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1. State assures Bombay High Court it will halt raids on Patanjali in misleading Ayurvedic label case

State assures Bombay High Court it will halt raids on Patanjali in misleading Ayurvedic label case The Maharashtra government on Wednesday assured the Bombay High Court that it will not, for the time

State assures Bombay High Court it will halt raids on Patanjali in misleading Ayurvedic label case

State assures Bombay High Court it will halt raids on Patanjali in misleading Ayurvedic label case The Maharashtra government on Wednesday assured the Bombay High Court that it will not, for the time being, precipitate further action including raids, seizures or confiscation drives against Ayurvedic products of Divya Pharmacy and Patanjali Ayurved Ltd over allegedly misleading labels [Divya Pharmacy & Anr v. Union of India & Ors] The State told the Court that it will halt such raids and actions until the Union government formulates a uniform nationwide policy on such labelling and advertising. Divya Pharmacy is the manufacturer of Ayurvedic medicines for the Patanjali Group. A division bench of Acting Chief Justice Ravindra V Ghuge and Justice Gautam A Ankhad recorded the assurance given by Divya Pharmacy. The bench was hearing a batch of six petitions filed by the companies challenging action taken by the State Food and Drug Administration (FDA) in relation to labels that allegedly suggest cures or treatment for cancer, diabetes and other serious ailments. “The Chief Public Prosecutor submits on instructions that as the Union of India desires to take a stand in such matters, concerning all the States in this country, the State of Maharashtra would not precipitate the issue by continuing further raids and seizures, raids and confiscations of manufactured products of Ayurvedic pharmaceutical companies,” the order recorded. The petitions were filed by Divya Pharmacy and Patanjali seeking quashing of seizure actions and panchnamas, protection against further coercive steps and directions that any regulatory change on “indication labelling” be applied uniformly across the industry after reasonable notice. Senior advocate Birendra Saraf, appearing for Divya Pharmacy, argued that indication labelling on the carton merely states the ailments for which a product is intended…

2. CCI pulls up 4 Odisha truck associations for cartelisation

CCI pulls up 4 Odisha truck associations for cartelisation - Regulators - 2 min read CCI pulls up 4 Odisha truck associations for cartelisation Subsequently, the competition watchdog directed the truc

CCI pulls up 4 Odisha truck associations for cartelisation

CCI pulls up 4 Odisha truck associations for cartelisation - Regulators - 2 min read CCI pulls up 4 Odisha truck associations for cartelisation Subsequently, the competition watchdog directed the truck owners' associations (OPs) to cease and desist from indulging in any practice, conduct or activity that has been found in contravention of the provisions of Section 3 of the Act. New Delhi, The Competition Commission of India has held four truck owners' associations in Odisha guilty of anti-competitive practices for fixing freight rates and preventing independent transporters from operating in mining areas. Subsequently, the competition watchdog directed the truck owners' associations (OPs) to cease and desist from indulging in any practice, conduct or activity that has been found in contravention of the provisions of Section 3 of the Act. Section 3 pertains to anti-competitive agreements. "The OPs and their identified individuals are found in contravention of Section 3 (3) (a) and 3 (3) (b) of the Act by indulging in fixing and revising freight rates for transportation of mineral-carrying goods carriages, and not allowing any independent transporter to transport raw materials from the mines," the regulator said in an order passed on Tuesday. According to the order, independent transporters were required to register with local associations or pay entry fees before they could operate in mining areas. The Competition Commission of India (CCI) observed that these conditions were not merely procedural but had the effect of restricting market access. The commission further noted that the consistent practice of mandating registration, coupled with the denial of operational freedom to independent transporters, reflects a concerted approach adopted by the truck owners' associations to control the supply of transportation services.

3. CCI approves two major acquisitions in sportswear, insurance sectors

Competition Comm clears ANTA Sports' proposal to acquire 29 pc stake in PUMA - Regulators - 1 min read Competition Comm clears ANTA Sports' proposal to acquire 29 pc stake in PUMA "The proposed combin

