1. Axis Bank Limited, 2. Axis Capital Limited, and 3. Axis Securities Limited.
Case brief
What is this about?
The Competition Commission of India approved a combination involving Axis Bank, Axis Capital, and Axis Securities acquiring up to 19.99% shareholding in Max Life Insurance Company Limited. The Commission held that the proposed transaction was not likely to cause an appreciable adverse effect on competition.
What did the court decide?
Approval of the proposed combination under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2020/12/795)
20th January 2021
Notice under Section 6 (2) of the Competition Act, 2002 given by Axis Bank Limited, Axis Capital Limited and Axis Securities 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 8th December 2020, the Competition Commission of India ( ‘Commission’ ) received a notice under Section 6(2) of the Competition Act, 2002 ( ‘Act’ ), given by Axis Bank Limited ( ‘Axis Bank’ ), Axis Capital Limited ( ‘Axis Capital’ ) and Axis Securities Limited ( ‘Axis Securities’ ). (Hereinafter, Axis Bank, Axis Capital and Axis Securities are collectively referred to as ‘Acquirers’) .
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition and subsequent potential increase in shareholding by Axis Bank, Axis Capital, and Axis Securities in Max Life Insurance Company Limited would cause an appreciable adve
Whether the Commission can approve the combination under Section 31 on the basis of the initial shareholding and the stated right to increase it later within a specific timeframe.
Parties & counsel
- applicant
Axis Bank Limited
- applicant
Axis Capital Limited
- applicant
Axis Securities Limited
- respondent
Max Life Insurance Company Limited
- respondent
Max Financial Services Limited
- respondent
Case details
As recorded by the court registry
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