Competition Commission of India (CCI) has fined Singapore government investment arm, Temasek Rs 50 lakh in the fair trade regulator’s first ever penalty against a foreign government entity for late filing of application seeking anti-trust approval for an M&A deal.
The fine has been imposed on Temasek Holdings and its two units for delay in submitting a mandatory notice to CCI with regard to proposed acquisition of shares from banking major DBS Group.Incidentally, the proposed transaction was terminated at a later stage. But, Temasek was found to have violated the CCI regulations with regard to mandatory submission of an application seeking anti-trust approval for a deal within 30 days of entering into the share purchase agreement.