Google moves Karnataka HC against CCI probe, ADIF fumes

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New Delhi, Dec 27 | Amid the growing debate over its Play Store rules, Google on Monday filed a writ in the Karnataka High Court, asking for more time to reply to the anti-trust investigation by the Competition Commission of India (CCI).

The plea for interim relief was filed by the Alliance of Digital India Foundation (ADIF) in the CCI this October.

Google, in its writ petition, argued that there is “no urgency citing the extension in their Play Store policy deadline”.

The ADIF termed this development and action by Google yet another delay tactic.

“This legal challenge by Google is yet another delay tactic and an attempt to frustrate the antitrust process. It also calls into question their good faith,” said Sijo Kuruvilla George, Executive Director, ADIF.

“The only commitments that have been consistent on the part of Google throughout this entire antitrust process has been their commitment to a) delay the process in every way possible and b) protect their super profits from the app economy abusing its dominance,” he said in a statement.

Google said earlier this month that it is extending the timeline for developers in India from March 31, 2022 to October 31, 2022 to help them better integrate with Play Store’s billing system.

In October last year, Google had announced a timeline extension for developers in India to integrate with the Play billing system to ensure they have enough time to implement the UPI for subscription payment option on Google Play.

“We recognise the unique needs of the developer ecosystem in India and remain committed to partnering with developers in India on their growth journey,” a Google spokesperson had said in a statement.

George said that the ADIF “exhorts Google to comply with the antitrust process in good faith and as per the directives of the CCI”.

“The prayer of the interim challenge is for maintenance of status quo until the CCI antitrust investigation is complete and verdict is out. It has to be noted that Google has made three major revisions related to play store billing policy in just the last 3 months – none of which addresses the underlying issue and all of which aimed at frustrating and delaying the antitrust process,” the ADIF argued.

Google’s refusal to share information and frustrate the anti-trust investigation process on one side and its attempts to keep making changes to their PlayStore billing on the other side reeks of arrogance & abuse of dominance — making the plea for interim relief all the more prescient and urgent, the foundation said.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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