Coral Blue Investment Pte Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where Coral Blue Investment Pte. Ltd. acquired preferred stock in Sutherland Global Holdings Inc. The Commission found the acquisition unlikely to cause any appreciable adverse effect on competition in any relevant market in India.
What did the court decide?
Approval of the proposed combination under Section 31(1) of the Competition Act, 2002.
What the court decided
A compact analysis
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.
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2021/11/882)
10th January 2022
Notice under Section 6 (2) of the Competition Act, 2002 given by Coral Blue Investment 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 18th November 2021, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), given by Coral Blue Investment Pte. Ltd. ( GIC Acquirer ). The Notice was given pursuant to execution of Series C Preferred Stock Purchase Agreement between Sutherland Global Holings Inc. ( Sutherland ) and GIC Acquirer on 4th November 2021 ( SPA ).
- The Commission vide its letters dated 6th , 7th and 21st December 2021, issued under Regulation 14(3) of the Competition Commission of India (Procedure in regard to transaction of business relating to combinations) Regulations, 2011, required the notifying party to remove defects in the Notice and furnish certain information relevant for the purpose of assessment of the Proposed Combination. Notifying party submitted information vide their submissions dated 10th and 24th December 2021. Notifying party voluntarily submitted certain information vide submissions dated 16th December 2021.
Issues for consideration
3 issues framed by the court
Whether the proposed combination of preferred stock acquisition and potential conversion by GIC Acquirer in Sutherland Global Holdings Inc. is likely to cause appreciable adverse effect on competition
Whether the Proposed Combination raises competition concerns in the relevant IT and ITES markets, including Healthcare BPO services.
Whether the Proposed Combination requires approval under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- applicant
Coral Blue Investment Pte. Ltd.
Coram
Ashok Kumar Gupta
Sangeeta Verma
Bhagwant Singh Bishnoi
Case details
As recorded by the court registry
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