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CCI to Review M&A Deals Over ₹2,000 Crore with Substantial India Operations

/ Human Resource Community
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The Competition Commission of India (CCI) has introduced a new deal value threshold (DVT) criterion for mergers and acquisitions (M&A) exceeding ₹2,000 crore, provided the target company has substantial business operations in India. This move is aimed at bringing more deals, especially in the digital and start-up sectors, under regulatory scrutiny. Previously, regulatory approval was based on asset or turnover values, such as ₹2,500 crore in assets or ₹7,500 crore in turnover. Under the new rules, deals involving target companies with substantial business operations in India, based on metrics like the number of users, gross merchandise value, or turnover, will now require CCI review if these exceed 10% of global figures in the preceding 12 months. Experts believe the DVT will significantly impact the M&A landscape, with more transactions now subject to CCI scrutiny. “The new threshold broadens the range of transactions subject to CCI oversight, potentially increasing compliance costs and extending deal timelines,” said Prithiviraj Senthil Nathan, partner at King Stubb & Kasiva. Legal professionals view the DVT as a necessary step to address high-value deals in technology sectors that often escape traditional thresholds. “The DVT is a valuable tool for capturing deals that might otherwise have gone unnoticed,” noted Avaantika Kakkar, Partner at Cyril Amarchand Mangaldas. However, the introduction of DVT may also increase the CCI’s workload, with experts calling for a capacity enhancement at the commission to handle the expected rise in notified transactions.    

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Business Blasters’ Programme Kicks Off in Delhi Schools for 2024-25

/ Education Community

Delhi Education Minister Atishi announced the launch of the Business Blasters programme for the 2024-25 academic session, aimed at fostering entrepreneurial skills among students of classes 11 and 12 in government schools across the capital. The initiative will see the Arvind Kejriwal-led government providing Rs 40 crore in seed money to support students’ business ideas, with 2.45 lakh students participating this year and over 40,000 business ideas already submitted. Private schools have also been invited to join the programme voluntarily, with students proposing startup ideas involving perfumes, soaps, chocolates, eco-friendly products, and tech-based innovations. Originally launched in 2021, the Business Blasters programme is a key part of the government’s ‘entrepreneurship mindset curriculum,’ which started as a pilot in 2019. It provides seed funding to the top 150 student-formed startups, encouraging students to turn their ideas into viable businesses. Minister Atishi took the opportunity to criticize the BJP-led central government for failing to address unemployment, contrasting this with the Delhi government’s efforts to turn students into job providers rather than job seekers. She highlighted successful startups from last year’s programme, including A K Logistics, a registered private limited company formed by students that now employs 50 people. Other student-led startups include ‘Dark Chocobitz,’ which makes customized chocolates and employs 40 women, and ‘Disposal Walaa,’ an eco-friendly startup employing 20 people. The minister emphasized that the programme holds the potential to generate thousands of jobs, turning students into entrepreneurs and significantly impacting Delhi’s economy. Source: Times of India

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 SEBI Levels Playing Field for FVCIs with New Governance Norms

/ Governance Community

The Securities and Exchange Board of India (SEBI) has issued new norms that bring foreign venture capital investors (FVCIs) under the same regulatory framework as foreign portfolio investors (FPIs). This move marks a significant overhaul of the registration and governance framework for FVCIs, aiming to establish greater parity between the two investor categories. Under the updated norms, effective from January 1, 2025, FVCIs will be required to delegate their registration and governance processes to designated depository participants (DDPs), aligning with the current requirements for FPIs. The amendments also mandate FVCIs to disclose details of beneficial ownership under the Prevention of Money Laundering Act, enhancing transparency and compliance. Key changes include revisions to registration and eligibility criteria, application requirements, the rationalization of registration costs, and the introduction of a renewal fee. Previously, SEBI managed the registration and due diligence processes directly, but these responsibilities will now be handed over to DDPs. This change reflects SEBI’s broader strategy to reduce its direct involvement in the day-to-day operations of intermediaries, allowing the regulator to concentrate more on policy-making and regulatory oversight. Gazal Rawal, Partner at Cyril Amarchand Mangaldas, noted that while the changes may increase compliance burdens for DDPs amid ongoing regulatory adjustments, they will ultimately enhance governance and transparency. She added that the application process for FVCIs is expected to be streamlined in the future, similar to FPIs, with registration, PAN allotment, and KYC for bank and dematerialized accounts to be managed through a common form. Legal experts see these reforms as an effort to replicate SEBI’s success in delegating responsibilities to DDPs for FPIs. “New concepts like notifying the DDP of material changes, renewal of registration, and the imposition of late fees for renewal have been introduced for FVCIs. This move aligns SEBI’s approach to reduce its direct operational involvement with intermediaries,” said Ritul Sarraf of Nishith Desai Associates. Interestingly, restrictions under Press Note 3 on foreign direct investment from land-bordering countries and additional disclosure requirements for FPIs do not appear to apply to FVCIs, signaling nuanced regulatory considerations. The updated norms come after a year-long consultative process, providing stakeholders ample time to adapt. In 2023-24, 28 new FVCIs were registered, bringing the total to 279 as of March 2024, with investments increasing by 12% year-on-year to Rs 53,922 crore, predominantly in the information technology sector. SEBI’s revamped framework is expected to streamline processes, enhance transparency, and bring FVCIs and FPIs onto an equal regulatory footing, reinforcing India’s commitment to a robust and transparent investment ecosystem. Source: Business Standard  

