SEBI Grade A Current Affairs — 31 July 2026

The Confederation of Indian Alcoholic Beverage Companies (CIABC) has challenged before the Supreme Court a May 20, 2026 NCLAT judgment upholding the Competition Commission of India's finding that Kerala's preferential procurement policy for Jawan Rum — a product of Kerala State Beverages Corporation — did not cause appreciable adverse effect on competition. CIABC argues the state-backed preference distorts the market for private rum manufacturers, raising questions about abuse of dominance and state enterprise exemptions under the Competition Act, 2002.

This case sits at the intersection of competition law and state enterprise privilege — a recurring CLAT PG theme. The Competition Act, 2002 prohibits agreements and dominant-position abuse that cause an 'appreciable adverse effect on competition' (AAEC) in India. The CCI, however, dismissed CIABC's original complaint, finding Kerala's preferential purchase policy for Jawan Rum — manufactured by a state-owned entity — did not meet the AAEC threshold.

The NCLAT affirmed this, and CIABC has now escalated to the Supreme Court. The core legal question is whether a state-run beverage corporation exercising buyer-side market power through government procurement constitutes 'abuse of dominant position' under Section 4 of the Competition Act, and whether state enterprises enjoy implicit exemptions under Section 54 (Central Government's power to exempt certain enterprises).

For CLAT PG aspirants, the key static anchors are: (1) the AAEC test under Sections 3 and 4; (2) CCI's original jurisdiction and NCLAT's appellate role under Section 53A; (3) the Supreme Court as the second appellate forum under Section 53T; and (4) the 'enterprise' definition under Section 2(h) which includes state-owned entities. The examiner frequently tests procedural hierarchy — CCI → NCLAT → Supreme Court — and the exact threshold language distinguishing anti-competitive effect from mere market preference.

NCLT Ahmedabad on 29 July 2025 allowed the first motion petition for amalgamation of ACC Limited with Ambuja Cements Limited, both Adani Group cement companies. The tribunal dispensed with the requirement of holding separate meetings of creditors, a significant procedural relief under the Companies Act merger framework. This marks the first formal judicial step in what would create one of India's largest cement entities under a unified Adani corporate structure.

Under the Companies Act 2013, a scheme of amalgamation requires NCLT approval in two stages — the first motion and the second motion. The first motion is essentially a directions hearing where the tribunal examines whether statutory notices and meetings need to be convened. Under Section 230, the NCLT can dispense with creditor meetings if creditors' interests are adequately protected or if a sufficient majority of creditors have already consented in writing.

The tribunal's power to dispense with meetings is a key exam point: it is not automatic — the NCLT must be satisfied that no prejudice will be caused. This distinguishes amalgamation under Companies Act 2013 from the older Companies Act 1956 scheme, where High Courts had jurisdiction.

Amalgamation under Section 232 involves the transferor company (ACC) merging into the transferee company (Ambuja), with ACC being dissolved without winding up — a classic statutory feature repeatedly tested in CLAT PG. Shareholders of ACC receive shares in Ambuja per the swap ratio determined by independent valuers.

For SEBI Grade A, the merger of two listed companies additionally triggers SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations and requires stock exchange disclosures, making it relevant to securities regulation. The dispensation of creditor meetings by NCLT does not override SEBI's shareholder approval requirements for listed entities.

Mirabai Chanu won Gold in weightlifting at the Commonwealth Games 2026, continuing India's strong performance at the Games. Prime Minister Narendra Modi congratulated her via social media, acknowledging her consistent excellence at Commonwealth Games. Chanu, who competes in the 49 kg category, had previously won Gold at CWG 2022 in Birmingham and Silver at the Tokyo 2020 Olympics. The Commonwealth Games 2026 are being hosted in Glasgow, Scotland, marking a return after the 2014 edition.

Commonwealth Games weightlifting results are classic recall territory for competitive exams — examiners test the host city, edition number, athlete category, and medal type simultaneously. Mirabai Chanu is India's most decorated weightlifter in recent years: Silver at Tokyo Olympics 2020 (49 kg), Gold at CWG 2022 Birmingham, and now Gold at CWG 2026 Glasgow. The Commonwealth Games 2026 are the 23rd edition of the Games, hosted by Glasgow after the city was announced as replacement host following the withdrawal of Victoria, Australia in 2023. For exams, the critical distractor is confusing Glasgow 2026 with Birmingham 2022 or conflating her Olympic medal (Silver) with her CWG medals (Gold). The weight category — 49 kg — is a frequent fill-in-the-blank target. UPSC may frame this within a broader static question about India's Olympic/CWG medal history. SEBI Grade A typically tests edition numbers and host cities. RBI Grade B favors withheld-datum formats: 'Mirabai Chanu won Gold at CWG 2026 in ___.' The PM's congratulatory message via PIB is the news hook, but the testable core is the athlete–event–host–category matrix.