Companies Act - Delhi HC allows plea moved by Audit firms; No merit in challenge to Sec 132 of Companies Act based on arguments of vicarious liability, retroactive operation & violation of Art 20(1) of Constitution: HC (See 'Legal Desk') IBC - Raising money by issuance of convertible debentures with option to be later converted into equity shares, can be classified as 'financial debt' if default is committed by corporate debtor: NCLAT (See 'Legal Desk') Delhi High Court allowed pleas moved by CA/ Audit firms; No merit in challenging Section 132 of Companies Act based on arguments of vicarious liability, retroactive operation and violation of Article 20(1) of the Constitution Explanation to Section 132(4) in unambiguous and explicit terms provides that the expression 'professional or other misconduct' would have the same meaning as assigned to that phrase by Section 22 of the CA Act. Section 132 does not create a new species of misconduct nor does it create a liability which was otherwise not contemplated under a pre-existing legislation. (Para 205) Section 132 does not create a new disqualification or create a novel set or category of misdemeanors to constitute professional or other misconduct. (Para 209) MoD inks Rs 10,147 Cr contracts with EEL, MIL & BEL for rockets (See 'Corp Brief') IBC - Bar on filing CIRP applications applies only to defaults that occur within moratorium period: HC (See 'Legal Desk') Number of commodities on e-NAM platform reaches 231 (See 'Corp Brief') IBC - Last payment made by corporate debtor within period of limitation amounts to acknowledgment u/s 19 of Limitation Act: NCLAT (See 'Legal Desk') BIS & British Standards Institution discuss hydrogen standardization (See 'Corp Brief') TM- When adoption of mark is tainted with bad faith, no amount of subsequent use can cleanse vice of dishonest adoption: HC (See 'Legal Desk') IICA, CMAI sign MoU to enhance capacity for decarbonisation (See 'Corp Brief') IBC - Resolution applicant shall obtain approval of Competition Commission of India under CCI Act prior to approval of such resolution plan by committee of creditors under IBC: SC LB (See 'Legal Desk') India-Japan Dialogue organized to strengthen bilateral cooperation in Steel Sector (See 'Corp Brief') Misc - Earnest money forfeited upon flat booking cancellation must be reasonable and not excessive enough to be considered as penalty u/s 74 of Contract Act: SC (See 'Legal Desk') MoS reaffirms India's commitment to global pharmaceutical standardization (See 'Corp Brief') A&C - Pendency of civil & criminal litigation inter se partners, cannot estop one of partners from invoking arbitration clause or bar reference of dispute for adjudication to arbitrator for determination: HC (See 'Legal Desk') Potassium derived from Molasses can be used by farmers: Minister (See 'Corp Brief') Arbitration Act -There is no bar to avail remedy u/s 9 of Arbitration Act: HC (See 'Legal Desk') Vesting Orders for 7 Coal Mines issued (See 'Corp Brief') IBC - Cause of action for initiating proceedings u/s 7 of IBC arises when debt is acknowledged by debtor: NCLAT (See 'Legal Desk') CCI okays acquisition of stake in POSCO India by POSCO India Processing Center (See 'Corp Brief') 'Haj Suvidha App' is for convenience of pilgrims: Rijiju (See 'Corp Brief') Arbitration Act - If respondent had waived right to raise objection regarding legal capacity of applicant to move application for appointment of Arbitrator, he cannot be permitted to raise objection at belated stage: HC (See 'Legal Desk') Bharat Tex is perfect example of industry-govt collaboration: Textiles Secretary (See 'Corp Brief') Web-portal enables citizens to participate in Youth Parliament program (See 'Corp Brief') BIS hosts Annual Convention in Healthcare Sector (See 'Corp Brief') SARFAESI - Claims of secured creditor precede claims of Sales Tax/VAT Departments; charge created by Sales Tax Department subsequent to charge created by bank under SARFAESI Act, lacks legal standing: HC (See 'Legal Desk') Unlocking creativity through Trailer Making Competition (See 'Corp Brief') India's First Ferret Research Facility dedicated to Nation (See 'Corp Brief') IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016- There is fiduciary angle to relationship between IP and IBBI: IBBI (See 'Legal Desk') IEPFA signs MoU with Association of Chartered Certified Accountants (See 'Corp Brief') Secretary chairs Stakeholders' Meeting to review preparations of India Steel 2025 (See 'Corp Brief') IBC - Non Fund Based facilities cannot be refused to be disbursed when approved Resolution Plan contains clause for their disbursement: NCLAT (See 'Legal Desk') Govt taking steps for Door-to-Door gas supply through pipeline (See 'Corp Brief') PMLA - Court woud not interfer with order passed as apellant fails to give explanation for embezzlement of funds: TRIBUNAL (See 'Legal Desk') Business trusts to pay tax at maximum marginal rate (See 'Corp Brief') Focus on nuclear energy to strengthen power infra: Manohar Lal (See 'Corp Brief') A&C - Mere existence of arbitration clause in agreement does not bar jurisdiction of civil court automatically: HC (See 'Legal Desk') Budget proposes surcharge levy on firms (See 'Corp Brief') A&C - Award without reasons would suffer from patent illegality as it completely ignores vital provisions of the agreement: HC (See 'Legal Desk') Budget offers incentives for International Finances Services Centre units (See 'Corp Brief') IBC - Copy of Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with suspended management of corporate debtor, if suspended management is also RP: NCLAT (See 'Legal Desk') 'Bharattradenet' for global trade to be set up for trade financing (See 'Corp Brief') Arbitration Act - Court to appoint independent sole arbitrator as appointment procedure choosed by parties is no longer valid: HC (See 'Legal Desk')

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CCI okays sale of 34% equity of Ashoka Concessions to Ashoka Buildcon

Published: Jan 15, 2025

By TIOLCorplaws News Service

NEW DELHI, JAN 15, 2025: THE Competition Commission of India has approved the proposed acquisition of 34% equity shareholding of Ashoka Concessions (ACL) by Ashoka Buildcon (ABL) and certain convertible instruments of ACL by ABL and Viva Highways (Viva); and 26% shareholding of Jaora Nayagaon Toll Road Company (JN) by Viva

The proposed combination envisages the acquisition of 34% equity shareholding of ACL by ABL and certain convertible instruments of ACL by ABL and Viva, and 26% shareholding of JN by Viva.

ABL (including its affiliates) is primarily engaged in engineering, procurement and construction (EPC) in various sectors and operation and maintenance (O&M) of roads and highways. ABL operates its road assets through various models i.e., EPC, Build Operate and Transfer (BOT) and Hybrid Annuity Model (HAM) models.

ACL, the infrastructure arm of the Ashoka Group, is active in operation and maintenance of roads and highways in India through its various subsidiaries, which operate road assets. It was floated by ABL for bringing the various BOT based road and highway projects under one umbrella.

JN, a BOT concessionaire, has been granted concession by the Madhya Pradesh Road Development Corporation for reconstruction, strengthening, widening, and rehabilitation of 125 Km to 250 Km of State Highway (SH)-31 in the state of Madhya Pradesh.

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