Notice given by Kotak Mahindra Bank Limited and Ing Vysya Bank Limited
Case brief
What is this about?
The Competition Commission of India approved the amalgamation of ING Vysya Bank into Kotak Mahindra Bank as a fair combination. The Commission found no significant market share or competitive constraint removed despite horizontal overlaps in banking and investment services.
What did the court decide?
The proposed combination of ING Vysya Bank into Kotak Mahindra Bank is approved under sub-section (1) of section 31 of the Act.
What the court decided
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Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2014/12/231)
12.02.2015
Notice u/s 6 (2) of the Competition Act, 2002 given by Kotak Mahindra Bank Limited and ING Vysya Bank Limited
Order under Section 31(1) of the Competition Act, 2002
- On 15th December, 2014, the Competition Commission of India (“ Commission ”) received a notice under sub-section (2) of Section 6 of the Competition Act, 2002 (“ Act ”) filed by Kotak Mahindra Bank Limited (“ Kotak ”) and ING Vysya Bank Limited (“ ING Vysya ”). (Hereinafter Kotak and ING Vysya are referred to as the “ Parties ”).
- The proposed combination is a merger of ING Vysya into Kotak under a scheme of amalgamation (“ Merger Scheme ”). The Merger Scheme provides that for every 1000 shares held by the shareholders of ING Vysya, 725 shares of Kotak will be allotted to the shareholders of ING Vysya.
Issues for consideration
2 issues framed by the court
Whether the proposed merger between Kotak Mahindra Bank Limited and ING Vysya Bank Limited is likely to have an appreciable adverse effect on competition in India.
Whether the relevant product and geographic markets for banking services should be delineated for the purpose of assessing the combination.
Parties & counsel
- applicant
Kotak Mahindra Bank Limited
- applicant
ING Vysya Bank Limited
Case details
As recorded by the court registry
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