The National Company Law Appellate Tribunal (NCLAT) has ruled that the Competition Commission of India (CCI) does not have the power to investigate disputes related to patented products, holding that the Patent Act takes precedence over the Competition Act in such cases, PTI reported.Dismissing an appeal against a CCI order that had closed a complaint against Swiss pharma major Vifor International (AG), a two-member NCLAT bench said that the fair trade regulator lacks jurisdiction to examine such matters, PTI reported.“Considering the judgment of the Delhi High Court in the case of Telefonaktiebolaget LM Ericsson (PUBL) and the Supreme Court in SLP No. 25026/2023, it is apparent that the CCI lacks the power to examine the allegations made against Vifor International (AG),” the tribunal observed.Vifor International held the patent for Ferric Carboxymaltose (FCM) injection, a drug used to treat Iron Deficiency Anaemia (IDA). The tribunal stated: “The Patent Act will prevail over the Competition Act in the facts of this case, as the subject matter of contention is FCM, which was developed and patented by Respondent No. 2 (Vifor International).”NCLAT noted that Section 3(5) of the Competition Act provides specific protection to patent holders to restrain infringement or impose reasonable conditions to safeguard their rights. “The Competition Act, in Section 3(5), has laid down that the Act will not restrict the right of any person in protecting his rights under the Patent Act,” it said.The appeal was filed by Swapan Dey, CEO of a hospital offering free dialysis services under the Pradhan Mantri National Dialysis Programme (PMNDP). Dey alleged that Vifor’s “anti-competitive and abusive conduct” had made FCM injections unaffordable and inaccessible to patients.However, the CCI had closed the case in its October 25, 2022 order, finding no prima facie contravention under Sections 3(4) or 4 of the Competition Act. Dey then challenged the order before NCLAT, arguing that the CCI failed to properly define the relevant market or assess Vifor’s dominance.Vifor countered the claim, asserting that the CCI lacked jurisdiction since the matter involved a patented molecule governed by the Patent Act. The company also informed the tribunal that its patent for FCM, granted on June 25, 2008, had expired on October 21, 2023, making it freely available for manufacturing and sale.NCLAT held that while the patent’s expiry meant the drug had entered the public domain, the key question was jurisdiction—whether CCI could have examined the issue when the product was still under patent protection.Citing the Delhi High Court’s earlier decision in Telefonaktiebolaget LM Ericsson (PUBL), which held that the Patent Act overrides the Competition Act, the tribunal noted that the Supreme Court had upheld that position by dismissing CCI’s appeal on September 2, 2025.“Following the judicial guidance as noted above, we hold that there is no merit in this appeal. Accordingly, the appeal is dismissed,” NCLAT concluded.

India’s exports to the US plunged 37.5% between May and September 2025 as sweeping tariff hikes by the Trump administration squeezed margins across major sectors, according to a report by India-based trade think tank Global Trade Research Initiative (GTRI), ANI reported.The US, India’s largest export market, saw shipments fall from $8.8 billion to $5.5 billion over the five-month period, marking one of the steepest short-term declines in recent years, GTRI said in its analysis. The study assessed India’s export performance from May to September 2025 to gauge the fallout from US tariffs imposed starting April 2.

According to GTRI, the duties began at 10%, rose to 25% by August 7, and hit 50% by late August for Indian products. Tariff-free goods—making up nearly one-third of India’s total shipments—saw the steepest contraction, plunging 47% from $3.4 billion in May to $1.8 billion in September.“Smartphones and pharmaceuticals were the biggest casualties,” GTRI said. Smartphone exports, which had surged 197% in the same period a year earlier, crashed 58% from $2.29 billion in May to $884.6 million in September. Shipments fell consistently each month, and GTRI noted, “The reasons for decline are not known and need examination.”Pharmaceutical exports dropped 15.7%, from $745.6 million to $628.3 million, while industrial metals and auto parts—subject to uniform tariffs globally—recorded a milder 16.7% dip. Within that category, aluminium exports fell 37%, copper 25%, auto parts 12%, and iron and steel 8%.“Because all global suppliers faced similar duties, the dip appears linked more to a slowdown in US industrial activity than to any loss in Indian competitiveness,” GTRI said.Labour-intensive sectors such as textiles, gems and jewellery, chemicals, agri-foods, and machinery—which together make up nearly 60% of India’s US exports—recorded a 33% fall, from $4.8 billion in May to $3.2 billion in September. Gems and jewellery exports plunged 59.5%, from $500.2 million to $202.8 million, as Thailand and Vietnam captured lost US orders.Solar panel exports fell 60.8%, from $202.6 million to $79.4 million, undermining India’s renewable energy export edge. “With China facing only 30% tariffs and Vietnam 20%, India’s competitiveness has sharply deteriorated,” GTRI noted.The report also pointed to declines in chemicals, marine and seafood, textiles, and agri and processed food exports. “Exporters are urging the government to respond swiftly,” it added, suggesting priority measures such as enhanced interest-equalisation support, faster duty remission, and emergency credit lines for MSME exporters.Without urgent policy intervention, GTRI warned, India risks losing market share to Vietnam, Mexico, and China even in sectors where it previously held a strong position. “The latest data make one point clear: tariffs have not only squeezed India’s trade margins but also exposed structural vulnerabilities across key export industries,” the think tank concluded.

