Corporate Updates 21 March 2014

Reserve Bank of India in the wake of recommendations of the Key Advisory Group (KAG) constituted by the Government of India on the Securitisation Companies/ Reconstruction Companies (SC/ RCs), it has been decided to allow SC/ RCs to utilize a funds raised from the Qualified Institutional Buyers to acquire financial assets subject to the prescribed conditions. For detailed notification, please Click Here.


The Competition Commission of India approved the transfer of gas plant of Essar Steel on slump sale basis to Inox Air as it does not have appreciable adverse effect on competition in India.

Corporate Updates 13 March 2014

Reserve Bank of India: 

RBI has modified Priority Sector Lending targets and classification on-lending-pricing criteria and decided that all banks have to ensure MFIs comply with the cap on individual loans and margin cap in order to be eligible to classify the loans under priority sector. However, all other guidelines will remain unchanged. For detailed notification please click here.

Competition Law: 

The Competition Commission of India has held in his judgment given in a recent case that presence of several real estate developers in relevant market makes it competitive and rules out dominance of opposite party in that market and further clarified that it is not an abuse of dominance by the party as other players also had access to real estate market.

Corporate Updates 12 March 2014

Competition Act: 

CCI has recently decided that Intel had not restricted and limited market by foreclosing distribution network to its competitors or denied access to market of microprocessor to its competitors or imposed supplementary conditions or leveraged its dominant position in market of high demand products in market for low demand products, there was no abuse of dominance by Intel.


The Central Board of Excise and Customs (CBEC) has denied the report that the Customs, Excise Duty and Service Tax refunds/drawbacks are being held-up by the Department. This was mentioned in a certain section of media attributing to a statement by President, Federation of India Export Organisations (FIEO) to the effect that Customs, Excise Duty and Service Tax refunds /drawbacks are being held-up by the Department. This is not correct as CBEC have refunded more amounts in 2013-14 as compared to the corresponding period in the previous year.