News and Updates Issue 01 Duration November 01-15, 2018

 

 

Success means having the courage, the determination, and the will to become the person you believe you were meant to be.

George A. Sheehan

BILLS, ACTS AND RULES

  • The Companies (Amendment) Ordinance, 2018 was promulgated on November 2, 2018. It amends several provisions in the Companies Act, 2013 relating to penalties, among others. For more information, please access –
    Read More

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India has issued a Notification with respect to Partial Credit Enhancement to Bonds Issued by Non-Banking Financial Companies and Housing Finance Companies dated November 2, 2018.
    For more information, please access –
    Read More
  • The Reserve Bank of India has issued a communication with respect to Real Time Gross Settlement (RTGS) System - Implementation of Positive Confirmation dated November 15, 2018.
    For more information, please access –
    Read More

LABOUR LAWS

  • The Ministry of Labour and Development, India announced on November 2, 2018 that the Central Government is sincerely working to provide social security to unorganized sector workers. For more information, please access –
    http://pib.nic.in/PressReleseDetail.aspx?PRID=1548757
  • The Ministry of Labour and Development, India announced on November 8, 2018 that the cabinet has approved a MoU between India and Italy for continuing training and education in the fields of Labour and Employment.
    For more information, please access –
    http://pib.nic.in/PressReleseDetail.aspx?PRID=1552168

COMPETITION LAW

  • The Federal Trade Commission and the New York Attorney General’s Office have sued a New York-based debt collection operation for tricking people into agreeing to pay more money than what they allegedly owed, according to defendants’ own business records.[November 1, 2018] For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2018/11/ftc-new-york-attorney-general-sue-operators-debt-collection
  • The Federal Trade Commission is seeking comment on a proposed rule to implement a 2018 law requiring the nationwide consumer reporting agencies to provide free electronic credit monitoring services for active duty military consumers.
    [November 1, 2018] For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2018/11/ftc-seeks-comment-proposed-rule-implementing-law-providing-free
  • The Competition and Markets Authority, United Kingdom has designated Ocado and B&M Homestores under the Groceries (Supply Chain Practices) Market Investigation Order 2009, which would meant that the industry rules setting out how retailers should treat their suppliers will now apply to Ocado and B&M Homestores.
    [November 1, 2018] For more information, please access –https://www.gov.uk/government/news/ocado-and-bm-now-bound-by-rules-on-treating-suppliers-fairly
  • At the request of the Federal Trade Commission, a federal judge temporarily shut down a Florida-based operation that allegedly collected more than $100 million by preying on Americans in search of health insurance, selling these consumers worthless plans that left tens of thousands of people uninsured.
    [November 2, 2018] For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2018/11/ftc-halts-purveyors-sham-health-insurance-plans
  • The Competition and Markets Authority (CMA) has investigated clauses used by the comparison site in its contracts which stop home insurers from quoting lower prices on rival sites and other channels. After reviewing the evidence, the CMA has provisionally found that these so-called “most favoured nation” clauses could be causing customers to miss out on better home insurance deals.
    [November 2, 2018] For more information, please access –https://www.gov.uk/government/news/comparethemarket-home-insurance-deals-could-deny-people-better-prices
  • The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of parts of Fox by Disney, both US based global media companies. The decision is conditional on full compliance with commitments offered by Disney. The proposed transaction would combine Disney and parts of Fox, including its film and television studios and its cable and international television businesses. The Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network are not part of the transaction.
    [November 6, 2018] For more information, please access –
    http://europa.eu/rapid/press-release_IP-18-6312_en.htm
  • The European Commission has approved, under the EU Merger Regulation, the creation of six joint ventures by Daimler and BMW, subject to conditions. Daimler and BMW, both active in car manufacturing, will establish six joint ventures, bringing together the two companies' mobility services in five business fields: (i) free-floating car sharing services, via DriveNow (BMW) and car2go (Daimler), (ii) ride hailing services, (iii) parking services, (iv) charging services, and (v) other on-demand mobility services. The sixth joint venture will (vi) manage the brands and license them out to the other five joint ventures. The activities of Daimler and BMW overlap significantly with respect to free-floating car sharing services. Free-floating car sharing allows customers to pick up and drop off the car anywhere within a certain delimited area in a given city, using authorised parking spaces such as public parking spots. The car can then be picked up by the next user in the location where the previous user parked it.
    [November 7, 2018] For more information, please access –
    http://europa.eu/rapid/press-release_IP-18-6321_en.htm
  • MoneyGram International, Inc. has agreed to pay $125 million to settle allegations that the company failed to take steps required under a 2009 Federal Trade Commission order to crack down on fraudulent money transfers that cost U.S. consumers millions of dollars. The $125 million payment is part of a global settlement that resolves allegations that MoneyGram also violated a separate 2012 deferred prosecution agreement with the Department of Justice.
    [November 8, 2018] For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2018/11/moneygram-agrees-pay-125-million-settle-allegations-company
  • The Federal Trade Commission has held that 1-800 Contacts, the nation’s largest online retailer of contact lenses, unlawfully entered into a web of anticompetitive agreements with rival online contact lens sellers.
    [November 14, 2018] For more information, please access –
    https://www.ftc.gov/news-events/press-releases/2018/11/ftc-commissioners-find-1-800-contacts-unlawfully-harmed
  • The European Commission has approved under the EU Merger Regulation the acquisition of Europac by DS Smith, both manufacturers of paper and packaging products. The decision is conditional on the divestment of a number of production plants in Portugal and France. DS Smith and Europac are both manufacturers of a wide range of paper and packaging products, in particular corrugated packaging such as corrugate cases used to transport industrial and consumer goods. DS Smith is active across the European Economic Area (EEA) and Europac has activities in France, Spain and Portugal.
    [November 14, 2018] For more information, please access –
    http://europa.eu/rapid/press-release_IP-18-6415_en.htm

 

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