Last Updated:November 02, 2025, 13:50 IST

IndusInd International Holdings Limited acquires 60 percent of Invesco Asset Management India, forming a joint venture with Invesco.

IIHL, Invesco Launch AMC Joint Venture; IIHL Holds 60% Stake

IndusInd International Holdings Limited (“IIHL”), the promoter of IndusInd Bank, and Invesco Ltd. (“Invesco”) announced today that they have completed the formation of their asset management joint venture (“JV”) following IIHL’s acquisition of a 60% ownership stake in Invesco Asset Management India (“IAMI”) following all regulatory approvals and closing conditions. With Invesco retaining the balance 40% stake, both IIHL and Invesco will hold joint sponsor status under the regulatory framework.

As of September 2025, IAMI is the 16th largest domestic asset manager in India with combined onshore and offshore (through advisory) average assets under management of INR 148,358 crores for the quarter ending September 2025 and a presence in 40 cities across the country.

Both partners contribute their respective strengths to the venture, with Invesco offering its global investment management expertise and product range, while IIHL will support, through its promoted entity and subsidiaries, a robust distribution network comprising over 11,000 touchpoints across India and serving a customer base of 45 million. IIHL will also deploy the reach of several associate entities of its global shareholders that offer synergistic business operations to widen the customer base by another 50 million.

There will be no change in IAMI’s focus on investment excellence and exceptional client service. The JV will continue to operate under the same management led by Saurabh Nanavati, with the same disciplined and research-driven investment philosophy and processes that have been central to its investment offerings since 2008, ensuring strong continuity for investors, distributors, and other stakeholders.

Mr. Ashok Hinduja, Chairman, IIHL, said, “At IIHL, we are very enthused with this JV with Invesco, to augment our para banking portfolio by including Asset Management, and be a global financial (BFSI) powerhouse by 2030.   This is the most opportune time, when India, on the back of rising income levels, favourable demographics, offers enormous investment prospects to all Indians, the diaspora included. We will endeavour to reach the last home, last investor transparently and efficiently and live up to investors’ expectation that mutual fund sahi hai”

Motilal Oswal Investment Advisors acted as the exclusive financial advisor to IIHL. Crawford Bayley and AZB acted as legal advisors to IIHL & Invesco, respectively.

Founded in 1993 under the visionary leadership of the late Shri S.P. Hinduja and his three brothers, IIHL is an investment holding Company well-regulated by the Financial Services Commission, Mauritius, under a Global Business License and is governed by the Board of Directors.  Its investment portfolio under various Regulatory jurisdictions comprises Banking Services (IndusInd Bank, IIHL Bank & Trust Limited- Bahamas), Capital Market Assets (Afrinex Exchange Limited, Mauritius, with a cumulative listing of $13.5bn of underlying securities). Recently, it acquired the Insurance Businesses (Life, Non-Life, and Health) along with the Securities business of Reliance Capital Ltd to augment its portfolio.

IAMI began operations in India in late 2008 with the acquisition of Lotus India Asset Management Company and has since grown to serve over 2.9. million retail investor folios and over 48,000 empanelled distributors, with over 70% of its AUM in equity and equity-oriented assets. Invesco also operates an enterprise centre in Hyderabad employing more than 1,700 staff across a range of global support functions, including information technology, investment operations, finance, compliance, and human resources.

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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