The Competition Commission of India approved a proposed combination where General Atlantic Singapore HF Pte. Ltd. would acquire 6.5% equity in PNB Housing Finance Ltd. The Commission found no appreciable adverse effect on competition post-merger.
The Commission approved the Proposed Combination under sub-section (1) of Section 31 of the Act.
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.
Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2019/04/657)
Dated: 8th May, 2019
Notice under Section 6 (2) of the Competition Act, 2002 filed by General Atlantic Singapore HF Pte. Ltd.
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
C-2019/04/657 Page 1 of 3
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2019/04/657)
Fair Competition For Greater Good
GAHF, already holds 9.9% of the equity share capital of PNBHFL. Pursuant to the Proposed Combination, GAHF will also get a right to nominate a director on the Board of Directors of PNBHFL.
C-2019/04/657 Page 2 of 3
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2019/04/657)
Fair Competition For Greater Good
different level in the production chain. Hence there are no horizontal and vertical overlap in the product and services of the Acquirer, including its portfolio affiliates / companies of the Acquirer. With regards to the activities of PNBHFL, i.e. business of providing housing and non-housing loans, it is observed that established players such as State Bank of India, HDFC Limited, LIC Housing Finance Limited, Dewan Housing Finance Corporation Limited as well as several public and private sector banks provide similar/identical services.
C-2019/04/657 Page 3 of 3
2 issues framed by the court
Whether the proposed combination involving acquisition of 6.5% equity of PNB Housing Finance Ltd by General Atlantic Singapore HF Pte. Ltd. was likely to have any appreciable adverse effect on competi
Whether the Commission should approve the proposed combination under Section 31 of the Competition Act, 2002.
3 provisions across 1 enactments
General Atlantic Singapore HF Pte. Ltd.
Punjab National Bank
PNB Housing Finance Ltd.
Ashok Kumar Gupta
U. C. Nahta
Sangeeta Verma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