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Vir Das becomes first Indian to host International Emmy Awards

/ Media Entertainment & Art Community

Indian stand-up comedian and actor Vir Das has made history by being announced as the host for the 2024 International Emmy Awards, becoming the first Indian to take on this prestigious role. The announcement was made by the International Academy of Television Arts & Sciences on September 11, 2024. The ceremony is set to take place on November 25 in New York City, where Das will showcase his unique humor and perspective to a global audience. Vir Das expressed his excitement on social media, stating, “Thanks to your support, an Indian Emmy Host! I can’t wait to host the @iemmys this year! Crazy. Thank you for having me. Tremendously honoured and excited!” His fans and fellow celebrities have congratulated him, including notable figures like Hrithik Roshan and Dia Mirza, who praised his achievement. Das is no stranger to the Emmy stage; he was nominated in 2021 for his special “Vir Das: For India” and won the International Emmy Award for Comedy in 2023 for his Netflix special “Landing.” His career spans various platforms, including television and film, where he has created and starred in series like “Whiskey Cavalier,” “Hasmukh,” and “Jestination Unknown.” Currently, he is on his international “Mind Fool” tour and has recently appeared in Prime Video’s “Call Me Bae. “Bruce L. Paisner, president and CEO of the International Academy, stated, “We’re delighted to welcome back Vir Das to our stage and to add International Emmy Host to his impressive list of talents.” This historic hosting role highlights Das’s rising prominence in the global entertainment industry and his contributions to comedy and storytelling. Source: Hindustan Times

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Higher Education Minister MC Sudhakar Criticizes NEP at Bangalore University Convocation

/ Education Community

At the 59th convocation of Bangalore University held at the Jnana Jyothi Auditorium on Tuesday, Higher Education Minister MC Sudhakar openly criticized the National Education Policy (NEP) in the presence of University Grants Commission (UGC) Vice-Chairman Deepak Kumar Srivastava. Sudhakar’s remarks came after Srivastava, the chief guest, praised the NEP for bringing “spectacular change” to India’s education landscape. In his address, Srivastava highlighted NEP’s “path-breaking initiatives,” including the multiple entry-multiple exit system, automated permanent academic account registry, and national credit framework, which he believes are game-changers for higher education in India. However, Sudhakar, speaking next, raised concerns about the NEP’s practicality, pointing out that it overlooks on-ground challenges such as faculty shortages. “After the emergence of private universities, RGUHS, VTU, and similar institutions, many of our universities and colleges have become solitary, single-discipline institutions. For instance, when a student wants to study an open elective like AI, where is the faculty for it? If IITs have a 20% vacancy rate, imagine the condition of ordinary colleges,” he argued. Sudhakar emphasized that except for some private universities offering multidisciplinary programs under one umbrella, public universities struggle to implement such initiatives. The minister further questioned the multi-entry, multi-exit system, describing it as debatable and highlighting Karnataka’s decision to reintroduce its state education policy with a three-major system and empowered boards of studies. “We have a reason for opposing NEP. It is crucial that the interests of public universities are safeguarded,” he said. Sudhakar’s critical stance isn’t new; he had previously questioned the credibility of the National Institutional Ranking Framework (NIRF) during a convocation event at Bengaluru City University, directly addressing UGC Chairman M Jagadeesh Kumar. Despite the controversy, the convocation marked a significant milestone with 26,210 students receiving their degrees. Renowned music director Gurukiran and KS Rajanna, former commissioner under Karnataka’s Persons with Disabilities Act, were awarded honorary doctorates. Governor and Chancellor Thaawar Chand Gehlot were notably absent from the event. Sudhakar’s comments reflect ongoing tensions between state and national education policies, particularly regarding the viability of NEP’s ambitious reforms in the context of existing institutional challenges. Source: Times of India

