Bank of India
Case brief
What is this about?
The Competition Commission of India received a notice regarding a proposed acquisition of AXA Investment Managers and AXA Investment Managers Asia Holdings by Bank of India. The Commission assessed the market impact and concluded the deal would not adversely affect competition, thereby approving the combination.
What did the court decide?
The Commission approves the Proposed Combination under Section 31(1) of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2020/12/804)
10th February 2021
Notice under Section 6 (2) of the Competition Act, 2002 filed by Bank of India
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 31st December 2020, the Competition Commission of India ( ‘Commission’ ) received a notice under Section 6(2) of the Competition Act, 2002 ( ‘Act’ ), filed by Bank of India ( ‘BOI/Acquirer’ ). The notice was filed pursuant to the execution of Share Purchase Agreement dated 2nd December 2020 amongst BOI, AXA Investment Managers, AXA Investment Managers Asia Holdings Pvt. Ltd. (‘ AXA IM Asia ’), BOI AXA Investment Managers Private Limited ( ‘BOI AXA IM’) , and BOI AXA Trustee Services Private Limited ( ‘BOI AXA TS’) .
- The Proposed Combination contemplates acquisition of BOI AXA IM and BOI AXA TS by BOI [Hereinafter, BOI AXA IM and BOI AXA TS are collectively referred to as ‘Targets’ ] [Acquirer and Targets are collectively referred to as ‘ Parties ’ ]
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of target companies by Bank of India is likely to have an appreciable adverse effect on competition in India.
Whether the Proposed Combination should be approved under the Competition Act, 2002.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
Bank of India
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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