LIC of India, Mumbai, India
Case brief
What is this about?
The Competition Commission of India received a notice under Section 6(2) of the Competition Act, 2002 regarding an acquisition proposal by LIC in IDBI. After assessing overlaps in life insurance, housing finance, mutual funds, and banking services, the Commission approved the combination under Section 31(1), finding no appreciable adverse effect on competition.
What did the court decide?
The Commission hereby approves the Proposed Combination under Section 31(1) of the Act.
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.
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2018/10/605)
22.11.2018
Fair Competition For Greater Good
Notice u/s 6 (2) of the Competition Act, 2002 given by Life Insurance Corporation of India
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Mr. Augustine Peter Member Mr. U. C. Nahta
Member
Order under Section 31(1) of the Competition Act, 2002
- On 15.10.2018, the Competition Commission of India (“ Commission ”) received a notice under Section 6(2) of the Competition Act, 2002 (“ Act ”) filed by Life Insurance Corporation of India (“ LIC ” / “ Acquirer ”) pursuant to the resolution passed by Board of Directors of LIC dated 16.07.2018 and 04.09.2018.
- The proposed combination relates to acquisition of controlling stake to the extent of 51% shareholding and management control rights in IDBI by LIC (“ Proposed Combination ”).
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of controlling stake in IDBI by LIC is likely to cause an appreciable adverse effect on competition in any relevant market.
Whether the Commission can approve a combination on prima facie grounds without certain details under Section 6(2) of the Act.
Parties & counsel
- other
Competition Commission of India
- applicant
Life Insurance Corporation of India
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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