Antitrust And Competition Newsletter | December 2025

In December 2025, India's competition law landscape witnessed several notable developments, driven primarily by enforcement actions and regulatory interventions by the Competition Commission of India ("CCI"). During the month, the CCI passed multiple anti-trust orders addressing coordinated conduct by trade associations, alleged abuse of dominance by statutory authorities etc. Additionally, the CCI also took suo motu cognizance against IndiGo Airlines in relation to its widespread flight disruptions witnessed across the aviation sector. On the merger control front, the CCI imposed a penalty of INR 20 Lakhs (~USD 22138.26) upon Manipal Health Systems Private Limited for gun-jumping. Separately, it approved several combinations across diverse sectors, including steel, banking, logistics, manufacturing, consumer services, and healthcare etc.

For keeping our readers updated, in this edition, we provide a brief overview of the regulation of bid rigging under Indian competition law, followed by a snapshot of key anti-trust orders passed by the CCI during December 2025, along with details of combinations approved by the Commission, and details of upcoming events.

Regulation of Bid Rigging under Indian Competition Law

In India, bid rigging is regulated under Section 3(3)(d) of the Competition Act, 2002 ("Act"), which prohibits agreements between enterprises or persons engaged in identical or similar trade of goods or provision of services that have the effect of eliminating or reducing competition for bids. The Explanation to Section 3(3)(d) clarifies that "bid rigging" includes any agreement, arrangement or understanding, whether formal or informal, between bidders that has the effect of eliminating or reducing competition for bids, or adversely affecting or manipulating the bidding process.

Under the Act, bid rigging constitutes a per se anti-competitive horizontal agreement, meaning that it shall be presumed that an appreciable adverse effect on competition ("AAEC") has been caused by such agreement upon establishment of existence of the said agreement. Typical forms of bid-rigging include collusive tendering, cover bidding, bid rotation, bid suppression, and subcontracting arrangements among competing bidders. The CCI is during its scrutiny rely on both direct and circumstantial evidence such as patterns of identical pricing, coordinated withdrawal from tenders, communication between bidders to infer the presence of collusion etc.

In assessing allegations of bid rigging, the CCI examines the structure of the bidding process, the conduct of participating enterprises, and any market conditions facilitating coordination. Since Section 3(3) imposes a presumption of AAEC, the burden shifts to the parties to demonstrate that the agreement results in pro-competitive benefits.

Orders Passed and Combinations Approved by the Competition Commission of India

CCI directs Maharashtra liquor trade associations to cease anti-competitive practice

In Re: XYZ And Maharashtra Wine Merchants Association, Pune District Wine Merchants Association, Association of Progressive Liquor Vendors, Pimpri Chinchwad Liquor Dealers Association (Case No. 43 of 2019)

The CCI, vide its order dated 11.12.2025, found various liquor trade associations operating in Maharashtra to be in contravention of the provisions of the Act, for engaging in anti-competitive conduct in the retail liquor market.

The information alleged that the opposite parties, being associations of liquor retailers, were collectively determining and enforcing uniform trade margins, discounts, and sales conditions through circulars and Letters of Intent, thereby restricting independent commercial decision-making by individual retailers. During the course of investigation, the Director General found evidence indicating coordination among association members with respect to pricing components and trading terms.

While assessing the conduct, the CCI observed that such collective determination of commercial conditions amounts to indirect price fixing and limitation of competition, in contravention of Section 3(3)(b) of the Act, which carries a presumption of AAEC in India. The CCI reiterated that trade associations cannot act as platforms for coordination of commercial behaviour among competitors. Accordingly, the CCI directed the opposite parties to cease and desist from indulging in such anti-competitive practices and to ensure compliance with the provisions of the Act.

CCI closes information against Haryana town planning authorities for alleged abuse of dominance

In Re: ILD Housing Projects Private Limited & Confederation of Real Estate Developers' Association of India-NCR vs. Department of Town and Country Planning, Government of Haryana & Haryana Shehri Vikas Pradhikaran (Case No. 14 of 2025 with Case No. 16 of 2025)

The CCI, vide its order dated 16.12.2025, closed the information filed by ILD Housing Projects Private Limited and CREDAI-NCR alleging abuse of dominant position by the Department of Town and Country Planning, Government of Haryana ("DTCP") and Haryana Shehri Vikas Pradhikaran ("HSVP") in relation to the levy of External Development Charges ("EDC") and Infrastructure Development Charges ("IDC") under the Haryana Development and Regulation of Urban Areas Act, 1975.

The Informants alleged that the opposite parties, being the sole authorities empowered to grant licences for real estate development in Haryana, imposed unfair and discriminatory conditions through Letters of Intent, licence agreements, and bilateral agreements, including unilateral revision of EDC/IDC, levy of interest without corresponding timelines for development works, and denial of compensation for delays, amounting to abuse of dominance under Section 4 of the Act.

In its analysis, the CCI noted that the issues raised had already been conclusively adjudicated by the Hon'ble Punjab and Haryana High Court and the Hon'ble Supreme Court of India, whereby the statutory framework governing EDC/IDC and the obligation of developers to pay such charges irrespective of the stage of external development works were upheld. The CCI further observed that DTCP, while issuing licences and imposing conditions under the applicable statutes and rules, was discharging its statutory and regulatory functions, which do not constitute economic or commercial activity amenable to scrutiny under the Act.

