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P&A wins again for MCX v Amarchand over NSE’s Rs 50 cr dominance abuse in Compat

P&A Associates has won yet again in the Competition Appellate Tribunal (Compat) for its clients MCX against Amarchand representing the National Stock Exchange (NSE), after NSE appealed the Competition Commission of India’s (CCI) 2011 order against it.

The Compat agreed with the CCI that the NSE had abused its dominant position, fining it 5 per cent of its turnover, coming to around Rs 55 crore, as reported by Mint and others.

For MCX, P&A managing partner Anand Pathak with associates Abhijeet Sinha, Akshay Nanda and Durga Bose instructed senior counsel AN Haksar with his juniors Udayan Jain and Chitra Parande.

Pathak said that the Compat had “expanded the relevant market and accepted our definition of the relevant market that the market includes all stock exchange services”, going with the director generals (DG) view and against the CCI’s narrower market definition of derivatives services alone.

Pathak. “I believe that NSE lost more in the Compat,” commented Pathak, explaining that the CCI order was only a majority order, whereas the Compat was unanimous in its order.

Pathak commented that “it's a very, very important order because it settles quite a lot of law around section 4”, dealing with abuse of dominance, and in particular around the definition of relevant market, dominance and abuse.

Amarchand partners Pallavi Shroff and Naval Chopra with Prateek Bhattacharya and Aman Singh Sethi acted for the NSE, instructing senior advocate Amit Sibal. Senior counsel Harish Salve and Abhishek Manu Singhvi had also been instructed earlier in the case, said Pathak.

The CCI was represented by DSK Legal Delhi partner Balbir Singh, who is standing counsel for the anti-trust regulator, together with Abhishek Singh Baghel, Monica Benjamin and Shabistan Aquil, according to the order.

Compat order vs NSE for MCX

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Like +5 Object -6 A Dubey 06 Aug 14, 15:11  controversial
Anand Pathak is "The" authority on competition law in India. This is a landslide victory.
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Like +9 Object -1 Why? 06 Aug 14, 15:49  interesting
Why have these guys been losing every comp-case in recent history ?
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Like +4 Object -3 Alpa Chino 07 Aug 14, 04:16
Perhaps it is because they actually have clients seeking competition law advice, while the same can't be said about the other big law firms? If the NSE abused their dominant position, no law firm can fix that. No lawyer can guarantee victory.

Just to clarify, this isnt coming from an Amarchand lawyer.

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Like +4 Object -0 Hilarious 07 Aug 14, 08:04
It would be hilarious to even suggest that the lawyer(s) who were instrumental in drafting the Act can do little to protect themselves under it !

Quoting Why?:
Why have these guys been losing every comp-case in recent history ?
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Like +3 Object -1 Guest 07 Aug 14, 11:46
I did not know P&A was still alive. Are they still associated with Jones Day?
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Like +0 Object -1 kianganz 07 Aug 14, 11:56
They actually broke up a while ago but somehow it slipped through the cracks and we never got around to covering it...
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Like +4 Object -0 Yes, It is 07 Aug 14, 18:27
P&A is very much alive. Just, not in the same avatar as we knew it did in the 90's, when it was by and large a full service law-firm. Anand Sawrup Pathak, the younger Pathak, I think, is now the man in-charge there. P&A is now understood to be a boutique firm that primarily practices Competition Law. Its other practices have probably been absorbed by Jones Day, Singapore (which manages its India-practice), Jai Pathak (the elder Pathak who parted ways with Anand and is presently managing Gibson Dunn, Singapore), Sandip Bhagat (the S at S&R Associates), Rajat Sethi (the R at S&R Associates), Sanjeev Adlakha (the A at A&M Law Offices)and Viral Mehta (the M at A&M Law Offices). What is note worthy isn't this, but the fact that each and every one of these lawyers, without exception, are the best at what they do and have made the right mark in it the industry - as quality-conscious and efficient legal-resources. But, very, very choosy with the assignments they take on and very, very expensive.
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Like +0 Object -0 anon 07 Aug 14, 22:35
Completely agree with this. The calibre of the lawyers at P&A is phenomenal. Their practice is primarily geared towards international clients.
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Like +2 Object -0 True that 08 Aug 14, 03:01
One can easily say the same about its relevant litigation-alumini that includes respected names like Gaurav Pachnanda, Darpan Wadhwa, Ritin Rai, Manik Dogra, Abhishek Tewari and Diya Kapur.
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Like +0 Object -0 Anon 10 Aug 14, 00:00
Who are all these ppl? Never heard of any of them!!
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Like +1 Object -0 Parichay kijeye 10 Aug 14, 02:09
And, please could you extend the benefit of sharing who you are? I nevertheless hope that you have (or will in the future) run a web-search on things you know not much about - if you are too shy from asking your peers in the profession. A self proclaimed know it all can face that sort of problem !
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Like +0 Object -0 Anon 12 Aug 14, 16:40
Never heard of them too!
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Like +0 Object -0 Hold it! 12 Aug 14, 20:08
They are upcoming lawyers, recognised by various benches as competent-counsels.
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Like +0 Object -0 Associate 09 Sep 14, 17:00
It is indeed true that P&A has in the past been quite a name and produced some very competent litigating and corporate lawyers. From what I've heard, they take limited and very niche matters now but are still doing pretty well.
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