The Competition Commission of India (CCI) has levied a penalty of Rs 10 lakh on Cummins for failing to notify the regulator about the acquisition of sole control of Meritor. The transaction pertains to the acquisition of sole control of Meritor by Cummins by way of reverse triangular merger, where Rose NewCo Inc, a company newly incorporated by Cummins, merged with and into Meritor, and the latter survived as a directly wholly-owned subsidiary of Cummins, the CCI said in an order.
In October this year, the Competition Commission of India (CCI) slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality services provider OYO for indulging in unfair business practices.
A notice has been issued by the Supreme Court today regarding a plea by Amazon which challenged the National Company Law Appellate Tribunal (NCLAT) order upholding the decision to keep share subscription agreement (SSA) between Amazon and Future Coupons Pvt Ltd (FCPL) in abeyance., , supreme court, sc, amazon, CCI Penalty