(i) Asset Care & Reconstruction Enterprise Limited (Acre) and (ii) Acre Trusts
CCIC-2021/08/866
A compact analysis
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SUMMARY 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)
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(a) Parties to the Combination
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- The parties to the combination are:
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- a. Assets Care & Reconstruction Enterprise Limited ( ACRE ), in its limited capacity as the Trustee of each of the Trusts ( ACRE Trusts );
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- b. ACRE Trusts; and
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- c. Jayaswal Neco Industries Limited ( JNIL ).
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- ACRE and ACRE Trusts are collectively referred to as the Acquirers . JNIL is referred to as the Target . The Acquirers and the Target are collectively referred to as the Parties .
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(b) Nature and purpose of the Combination
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- The proposed transaction relates to a debt restructuring, leading to an acquisition of certain shareholding in JNIL, through a fresh issuance of shares, by converting part of the existing debt into equity shareholding ( Proposed Transaction ) .
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