The High Court of Delhi Tuesday directed Competition Commission of India (CCI) to provide the National Stock Exchange (NSE) a full copy of its 25 May order including dissenting notes, if any, which held the bourse guilty of non competitive practises.
While observing that any interim order passed by CCI using an inquiry should include a dissenting note the court directed the counsel appearing for the regulator to furnish a detailed copy of its order including the views of the dissenting member by Friday.
Justice S. Muralidhar also directed NSE to file its response to the show cause notice issued to it on the alleged anti-competitive practice by CCI. NSE has to file its response within five working days after Friday.
Senior counsel Arvind Nigam appearing for NSE contended that the material provided by CCI did not include the view of all the members. "What they have given me is not even signed by one person. How can I know who is with me or against me," he argued.
"I must know where is the disagreement. If something is not in my favour I am entitled to a copy of the dissenting view," he added.
Meanwhile, during the hearing of the matter Justice S. Muralidhar also observed that CCI can put the order passed by CCI on its website so that no one has to file a petition before court to get the order.
Earlier on May 16 NSE had approached the High Court seeking a copy of the investigation report based on which CCI had issued a show cause notice alleging that there was evidence of abuse of dominant position and adoption of unfair practices in Currency Derivatives trading.
In compliance to the court order directing it to provide the detailed copy, CCI had on May 25 furnished a 140 page investigation report to NSE.
While observing that any interim order passed by CCI using an inquiry should include a dissenting note the court directed the counsel appearing for the regulator to furnish a detailed copy of its order including the views of the dissenting member by Friday.
Justice S. Muralidhar also directed NSE to file its response to the show cause notice issued to it on the alleged anti-competitive practice by CCI. NSE has to file its response within five working days after Friday.
Senior counsel Arvind Nigam appearing for NSE contended that the material provided by CCI did not include the view of all the members. "What they have given me is not even signed by one person. How can I know who is with me or against me," he argued.
Meanwhile, during the hearing of the matter Justice S. Muralidhar also observed that CCI can put the order passed by CCI on its website so that no one has to file a petition before court to get the order.
Earlier on May 16 NSE had approached the High Court seeking a copy of the investigation report based on which CCI had issued a show cause notice alleging that there was evidence of abuse of dominant position and adoption of unfair practices in Currency Derivatives trading.
In compliance to the court order directing it to provide the detailed copy, CCI had on May 25 furnished a 140 page investigation report to NSE.
No comments:
Post a Comment