CCI Approves Walmart-Flipkart Deal
The Competition Commission of India (“CCI”) has approved Walmart’s proposed acquisition of a majority stake in Flipkart in a deal worth USD 16 Billion. CCI’s nod paves way for the biggest merger deal in India’s corporate history. Following this decision, the Confederation of All India Traders (“CAIT”) has announced that it will move the court against the CCI’s decision.
SC Approves new BCCI Draft Constitution
The Supreme Court of India (“SC”) on August 9, 2018, approved the draft constitution of the Board of Control for Cricket in India (“BCCI”) with a few modifications to two recommendations made by the Justice Lodha committee, namely the provisions dealing with ‘one state one vote’ and cooling off period for persons contesting administrative posts. By diluting the ‘one state one vote’ rule, the SC has given full membership to three associations each in Gujarat and Maharashtra, Services, Railways, and the association of Indian Universities. The SC also held that the provisio for cooling off period only comes into effect after the completion of two consecutive terms.
SC on Period of Limitation in Arbitration and Conciliation Act, 1996
The SC in its judgment in M/s Ved Praksah Mittal & Sons v. Union of India has clarified that when a party to arbitral proceedings has filed an application under Section 33 of the Arbitration and Conciliation Act, 1996 (“Act”), for the correction and interpretation of an arbitral award, then the period of limitation provided under Section34 of the Act for challenging an arbitral award would start from the date of disposal of the Section 33 Application. This disposal can be either by allowing or rejecting the application.
Kerala HC on Transferability of Properties During Dissolution of Partnership
The Kerala High Court in its August 10, 2018 ruling in State of Kerala v. V. D. Vincent has held that the allocation of immovable properties to a partner vide a dissolution deed of a partnership firm, does not confer title in the properties to the partner. The concerned partner is prohibited from transferring the property allocated to him herein.