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Karnataka Health Department Partners with NIMHANS for Suicide Prevention Program

/ Health & Wellness Community

The Karnataka Health Department announced its collaboration with the National Institute of Mental Health and Neurosciences (NIMHANS) to develop a comprehensive suicide prevention program. The initiative, which aims to tackle the rising suicide rates in the state, was unveiled by Health Minister Dinesh Gundu Rao during the launch of the N-SPRITE Centre (NIMHANS Suicide Prevention, Research, Implementation, and Training Engagement) at NIMHANS in Bengaluru on Tuesday. Emphasizing the importance of a coordinated approach, Minister Rao highlighted that while the state already runs several mental health initiatives like the Karnataka Brain Health Initiative (KaBHI) and the District Mental Health Programme, a targeted suicide prevention strategy is needed. The collaboration with NIMHANS will focus on studying vulnerabilities to self-harm across various groups, including students, and implementing evidence-based interventions. “NIMHANS has a wealth of expertise in mental health research and intervention strategies, making them an ideal partner in this mission. By involving multiple government departments, we aim to create a holistic and effective program that addresses the root causes of suicide and offers support to those in need,” said Rao. The N-SPRITE Centre at NIMHANS will serve as the hub for this collaborative effort, integrating research, training, and implementation to create sustainable and impactful prevention strategies. The program will also include awareness campaigns, community engagement, and the training of healthcare professionals to better identify and manage individuals at risk. The initiative comes ahead of World Suicide Prevention Day on September 10, a global observance dedicated to raising awareness about suicide and promoting preventive measures. Minister Rao’s announcement underscores the state’s commitment to enhancing mental health support and reducing suicide rates through a multi-faceted approach. With rising concerns about mental health and the increasing incidence of suicides among vulnerable groups, Karnataka’s partnership with NIMHANS is a significant step towards fostering a supportive environment for mental well-being. Source: Indian Express

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Union Health Ministry Issues Mpox Guidelines to States, Focuses on Screening and Testing Suspected Cases

/ Health & Wellness Community

Amid rising concerns about the spread of mpox, Union Health Secretary Apurva Chandra has issued new guidelines to all states, emphasizing the need for rigorous screening and testing of suspected cases. The health ministry’s directive comes after a suspected case was reported in Delhi, marking India’s first alert since the disease was classified as a Public Health Emergency of International Concern (PHEIC) by the World Health Organization (WHO). The guidelines focus on four key steps for states to follow: Surveillance Training: States are instructed to train state and district-level surveillance teams on identifying suspected, probable, and confirmed mpox cases. Contact tracing and enhanced surveillance activities are crucial for early detection and containment. Healthcare Worker Training: Healthcare workers in clinics treating skin and sexually transmitted infections, along with those involved in the government’s HIV control program, must be trained on the signs, symptoms, and clinical management of mpox, while strictly adhering to isolation protocols. Screening and Testing: States are urged to carry out screening and testing of suspected cases, particularly among vulnerable groups such as men who have sex with men and sex workers. Testing facilities should be integrated into hospitals and identified HIV control program sites. Clear Communication: Effective communication about the risks of mpox is critical. The guidelines stress informing healthcare workers, hospital areas, and communities about the modes of transmission, symptoms, and the importance of timely reporting without inciting panic. The ministry has also asked states to identify isolation facilities for treating suspected and confirmed mpox cases. With a significant proportion of global cases being reported among people with HIV, state AIDS control societies have been asked to remain vigilant and monitor any emerging cases. The health ministry’s letter highlights the atypical spread of the deadlier Clade Ib of mpox through sexual contact, a shift from traditional transmission methods. The virus is predominantly affecting young men aged 18-44 years and is primarily spread through sexual and non-sexual close contact. Common symptoms include rashes, particularly on the body or genital region, and fever. Although India has reported 30 cases of the older mpox strain since 2022, the risk of sustained transmission within the country remains low, according to experts. The government continues to stress that while the situation requires vigilance, public panic should be avoided, and the focus should remain on prevention, awareness, and timely medical intervention. Source: Indian Express

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MCA Notifies ₹2,000 Crore Deal Value Threshold for Mergers and Acquisitions

