Union Bank of India
Case brief
What is this about?
The Competition Commission of India approved Union Bank of India's proposed acquisition of 49 per cent equity in Union KBC Asset Management and Trustee companies from KBC Participations Renta S.A. The Commission found the transaction would not cause an appreciable adverse effect on competition and therefore granted approval under Section 31(1) of the Competition Act, 2002.
What did the court decide?
Approval of the proposed combination under Section 31(1) of the Competition Act, 2002.
What the court decided
Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2015/11/336)
16.12.2015
Notice under sub-section (2) of Section 6 of the Competition Act, 2002 given by Union Bank of India
Order under sub-section (1) of Section 31 of the Competition Act, 2002 (“Act”)
CORAM:
Mr. Ashok Chawla Chairperson
Mr. S. L. Bunker Member
Mr. Sudhir Mital Member Mr. Augustine Peter Member
Mr. M.S. Sahoo Member Mr. U. C. Nahta Member Mr. G. P. Mittal Member
Legal representative: J. Sagar Associates
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of 49 per cent equity share capital in Union KBC entities by Union Bank of India results in an appreciable adverse effect on competition.
Whether the proposed combination qualifies for exemptions under the 2011 Regulations regarding joint to sole control.
Parties & counsel
- applicant
Union Bank of India
- respondent
KBC Participations Renta S.A
Coram
Ashok Chawla
Case details
As recorded by the court registry
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