Bcp TopCo Xii Pte Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination involving the acquisition of shareholding in ASK Investment Managers Limited by a Blackstone-affiliated entity. Finding negligible market shares and no significant overlap or complementary linkage, the Commission held the combination unlikely to affect competition.
What did the court decide?
The Proposed Combination is approved under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No.C-2021/10/877)
15th November 2021
Notice under Section 6(2) of the Competition Act, 2002 filed by BCP TopCo XII Pte Ltd.
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 07.10.2021, the Competition Commission of India ( Commission ) received a notice under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ), filed by BCP TopCo XII Pte Ltd. (Acquirer) . The notice has been filed pursuant to the Share Purchase Agreement (SPA) dated 06.09.2021 executed between the Acquirer and ASK Investment Managers Limited (Target) , persons set out in Schedules IA and IB of the SPA and the Shareholders Agreement ( SHA ) dated 06.09.2021 executed between the Acquirer, the Target, Mr. Sameer Koticha, Fortress Trust, Mr. Sunil Rohokale, Mr. Bharat Shah, Mr. Rajesh Saluja and Mr. Amit Bhagat. Hereinafter, the Acquirer and the Target will be collectively referred to as ‘ Parties ’.
Issues for consideration
3 issues framed by the court
Whether the proposed combination between BCP TopCo XII Pte Ltd. and ASK Investment Managers Limited is likely to cause an appreciable adverse effect on competition in India.
Whether the relevant markets can be delineated as provision of loans and distribution of life insurance products based on party submissions.
Whether the combined market shares of the parties are sufficient to raise competition concerns given the presence of other competitors.
Parties & counsel
- applicant
BCP TopCo XII Pte Ltd.
Coram
Ashok Kumar Gupta
Sangeeta Verma
Bhagwant Singh Bishnoi
Case details
As recorded by the court registry
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