Relying on judicial precedents, including Delhi High Court's decision in ICAI v. CCI, the CCI held that it does not have jurisdiction to examine the alleged arbitrariness of statutory conditions imposed by a government authority. Accordingly, finding no prima facie contravention of Section 4 of the Act, the CCI ordered closure of the information under Section 26(2) of the Act.

CCI takes cognizance of information filed against IndiGo in relation to recent flight disruptions

CCI Press Release No. 94/2025-2026

The CCI, vide its press release dated 18.12.2025, took cognizance of information filed against IndiGo in the context of widespread flight disruptions witnessed across multiple routes in the aviation sector during December 2025.

The matter arises from large-scale operational disruptions, which reportedly resulted in significant inconvenience to passengers, including prolonged delays, cancellations, and instances where passengers were stranded at airports overnight due to unavailability of alternative arrangements. Based on its initial assessment, the CCI noted that the issues merit further examination under the Act.

CCI imposes penalty of INR 20 Lakhs (~USD 22138.26) for gun jumping upon Manipal Health Systems Private Limited

In Re: Manipal Health Systems Private Limited and MEMG Family Office LLP

The CCI, vide its order dated 31.07.2025, imposed a penalty under Section 43A of the Competition Act, 2002, on Manipal Health Systems Private Limited ("MHSPL") for consummating a part of the combination prior to notifying the Commission. The CCI observed that pursuant to the conversion of debentures issued by Aakash Educational Services Limited ("AESL") following events of default, MHSPL acquired 39.61% shareholding in AESL on 22.01.2024, whereas the combination was notified only on 09.05.2024, thereby violating Sections 6(2) and 6(2A) of the Act. The Commission reiterated that India follows a mandatory and suspensory merger control regime, and that notification is required irrespective of the absence of any appreciable adverse effect on competition.

Considering mitigating factors, including the mandatory nature of the conversion, absence of special control rights, lack of AAEC, and cooperative conduct of the parties, the CCI imposed a penalty of INR 20 Lakhs (~USD 22138.26) on MHSPL. The proceedings against MEMG Family Office LLP were dropped, as the transaction attributable to it was duly notified and not consummated.

Combinations Approved by CCI

• CCI approved Tata Steel Limited's proposed acquisition of sole control in Tata BlueScope Steel Private Limited by purchasing the remaining 50% equity shareholding held by BlueScope Steel Asia Holdings Pty Ltd ¹.
• CCI approved the acquisition of certain warrants of Federal Bank Limited by Asia II Topco XIII Pte. Ltd ².
• CCI approved the proposed combination involving acquisition of minority shareholding in DCX Global Limited by Coinbase Global Inc ³.
• CCI approved the acquisition of certain equity stake in Logisteed Holdings, Ltd. by Japan Post Co., Ltd ⁴.
• CCI approved the acquisition of the paper and pulp manufacturing business of Aditya Birla Real Estate Limited by ITC Limited ⁵.
• CCI approved the acquisition of certain shareholding of Sammaan Capital Limited by Avenir Investment RSC Ltd ⁶.
• CCI approves the acquisition of certain stake in Schneider Electric India Private Limited and Schneider Electric JV Holdings 2 Pte. Ltd. by Schneider Electric SE from MacRitchie Investments Pte. Ltd ⁷.
• CCI approves the proposed combination involving, inter alia, Curefit Healthcare Private Limited, Cultfit Healthcare Private Limited, Curefit Services Private Limited, and Fitness First Luxembourg S.C.A ⁸.

Deemed Approvals

• Capital Square Partners Management Pte. Ltd., One Equity Holdings Limited, One Equity (Guernsey) Limited, LHF Holdings Limited, Mr. Martin Roe and Mr. Mark Chana received deemed approval of the CCI under Section 6(5) of the Act, for the proposed combination notified under the Green Channel route ⁹.
• CIF-II Scheme I, Creaegis II VCC and Creaegis Investments PCC Cell CH1 received deemed approval of the CCI under Section 6(5) of the Act, for the proposed acquisition of increased shareholding in Boston Ivy Healthcare Solutions Private Limited pursuant to a rights issue, resulting in the acquirers' shareholding exceeding 25%, with the transaction being eligible for approval under the Green Channel route ¹⁰.

Mark Your Calendar: Upcoming Events!

• 11th National Conference on Economics of Competition Law organized by the Competition Commission of India scheduled tentatively in February-March 2026 (dates to be announced) (click here).
• 35th Annual IBA Communications and Competition Law Conference scheduled on April 27-28, 2026 (click here).
• 20th Annual IBA Competition Mid-Year Conference scheduled on May 28-29, 2026 in Amsterdam (click here).
• Asia-Pacific Moot Court Competition 2026 scheduled on February 20-21, 2026 at New Delhi (click here).

Footnotes

1. C-2025/11/1349.

2. C-2025/11/1347.

3. C-2025/10/1342.

4. C-2025/10/1338.

5. C-2025/08/1319.

6. C-2025/10/1340.

7. C-2025/09/1327.

8. C-2025/08/1320.

9. C-2025/12/1359.

10. C-2025/12/1357.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.