catholic Syrian Bank, and the Department of Atomic Energy, reinforcing its commitment to maintaining fair competition. Furthermore, a key regulatory update includes amendments to the Competition Commission of India (General) Regulations, 2009, aimed at streamlining procedures and enhancing operational efficiency.
Merger Control and Combinations
On May 07, 2024, the CCI granted approval to a proposed combination relating to the acquisition of additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko Energies Private Limited.
On May 21, 2024, the CCI held the notice as invalid relating to the proposal of Zest Holding Investments Limited to acquire control of Agro Tech Foods Limited.
On May 28, 2024, the CCI granted approval to a proposed acquisition of up to approximately 11% shareholding by Shinhan Bank in HDFC Credila by way of subscription to shares of HDFC Credila.
On May 28, 2024, the CCI granted approval to a proposed combination relating to the demerger of hotels and hospitality business undertaken by ITC Limited into ITC Hotels Limited, wholly owned newly incorporated subsidiary of ITC Limited.
On May 28, 2024, the CCI granted approval to a proposed acquisition of 100% equity shares of Tianish Laboratories Private Limited by Matrix Pharma Private Limited.
On May 28, 2024, the CCI granted approval to a proposed acquisition of up to approximately 100% equity shares of Tianish Laboratories Private Limited by Matrix Pharma Private Limited.
On May 28, 2024, the CCI granted approval to a proposed combination in the nature of collective exercise of right by APAC Company XXIII Limited and Kotak Performing RE Credit Strategy Fund I to nominate a director on the board of directors of Embassy Office Parks Management Services Private Limited, the manager of Embassy Office Parks REIT.
Advisory and Enforcement Matters
1. CCI closes complaint filed against Maruti Suzuki India Limited
On May 06, 2024, the CCI closed a complaint filed by Harmit Ahuja against Maruti Suzuki India Limited ("Maruti") alleging that by its conduct Maruti generated an artificial hype in the market that there will be a 8 to 10 months of waiting with respect to 'Jimny' car and abused its dominant position in the market and imposed unfair and unethical pricing strategy with respect to 'Jimny', which also amounts to an unfair trade practice. The CCI concluded that Maruti does not appear to be a dominant player in the SUV segment of passenger vehicles and therefore, a case of violation of the provisions of Section 4 of the Competition Act, 2002 ("Competition Act") cannot be made out against Maruti.
2. CCI closes complaint filed against Catholic Syrian Bank
On May 13, 2024, the CCI closed a complaint filed by A V Satheeshkumar against Catholic Syrian Bank Ltd alleging the collusion between bank officials and by their fraudulent conduct, he was compelled to part away with his property. The CCI noted that facts and circumstances do not involve any competition issue and concluded that no prima facie case of contravention of the provisions of the Competition Act is made out.
3. CCI closes complaint filed against Department of Atomic Energy and IREL (India) Ltd.
On May 29, 2024, the CCI closed a complaint filed by Metallurgical Products India Private Limited ("MPIPL") against Department of Atomic Energy, Govt of India ("DAE") and IREL (India) Ltd. ("IREL") alleging: (i) DAE's decision to not renew the off-take agreement and reject MPIPL's import license application, as well as not to approve an alternative disposal plan proposed by MPIPL, is not only arbitrary but also in contravention of Section 4(2)(a) of the Competition Act; and (ii) conduct of both DAE and IREL is resulting in limiting the business and operations of the MPIPL as well as restricting its entry in the relevant market. The CCI noted that DAE is exempted from the purview of 'enterprise' in terms of the provisions of the Competition Act and IREL has no role to play in renewal of the off-take agreement, rejection of import licenses, and non-approval of an alternate disposal plan, and concluded that no prima facie case of contravention of the provisions of the Competition Act is made out.
Regulatory Updates
1. Amendment of the Competition Commission of India (General) Regulations, 2009
On May 10, 2024, the Competition Commission of India (General) Regulations, 2009 ("General Regulations"), which is one of the regulations to enforce the Competition Act, has been amended vide the Competition Commission of India (General) Amendment Regulations, 2024. The General Regulations, inter alia, provided for creation of confidentiality ring(s) to provide access to the confidential information and document(s) of the other parties, during proceedings before the CCI. The amendments are aimed to streamline the process and for timely and effective disposal of matters, certain amendments were proposed to be carried out in regulations 35, 37 and 50 of the General Regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Agro Tech Foods Limited is an India-based company that is primarily engaged in the business of manufacturing and trading of edible oils and food products. The Company's product categories include ready to cook snacks, ready to eat snacks, spreads & dips, breakfast cereals and chocolate confectionery. Ready to cook snacks include instant popcorn, microwave popcorn, diet popcorn, sweet corn, and kits and sauces. Ready to eat snacks include popcorn, extruded snacks, nachoz, and peanuts and chana. Its spreads include peanut butter, peanut spreads, choco spreads and hummus. Its chocolate confectionery includes Duo Coconut, Duo Peanuts, and a Duo Gift Box. Its staples include edible oils, Sundrop heart plain oats, and Sundrop heart almonds. Its oils include Sundrop Heart, Sundrop Nutrifit, Sundrop Lite and Sundrop Nutrilite, among others. Its subsidiaries include Sundrop Foods India Private Limited, Agro Tech Foods (Bangladesh) Pvt. Ltd, Sundrop Foods Lanka (Private) Limited, and others.
AGRO TECH FOODS LIMITED 