/ Governance Community

The Union Ministry of Corporate Affairs (MCA) has introduced a significant update to India’s merger and acquisition regulations by notifying the deal value threshold (DVT) provision under the Competition (Amendment) Act, 2023. Effective from September 10, this new rule mandates that all mergers or acquisitions with a deal value exceeding ₹2,000 crore must undergo review by the Competition Commission of India (CCI) if the target company has substantial business operations in India. This move aims to address potential gaps left by traditional asset or turnover-based thresholds, especially in the context of high-value transactions within digital markets. By incorporating the DVT, the MCA intends to provide additional scrutiny to ensure that large digital deals do not escape regulatory oversight merely because they do not meet conventional financial criteria. Alongside the DVT provision, new rules under the Competition (Minimum Value of Assets or Turnover) Rules have been introduced, offering a safe harbour for certain combinations. Transactions involving enterprises with assets below ₹450 crore and turnover less than ₹1,250 crore are exempt from CCI approval, thereby easing regulatory burdens on smaller deals unlikely to pose anti-competitive risks. The CCI has also updated its regulations under the Competition Commission of India (Combinations) Regulations, 2024, detailing how deal value is to be calculated. All forms of valuable consideration—whether direct, indirect, immediate, deferred, or non-cash—are included. This encompasses payments related to covenants, technology assistance, intellectual property rights, branding, and other inter-connected transactions within two years of the deal. The updated regulations also specify filing fees for different types of combinations: ₹30 lakh for Form I filings and ₹90 lakh for Form II filings. If a combination’s market share exceeds specified thresholds, a more detailed review (Form II) is mandated to assess its impact on competition. The newly notified regulations will have an overriding effect on all other regulations under the Competition Act related to mergers and combinations, reinforcing the importance of these updates. The amendments, passed by the Lok Sabha in 2023, are intended to modernize India’s merger control regime by introducing a more comprehensive assessment criterion focused on deal value, particularly relevant to rapidly evolving digital and tech markets. This regulatory overhaul marks a critical step in aligning India’s competition framework with global standards, ensuring fair competition and protecting the interests of consumers in an increasingly digital economy. Source: Times of India

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Tackling Unspoken Parenting Challenges in the Digital Age: Kalorex MD & CEO Unveils ‘Total Parenting Solutions’  

/ Press Release

Ahmedabad, September 4, 2024 – Raising a human being in today’s world requires a wellspring of love, boundless energy—and at times, dealing with typically unspoken and taboo subjects such as cyberbullying, catfishing, blackmailing, grooming, and sexting. Driven by this vision, Dr. Manjula Pooja Shroff, MD & CEO of Kalorex Group, has on September 4, 2024 in New Delhi, launched Total Parenting Solutions, a complete resource on parenting, offering timely guidance to parents, educators, and students in dealing with the critical challenges faced by today’s adolescence. This extensive package on raising children includes the No 1 Bestseller book by Dr. Manjula Pooja Shroff, Baby Steps to Big Dreams; the newly-released sequel to Baby Steps, ‘Safe Teen Steps’ – Making Young Adults Cyber Secure and Sitting-By-MAYA, a state-of-the-art, AI-generative tool that offers instant solutions to specific challenges and queries of students, parents and educators. Drawn from extensive surveys of educators, students and parents, the insights on parenting are backed by years of comprehensive research and real-life data. This makes the package a vital resource as it reflects a wide range of perspectives and experiences. Unveiling of Safe Teen Steps Adapted from Baby Steps to Big Dreams, Safe Teen Steps delves into the complexities of raising cyber-secure teenagers. Written by esteemed journalist and author Ms. Ragini Bharadwaj, alongside Dr. Shroff, this book delves into crucial topics including social media addiction, bullying, grooming, harassment, and taboo topics like sexting, blackmailing, scarlet letter — a powerful metaphor for the public shaming and social stigmatisation that can occur in the digital age. This pioneering book was unveiled in the presence of distinguished leaders and luminaries across various fields in Delhi on the 4th Sep 2024. The event was graced by Dr. Deepak Vohra, Ambassador, Special Advisor in Africa; Mr. Sanjay Kumar, Secretary, Department of SE&L, Ministry of Education, Govt of India; Mr. Himanshu Gupta, Secretary, CBSE; Dr. Sanyam Bhardwaj, Controller of Examinations, CBSE; Mr. Manbir Bedi, Co-Founder, Primary Plus; Dr. Murthy Bevarabhotla, Global president, The Diplomatic Club; Dr. Babli Moitra Saraf, Former Principal, IP College, Delhi University; Mr. Rajesh Bajaj, Founder, PM Publishers, Mr. Yuvraj Malik, Director-National Book Trust; Dr. Deepak Narwal, Economic Senator, EES, Brussels; Ms. Lina Ashar, Founder, Dreamtime Learning; Ms. Ragini Bharadwaj, Author; Dr. Manjula Pooja Shroff, Author; Mr. Anantha Krishnan, CEO Operations, Kalorex Group. Their collective presence underscored      the significance of nurturing the next generation with wisdom and care. “The role of the Internet in our lives will only intensify in future, and it is essential to train the young brigade to make informed choices for the ideal Internet interface. The book deals with the fundamentals of the digital world and safety. It aims to empower teens and tweens with knowledge and wisdom to confidently explore the online world because a single click can change life,” according to Ms Bharadwaj. 85% of Indian Kids Face Cyberbullying Alarmingly, close to 85 percent of children in India have reported being cyberbullied—the highest in the world, according to a survey released by McAfee Corp. What’s more is that 45% of the youth hide their cyberbullying experiences from their parents or guardians. In today’s volatile, uncertain, complex, and ambiguous (VUCA) world,Total Parenting Solutions details how parents and teachers need to look beyond the physical realm, and explore the vast, uncharted territories of social media, dating apps and the internet when looking out for their children. Now, parents face additional hurdles in guiding their children’s growth in a world where digital literacy is just as important as reading and writing. “The teenage years are so formative that they can either make or break a person. The influence that parents, educators, and adults have is enormous—they are the guiding force. We need to create this awareness in society,” says Dr Manjula Pooja Shroff, who has been in the education sector for nearly 30 years, managing 60+ institutions and shaping the careers of more than 88,000 students. This complete package on parenting aims to empower families by providing them with the tools they need to raise confident, well-adjusted young adults. Sitting-By-MAYA is an online Adaptive AI interactive portal that offers instant solutions to specific parenting queries and doubts. In an era where the lines between humans and machines are getting increasingly blurred, Kalorex Group last year introduced MAYA, India’s first Teacher, Mentor and Influencer, as well as the AI clone and avatar of Dr Shroff. Emphasising the role of AI in education, MAYA has reached over 70 cities, 7,000 students, 8,000 senior educators, as well as 15,000 parents in India and abroad. To learn more about the Total Parenting Solutions package, visit https://bit.ly/MPSTPS.  

