(a) Otter Limited & (b) Link Investment Trust
Case brief
What is this about?
The Competition Commission of India considered a notice under Section 6(2) regarding the acquisition of additional equity shares in Hero FinCorp Limited by Otter Limited and Link Investment Trust. The Commission approved the combination as it is unlikely to have an appreciable adverse effect on competition.
What did the court decide?
The Proposed Combination was approved under Section 31(1) of the Competition Act, 2002.
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-2020/02/725)
11th March, 2020
Notice under Section 6(2) of the Competition Act, 2002 jointly filed by Otter Limited and Link Investment Trust for acquisition of additional equity shares in Hero FinCorp Limited
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 14th February, 2020, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), jointly filed by Otter Limited ( Otter ) and Link Investment Trust ( Link ) (hereinafter Otter and Link are collectively referred to as the Acquirers ). The Notice was given pursuant to the execution of the Share Subscription Agreement ( SSA ) inter alia between Hero Fincorp Limited ( HFL / Target ), Otter, Link, Credit Suisse (Singapore) Limited, Apis Growth II (Hibiscus) Pte. Limited, Hero InvestCorp Private Limited, Bahadur Chand Investments Private Limited, Munjal Acme Packaging Systems Private Limited and other subscribers, on 24th January, 2020. The Agreement inter alia entered into between HFL and Otter, in respect of the earlier investment of the latter, has also been amended on 31st January 2020. Hereinafter, the Acquirers and HFL are collectively referred to as the Parties .
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of equity shares by Otter Limited and Link Investment Trust in Hero FinCorp Limited requires approval.
Whether the proposed combination is likely to have an appreciable adverse effect on competition in India.
Parties & counsel
- applicant
Otter Limited
- applicant
Link Investment Trust
- respondent
Hero FinCorp Limited
Coram
Case details
As recorded by the court registry
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