Jointly by LIC Housing Finance Ltd, Corporation Bank and Gic Housing Finance Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where LIC Housing Finance, Corporation Bank, and GIC Housing Finance acquired equity shares in LIC Nomura Mutual Fund entities. The Commission found no horizontal overlaps and negligible vertical impact on mutual fund distribution.
What did the court decide?
The proposed combination was approved under Section 31(1) of the Act as it is unlikely to have an appreciable adverse effect on competition.
What the court decided
Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2016/02/372)
30th March 2016
Notice under Section 6 (2) of the Competition Act, 2002 jointly given by:
- LIC Housing Finance Limited,
- Corporation Bank and
- GIC Housing Finance Limited
CORAM:
Mr. Devender Kumar Sikri Chairperson
Mr. S.L. Bunker Member
Mr. Sudhir Mital Member
Mr. Augustine Peter Member
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of shares in LIC Nomura Mutual Fund entities by LIC Housing Finance, Corporation Bank, and GIC Housing Finance requires approval under the Competition Act.
Whether the proposed combination is likely to have an appreciable adverse effect on competition in India.
Parties & counsel
- applicant
LIC Housing Finance Limited
- applicant
Corporation Bank
- applicant
GIC Housing Finance Limited
- respondent
Nomura Asset Management Strategic Investments Pte. Limited
Coram
Case details
As recorded by the court registry
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