Pglh of Delaware, Inc., Usa
Case brief
What is this about?
The Commission received a notice regarding a proposed acquisition of stake in DHFL Pramerica Asset Managers and Trustees by PGLH. The Commission assessed competition concerns and opined the combination would not have an appreciable adverse effect on competition in India, registering it.
What did the court decide?
The proposed combination was registered as not likely to appreciably adversely affect competition in India.
What the court decided
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2019/02/646)
9th April, 2019
Notice under Section 6 (2) of the Competition Act, 2002 filed by PGLH of Delaware, Inc.
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Mr. U.C. Nahta Member
Ms. Sangeeta Verma Member
Order under Section 31(1) of the Competition Act, 2002
- On 27th February, 2019, Competition Commission of India (“ Commission ”) received a notice under Section 6(2) of the Competition Act, 2002 (“ Act ”), filed by PGLH of Delaware, Inc. (“ PGLH ” / “ Acquirer ”) for the proposed acquisition of 50% of the entire paid up share capital each of DHFL Pramerica Asset Managers Private Limited (“ DPAML ”) and DHFL Pramerica Trustees Private Limited (“ DPTPL ”) along with sole control over DHFL Pramerica Mutual Fund (“ DPMF ”) (Hereinafter DPAML, DPTPL and DPMF are collectively referred to as “ Targets” ).
- The notice was filed pursuant to the Purchase Agreement, dated 21st February, 2019, executed between PGLH, Dewan Housing Finance Corporation Limited ( “DHFL” ), DHFL Advisory & Investments Private Limited ( “DAIPL” ), DPAML and DPTPL.
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition by PGLH of shares in DPAML and DPTPL along with control over DPMF would have an appreciable adverse effect on competition in India.
Whether the proposed combination falls under the threshold of competition concerns.
Parties & counsel
- petitioner
PGLH of Delaware, Inc.
- respondent
Competition Commission of India
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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