Competition Commission of India, CCI - Current Affairs Questions and Answers

ANSWER: Advanta Ltd

Explanation:
Fair trade regulatory authority CCI has approved the proposed merger of seed firm Advanta Ltd with agrochemical major UPL. UPL has announced the merger of Advanta as part of the strategy to provide agri solutions through a single entity. Advanta, a group company of UPL is within the development. production and sale of field crop as well as vegetable seeds. CCI has cleared the proposed transaction and considered market for seeds in the nation as a relevant market.

ANSWER: Devender Kumar Sikri

Explanation:
Devender Kumar Sikri has been appointed on 7th January 2016 as chairman of fair trade regulator Competition Commission of India. He succeeded Ashok Chawla whose tenure ended on January 7, 2016. Sikri will have a tenure of two and half years till he attained the age of 65 years. Sikri is a former IAS officer of Gujarat cadre. Various positions were held in Centre as well as cadre state Gujarat by him.

ANSWER: Both

Explanation:
- a former Gujarat cadre Indian Administrative Service (IAS) officer, was appointed as chairman of fair-trade regulator Competition Commission of India (CCI).
- Devender Kumar Sikri will have a tenure of about two and half years, i.e. till he attains the age of 65 years.
- As per the Competition Act, 2002 a person of ability, integrity and
standing and who has special knowledge of, and such professional experience of not less than fifteen years in, international trade, economics, business, commerce, law finance, accountancy, management, industry, public affairs or competition matters, including competition law and policy, which in the opinion of the Central Government, may be useful to the Commission is eligible for appointment as Chairperson of the Competition Commission of India.

ANSWER: ICICI Lombard GIC

Explanation:
Prem Watsa run Fairfax Financial Holdings’ proposed acquisition of additional nine per cent stake in ICICI Lombard General Insurance Company for an estimated Rs. 1,550 crore has received clearance from CCI. Following the transaction, Fairfax will hold 35 per cent in ICICI Lombard, while ICICI Bank will have about 64 per cent stake. The proposed transaction values the company at Rs. 17,225 crore ($ 2.6 billion), Fairfax had said. Earlier, foreign partners were only allowed to hold 26 per cent stake in an insurance venture which has now been increased to 49 per cent after the passage of the Insurance Laws (Amendment) Act earlier this year.