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.
SUMMARY OF THE PROPOSED COMBINATION
[Under Regulation 13(1A) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended)]
A. NAME OF THE PARTIES TO THE COMBINATION
1 These wholly-owned subsidiaries are Edelweiss Broking Limited, Edelweiss Custodial Services Limited, Edelweiss Finance & Investments Limited, ESL Securities Limited, Edelweiss Securities (IFSC) Limited, Edelweiss Securities and Investments Private Limited, Edelweiss Securities (Hong Kong) Private Limited, Edelweiss Financial Services (UK) Limited, Edelweiss Investment Advisors Private Limited (Singapore) and Edelweiss Financial Services Inc. (U.S.A.).
Fund Series I and Series II ( Target AIFs ), the investment advisory services, sponsor units of Crossover AIFs and the distribution services, which are a part of the wealth management business of Edelweiss Global Wealth Management Limited ( EGWML Business ) and the merchant banking business of Edelweiss Financial Services Limited ( EFSL ). These businesses are collectively referred to as the Target Businesses , and are proposed to be restructured in order to be undertaken through the Target Entities.
B. NATURE AND PURPOSE OF THE COMBINATION
2 PAGAC and Asia AIF propose to acquire at least 50.1% and 0.9% shareholding, respectively, in the Targets.
3 In accordance with Explanation (a) to Section 5 of the Competition Act, 2002, and the decisional practice of the Hon’ble Commission.
C. PRODUCTS, SERVICES AND BUSINESS(ES) OF THE PARTIES TO THE COMBINATION
Acquirers/Acquirer Group
Targets
deposit taking non-banking financial company and debt advisory services. The Target Businesses include: (i) Target AIFs (Crossover AIFs) which are registered with SEBI as Category II AIFs; (ii) certain portfolio management schemes; (iii) investment advisory services (which are a part of the wealth management business); and (iv) investment banking and advisory services.
D. RESPECTIVE MARKETS IN WHICH PARTIES TO THE COMBINATION OPERATE
E. ‘GREEN CHANNEL’ NOTIFICATION
Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011) (as amended).
1 issue framed by the court
Whether the proposed acquisition of 51% shareholding and control by PAGAC/Asia AIF over Edelweiss entities constitutes a combination under the Competition Act.
4 provisions across 2 enactments
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