CCI approves two major acquisitions in sportswear, insurance sectors

Competition Comm clears ANTA Sports' proposal to acquire 29 pc stake in PUMA - Regulators - 1 min read Competition Comm clears ANTA Sports' proposal to acquire 29 pc stake in PUMA "The proposed combination involves the acquisition by Ancat Holding GmbH (Ancat) (an indirect wholly-owned subsidiary of ANTA) of 29.06 per cent of the issued and outstanding share capital of PUMA SE (PUMA) by way of a secondary share purchase," the regulator said in a release. New Delhi, The Competition Commission on Tuesday cleared Hong Kong-based ANTA Sports Products' proposal to acquire a 29.06 per cent stake in global sportswear company PUMA. "The proposed combination involves the acquisition by Ancat Holding GmbH (Ancat) (an indirect wholly-owned subsidiary of ANTA) of 29.06 per cent of the issued and outstanding share capital of PUMA SE (PUMA) by way of a secondary share purchase," the regulator said in a release. Ancat is an acquisition vehicle and does not carry on any business activities, whether in India or outside. "CCI (Competition Commission of India) approves acquisition of certain shareholding in PUMA SE by Ancat Holding GmbH," the regulator said in a post on X. ANTA is engaged in the research and development, design, manufacturing, marketing, and sales of sports products, including footwear, apparel, and accessories. In January this year, ANTA said it had reached a share purchase agreement with Groupe Artemis, the investment company of the Pinault family, to acquire a 29.06 per cent stake in PUMA SE, the company behind the iconic global sports brand. The 29.06 per cent stake was valued at 1.5 billion euros in cash.

4. RBI cancels registration certificates of 135 NBFCs

RBI cancels registration certificates of 135 NBFCs - Regulators - 1 min read RBI cancels registration certificates of 135 NBFCs The Reserve Bank of India has cancelled the registration of 135 non-bank

RBI cancels registration certificates of 135 NBFCs

RBI cancels registration certificates of 135 NBFCs - Regulators - 1 min read RBI cancels registration certificates of 135 NBFCs The Reserve Bank of India has cancelled the registration of 135 non-banking finance companies. Thirteen other companies have surrendered their licenses. These actions are due to various reasons including exiting the business or ceasing to be legal entities. Many of the cancelled companies were based in West Bengal. Mumbai: The Reserve Bank of India (RBI) on Wednesday said it has cancelled the certificate of registration of 135 non-banking finance companies. These include companies such as Express Fincap House, Akshay Fiscal Services, Times Finance (P), Jupiter Projects (P), Jupiter Finvest, Essel Finance Business Loans, and Citiwide Financial Services. Also read: RBI permits banks to lend only to SEBI-Registered REITs & InvITs; 80% cash-generating assets mandatory The majority of the NBFCs, whose certificates of registration were cancelled, had a registered office address in West Bengal, an RBI release showed. Separately, 13 non-banking finance companies have surrendered their certificates of registration to the central bank due to exiting the business or ceasing to be legal entities following amalgamation/merger/dissolution/voluntary strike.

5. ED abused powers against free journalism: Delhi HC quashes PMLA case against NewsClick, Prabir Purkayastha

ED abused powers against free journalism: Delhi HC quashes PMLA case against NewsClick, Prabir Purkayastha The action of Enforcement Directorate (ED) against independent digital news media company New

ED abused powers against free journalism: Delhi HC quashes PMLA case against NewsClick, Prabir Purkayastha

ED abused powers against free journalism: Delhi HC quashes PMLA case against NewsClick, Prabir Purkayastha The action of Enforcement Directorate (ED) against independent digital news media company NewsClick and its founder Prabir Purkayastha in relation to a foreign direct investment (FDI) case amounted to an abuse of power against free and impartial journalism, the Delhi High Court recently held while quashing the money laundering case against the news portal. In a judgment passed on May 29, Justice Neena Bansal Krishna quashed the FIR registered by the Economic Offences Wing (EOW) and the consequential money laundering proceedings initiated by ED. "Not only are the present proceedings only mala fide, but also an arbitrary attack and abuse of powers on the free and impartial journalism of the petitioners," the Court stated. The Court further observed that ED's allegation that a scheduled offence exists was "totally misconceived and baseless". "Pertinently, extensive investigations have been carried out by ED for about a year and a half and petitioners as well as its employees have been summoned and examined many a times, but nothing incriminating till date has been found or placed on record. Aside from bald assertions of there being a criminal conspiracy, there is not a whisper of any incriminating allegation, which would even remotely suggest the commission of the offence punishable under Section 4 PMLA." The Court observed that ED conducted a fishing and roving exercise on the news company. "The manner in which the investigations have been conducted clearly show that the same is a fishing and roving exercise in the financial affairs of the Petitioners without the existence of any offence." While quashing the FIR registered by the EOW, the Court stated that the continuation of such FIR was nothing but a gross abuse of the process of law.

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