Tackling Unspoken Parenting Challenges in the Digital Age: Kalorex MD & CEO Unveils ‘Total Parenting Solutions’   Read More »

IIT Placements: Lowest Salary Packages Received by Students in Top IITs Since 2019

/ Education Community

The Indian Institutes of Technology (IITs), renowned for their impressive placement records and multi-crore salary packages, have reported surprisingly low minimum salary offers in recent years. While average salaries range between ₹20 to ₹28 lakh per annum, and top packages can exceed crores, some students have received much lower offers, reflecting the impact of global economic uncertainties. Recent placement data from IIT Bombay showed that the lowest package offered this year was ₹4 lakh per annum, a significant drop compared to previous years. Experts attribute this trend to the broader economic situation, which has influenced campus recruitment. IIT Placement: Lowest Salaries (2019-2024) IIT Madras: Ranked first in NIRF 2024, IIT Madras saw its lowest salary fluctuate between ₹5.4 lakh per annum in 2019-20 to ₹6 lakh per annum in 2023-24, despite a rise in average salaries from ₹29.28 lakh to ₹41.72 lakh over the same period. IIT Bombay: Ranked third in NIRF 2024, IIT Bombay’s lowest package this year was ₹4 lakh, with 10 offers ranging from ₹4 to ₹6 lakh. The campus also saw 22 students securing crore-plus offers, mostly for international roles. IIT Kharagpur: Ranked fifth, IIT Kharagpur’s lowest packages varied from ₹7 lakh to ₹16 lakh in recent years. The 2023 placements saw over 700 offers, including six crore-plus packages on the first day. IIT Roorkee: Salaries consistently ranged between ₹6-8 lakh annually across the past five years. IIT Guwahati: Noted a low salary of ₹5.23 lakh in 2022-23, with other years averaging around ₹7 lakh. IIT Delhi: Ranked second in NIRF 2024, IIT Delhi reported a lowest package of ₹10 lakh per annum, with highest and average stipends being ₹4.04 lakh and ₹2.63 lakh per month, respectively, in its summer placements. Despite the impressive overall numbers, IITs have decided not to publicly disclose individual salary packages, recognizing the potential negative impact on students’ mental health due to the intense competitiveness and high expectations around compensation figures. According to an AIPC member, “Majority of these crore-worth offers are international, and publicizing such figures can adversely affect students’ mental well-being.” This approach aims to maintain a balanced environment where the focus remains on skill development rather than salary comparisons. Source: Indian Express

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