Karnataka HC judgement seems to have missed an opportunity: S&R Associates

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New Delhi, June 18 | The Karnataka High Court judgement seems to have missed an opportunity to settle and explicate the law in cases involving parallel investigations or similar issues, and its handling of these issues may have left the door open to protracted litigation, S&R Associates, said in a note.

The Karnataka High Court has, on June 11, 20211, dismissed the writ petitions filed by Amazon Seller Services Private Limited and Flipkart Internet Private Limited challenging the Competition Commission of India’s (CCI) order issued under Section 26(1) of the Competition Act, 2002 (the “Competition Act”) on January 13, 2020, directing the Director General to investigate certain alleged anti-competitive practices.

“While the Karnataka High Court’s judgment appears to follow well-established legal principles laid down by the Supreme Court of India, a closer examination reveals that the judgment gives only a cursory consideration to some of the key arguments raised by Amazon and Flipkart (together, the “E-Commerce Platforms”).

It said the CCI Order seems to represent a shift in the approach from that adopted in the CCI’s AIOVA Order. This is also notable since the pandemic may have resulted in the realization of some of the untapped ‘efficiencies and consumer benefits’ alluded to by the CCI above, including by way of e-commerce platforms supporting the provision of essential (and other) supplies, reducing disruptions, and enabling safe and socially distanced retail.

In addition, the services provided by e-commerce platforms have not been limited to metros and Tier-I cities, but have been increasingly availed of by people in Tier II and III towns in India.

“Accordingly, it is imperative that a clear and coherent policy be devised and implemented in respect of the e-commerce sector in India, since frequent changes and narrow interpretation of laws, and over regulation of the sector will stymie innovation, detract from consumer welfare, erode investor confidence and have a chilling effect on competition. A more circumspect approach will not only instill confidence in the industry but also attract investments and promote economic growth”, it said.

Accordingly, the judicially prudent approach may have been to await the final decision of the Supreme Court in the AIOVA’s matter, as opposed to initiating an additional investigation against Flipkart on similar allegations of exclusive dealings and predatory pricing/deep-discounting. The fact that the Supreme Court’s stay does not seem to have figured in the court’s analysis at all, may leave this Judgment vulnerable to further challenge, the law firm said.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

On a weekly expiry day, Nifty opened on positive note and have a dip to make an intraday low at 15367.50 level but showed bounce back moment as managed to close at 15556.65 level with a gain of 143 points. Bank Nifty closed the session at 33135 level with a gain of 289.70 points. 45 Out of Nifty 50 ended in green which suggest broad based buying.

All the sectoral indices managed to close in green expect Energy while Nifty Auto was top gainer. Among Nifty Stock, MARUTI, EICHERMOT, HEROMOTOCO & M&M were the top gainers, While RELIANCE, COALINDIA, POWERGRID & GRASIM were the prima laggards. India VIX closed at 20.88 level with a loss of 1.97%. On Technical Front, The Nifty has formed bullish candle but faced resistance at 21 Four-Hourly Moving Average i.e., 15647 which suggest crossing above the same can show more upside rally.

Nifty has been trading in range of 15200-15700 level while breaching either side can suggest further direction of breakouts. Nifty has given above 50-Hourly Moving Averages which indicate it can show upside moment in the counter. On the Nifty OI Data, On the call side ,the highest OI witnessed at 16000 level while on the put side was at 15500 Niftg level followed by 15300 levels. The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggest northward journey in the Nifty.

The Nifty may find support around 15200 levels while on the upside 15700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32300 levels while resistance at 33800 levels.

Overall, Sector specific momentum has been observed, crossing above 15700 Nifty can show more upside rally.

Market entering into buy on dips pattern.

Palak Kothari
Senior Technical Analyst
Choice Broking

Source: Choice India

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The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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