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https://www.bloombergquint.com/markets/2018/07/13/pc-jeweller-withdraws-rs-424-crore-share-buyback-proposal
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https://www.google.co.in/amp/s/www.
https://www.google.co.in/amp/s/www.thehindubusinessline.com/markets/apex-court-to-hear-nse-plea-on-cci-fine/article24089752.ece/amp/
Apex court to hear NSE plea on CCI fine
PALAK SHAH Updated on June 05, 2018
Case relates to predatory pricing; hearing scheduled for July 19
The Supreme Court will start its final hearing on July 19 in the matter involving a fine imposed on the NSE by the Competition Commission of India (CCI) for monopolistic practices.
After it won the battle against the NSE at the CCI, rival exchange MSEI has claimed ₹856 crore in damages.
In 2008, both the MSEI, then MCS-SX, and the NSE, had launched currency future contracts almost simultaneously. The NSE priced the transaction charges on these contracts at zero, giving itself a dominant position. The MSEI had to adopt zero pricing as well, which made a significant and material dent in its financial position. The MSEI filed a complaint with the CCI alleging predatory pricing (waiver of transaction fees, data-feed fees and admission fees) wherein the competition watchdog found the NSE guilty in June 2011 and imposed a fine of ₹55.5 crore.
The NSE filed an appeal with the Competition Appellate Tribunal (COMPAT), which too found the NSE guilty. The NSE then moved the Supreme Court and its appeal is still pending.
According to the process, the MSEI filed an application for award of compensation against the NSE for ₹856 crore before COMPAT in 2015, pending the appeal. Now, since COMPAT has ceased to exist (from May 26), all pending matters before COMPAT stand transferred to the NCLAT.
The MSEI is contesting the case, as ₹856 crore is crucial for its survival, say experts. The MSEI, which has been experiencing slackening business, could revive if it gets the damages. The MSEI said it did not want to comment any further as so far all rulings have gone in its favour. The NSE did not reply to an e-mail query.
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