The Competition Commission of India (CCI) imposed a penalty of INR 40 lakh on Goldman Sachs for failing to notify its investment in Biocon Biologics Limited, as required under the Competition Act, 2002. Goldman Sachs executed a transaction through its AIF scheme in late 2020, gaining certain rights that suggested a strategic involvement rather than a mere investment. The CCI determined that the transaction was notifiable under Section 6(2) and that the rights acquired exceeded those of ordinary shareholders. Goldman Sachs claimed the transaction was in the ordinary course of business, but the CCI disagreed, leading to the penalty.