Cdc Group Plc, Uk
Case brief
What is this about?
The Competition Commission of India received a notice from CDC Group Plc regarding its proposed subscription of shares in India Infoline Finance Limited. The Commission examined factors under Section 20(4), noted lack of product overlap, and approved the combination under Section 31(1), subject to the condition that information accuracy must be maintained.
What did the court decide?
The combination is approved under Section 31(1) of the Act.
What the court decided
Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2016/07/417)
21st September 2016
Notice under Section 6 (2) of the Competition Act, 2002 given by CDC Group Plc.
CORAM:
Mr. Devender Kumar Sikri Chairperson
Mr. S. L. Bunker Member Mr. Sudhir Mital Member Mr. Augustine Peter Member Mr. U.C. Nahta Member Mr. M.S. Sahoo Member
Legal Representative: M/s Platinum Partners
Order under Section 31(1) of the Competition Act, 2002
- On 29th July 2016, the Competition Commission of India ( hereinafter referred to as the " Commission ") received a notice from CDC Group Plc ( “CDC” ) under sub-section (2) of Section 6 of the Competition Act, 2002 ( “Act” ) in relation to subscription1 by CDC of approximately upto 15.45 percent of the total share capital of India Infoline Finance Limited ( “IIFL” ). (Hereinafter, CDC and IIFL are collectively referred to as “Parties” .) The proposed combination has been filed pursuant to execution of an Investment Agreement ( ‘IA’ ) dated 20th July 2016 executed by and between CDC and IIFL and IIFL Holdings Ltd.2 ( ‘IIFL Holdings’ ).
Issues for consideration
2 issues framed by the court
Whether the proposed combination between CDC and IIFL is likely to have an appreciable adverse effect on competition in India.
Whether certification under Section 31(1) of the Competition Act, 2002 can be granted for the subscription of shares by CDC in IIFL.
Parties & counsel
- applicant
CDC Group Plc (CDC)
- other
India Infoline Finance Limited (IIFL)
Coram
Devender Kumar Sikri
Case details
As recorded by the court registry
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