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Competition Commission rejects Ajay Devgn's plea against YRF

Ajay Devgn Films had moved the CCI claiming that YRF was using its dominant position to ask exhibitors to dedicate more screens to its upcoming release, 'Jab Tak Hai Jaan', than for his film 'Son of Sardaar'

 
New Delhi: The Competition Commission of India (CCI) has rejected the complaint from actor Ajay Devgn against Yash Raj Films for alleged abuse of dominant position in the Hindi film industry, saying that the plea does not have any merit, reports PTI.
 
Ajay Devgn Films (ADF) said it has appealed against the CCI ruling.

"We are shocked by the rejection of our legitimate case by the CCI. We have approached Appellate Tribunal against the order," an ADF spokesperson said in a statement.
 
Actor-producer Devgn's complaint came ahead of the release this month of films by both the parties involved.
 
"The Commission has rejected the complaint of Ajay Devgn against Yash Raj Films as there was no merit in it. The complaint does not fall under any area that violates Competition rules," said a senior official of the CCI.
 
The fair trade regulator has not found any violation of Section 3 of the Competition Act that relates to anti- competitive agreements.
 
According to the official, the order on the plea was passed last evening.
 
Ajay Devgn Films Pvt Ltd had moved the CCI claiming that YRF was using its dominant position to ask exhibitors to dedicate more screens to its upcoming release, 'Jab Tak Hai Jaan', than for his film 'Son of Sardaar' on 13th November.
 
The Delhi High Court on Friday asked the CCI to "expeditiously" decide on Ajay Devgn Films' complaint that its 'Son of Sardaar' was not getting enough single-screen theatres as Yash Raj Films has used its dominant position for better exhibition of 'Jab Tak Hai Jaan'.
 
Yash Raj Films, last week, had denied monopolisation of exhibitors.
 
"For a company like ours, which has maintained the highest standards of work ethics and fair play, this has really come as a shock. We would like to clarify at the outset that we still haven't received any notice from the Commission and will suitably represent our stance if and when called upon to do so...
 
"A Yash Chopra/Shah Rukh Khan movie, coming after a gap of eight long years, did not need any coercion for contractual screening," YRF had said in a statement.
 

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Government mulling restrictions on cash-surplus investments of PSUs

Under the new guidelines, the government is expected to offer a number of options like mutual funds, term deposits, treasury bills and government securities to for cash-rich CPSEs for investing their surplus funds

 
New Delhi: The Indian government is contemplating tightening norms for use of surplus funds by cash-rich public sector units (PSUs) by restricting their investments to debt schemes of mutual funds with a minimum corpus of Rs1,000 crore, reports PTI.
 
"Besides, Central Public Sector Enterprises (CPSEs) would have another option to park their funds in term deposits with any scheduled commercial bank and with a net worth of Rs500 crore," an official told PTI.
 
Currently, this limit for commercial banks is Rs100 crore.
 
The present guidelines do not specify any corpus size of mutual fund company for investments by PSUs.
 
A committee of the Department of Public Enterprises (DPE) headed by Shaktikanta Das, additional secretary in the Department of Economic Affairs, has held many meetings to discuss various options available with regard to investments by Central Public Sector Enterprises (CPSEs).
 
The panel is in the process of rationalising and consolidating the existing investment norms for CPSEs, the official said.
 
"Under the new guidelines, the government is expected to offer a number of options like mutual funds, term deposits, treasury bills and government securities to CPSEs for investing their surplus funds," the official added.
 
Cash-rich PSUs like GAIL, Coal India and ONGC would be allowed to invest in mutual funds debt scheme with a corpus amounting to at least Rs1,000 crore for the scheme, he added.
 
At present, there are various norms issued by the DPE on investment of excess funds available with such PSUs.
 
In a meeting convened by Prime Minister Manmohan Singh, on 23rd October, he had asked 25 cash-rich central PSUs to invest their surplus fund of Rs2.5 lakh crore to accelerate economic growth.
 
The meeting was attended by Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia besides heads of 25 PSUs, including ONGC, Coal India, BHEL, NTPC, SAIL, NMDC.
 
Heavy Industries and Public Enterprises Minister Praful Patel had said : "If the PSUs do not deploy the investible surpluses in their own growth and expansion, that money should not lie idle and it must be paid back to the government by way of special dividend".
 
Besides, he had said the government would form a committee of secretaries, to be headed by Cabinet Secretary Ajit Kumar Seth, to look into the issues of PSUs regarding like autonomy, regulatory clearances and investment of surplus funds, among other things.
 

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Shriram Life Insurance launches 'money back term plan'

Shriram Life Insurance's Money Back Term plan offers to pay a lump sum payment in case of death of the life assured during the policy term while on survival, all basic premiums paid during the policy term would be returned

 
Chennai: Private insurer Shriram Life Insurance Company has launched a new 'money back term plan', a 'non-linked, non-participating' assurance life cover, reports PTI.
 
"The minimum annualised premium is kept as low as Rs3,000 in line with our philosophy of bringing financial products within the means of the customers," Shriram Life CEO Manoj Jain said in a release.
 
The New Money Back Term plan offers to pay a lump sum payment in case of death of the life assured during the policy term while on survival, all basic premiums paid during the policy term would be returned.
 

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