Napean Opportunities LLP
Case brief
What is this about?
The Competition Commission approved the proposed combination involving the acquisition of 16.01% of SBI General Insurance Company Ltd by Napean Opportunities LLP, finding no appreciable adverse effect on competition despite vertical relationships in the insurance distribution market.
What did the court decide?
Proposal under Section 6(2) of the Competition Act, 2002 was approved under Section 31(1) of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2019/11/702)
13th December, 2019
Notice under Section 6 (2) of the Competition Act, 2002 filed by Napean Opportunities LLP.
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi
Member
Order under Section 31(1) of the Competition Act, 2002
- On 06th November, 2019, Competition Commission of India (“ Commission ”) received a notice under Section 6(2) of the Competition Act, 2002 (“ Act ”), filed by Napean Opportunities LLP (“ Napean/Acquirer ”). The notice has been filed pursuant to the execution of Share Purchase Agreement dated 16th October, 2019, between Napean, SBI General Insurance Company Ltd (“ Target ”) and IAG International PTY Limited (“ IAG / Seller ”).
Issues for consideration
1 issue framed by the court
Whether the proposed acquisition of 16.01% shareholding in SBI General Insurance by Napean Opportunities LLP is likely to cause an appreciable adverse effect on competition in India.
Parties & counsel
- petitioner
Napean Opportunities LLP
- respondent
Competition Commission of India
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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