DEALS

incorrect calculation of penalty, errors with respect to violation of Section 3(3) (b) of the Act, among other reasons. The NCLAT further held that the basis for the inquiry by the CCI in the present case did not comply with the CCI General Regulations 2009. It also observed, “The object of the Competition Act 2002 requires to keep in view the economic development of the country also. If violations are done by domestic industries, no doubt they should be penalised and be given a chance of reformatory, instead of virtually putting the organisation on weak health.” On 1 December 2022, the NCLAT issued a landmark judgment, remanding the tyre cartel matter to the CCI for its review. Competition practice head partner G R Bhatia led the firm’s team representing the client.

firm’s team in the transaction, which was completed on 17 January 2023.

Luthra & Luthra Law Offices India has successfully defended the Automotive Tyre Manufacturers Association (ATMA) and its office bearer on the issue of cartelisation before the National Company Law Appellate Tribunal (NCLAT). In its order dated 8 March 2018, the Competition Commission of India (CCI) held that five of the largest domestic tyre manufacturers, namely Apollo, Ceat, JK, MRF and Birla, including their key managerial personnel, were guilty of cartelisation. The CCI concluded that the tyre manufacturers, under the aegis of ATMA, had indulged in information exchange, thereby violating Section 3 of the Competition Act 2002. In addition to ‘cease and desist’ directions, the tyre companies and ATMA were slammed with a total penalty of Rs17.89 billion (US$217m). The NCLAT observed that the findings of the CCI were laced with arithmetical errors,

Maples has acted as Cayman Islands counsel to WEILONG Delicious Global Holdings on its IPO of approximately 96.4 million shares and the listing in Hong Kong. WEILONG is a leading spicy snack food company in China, most famously known for its “Latiao”, a seasoned flour product inspired by traditional Chinese formulas. The offering, which closed on 15 December 2022, raised approximately HK$1.02 billion (US$130m). Partner Juno Huang led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws, and Commerce & Finance Law Offices advised on Chinese law. The sponsors Morgan Stanley Asia, China International Capital Corporation Hong Kong Securities and UBS Securities Hong Kong, among others, were advised by Paul Hastings as to Hong Kong and US laws, and by Jingtian & Gongcheng as to Chinese law.

Mayer Brown has advised Itochu Corporation on a -15year Liquified Natural Gas