Notice given by Nippon Life Insurance Company.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where Nippon Life Insurance Company would increase its shareholding in Reliance Capital Asset Management Limited to 49 per cent, ruling that it would not alter market structure or control.
What did the court decide?
The proposed combination is hereby approved under Section 31(1) of the Competition Act, 2002.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2014/12/233)
20.01.2015
Notice u/s 6 (2) of the Competition Act, 2002 given by Nippon Life Insurance Company.
Order under Section 31(1) of the Competition Act, 2002
- On 22.12.2014, the Competition Commission of India ( “Commission” ) received a notice under Section 6(2) of the Competition Act, 2002 (“ Act ”) filed by Nippon Life Insurance Company (“ Acquirer ”).
- The proposed combination is an acquisition of 9 per cent of the share capital of Reliance Capital Asset Management Limited (“ Target Enterprise ”) by the Acquirer from Reliance Capital Limited with an option to acquire up to 49 per cent of the equity shares of the Target Enterprise pursuant to the share purchase agreement and the shareholders’ agreement, entered into amongst the Acquirer, the Target Enterprise and Reliance Capital Limited, on 26.11.2014. ( Acquirer and Target Enterprise collectively hereinafter referred to as “ Parties ” ). It is noted that at present, the Acquirer holds 26 per cent of shareholding in the Target Enterprise and has joint control over it.
Issues for consideration
1 issue framed by the court
Whether the proposed acquisition of up to 49 per cent equity shares by the Acquirer would have an appreciable adverse effect on competition in India.
Parties & counsel
- applicant
Nippon Life Insurance Company
- other
Reliance Capital Asset Management Limited
- other
Reliance Capital Limited
Case details
As recorded by the court registry
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