Bank of Baroda
Case brief
What is this about?
The Competition Commission of India reviewed a combination involving Bank of Baroda acquiring shares in IndiaFirst Life Insurance Company Limited. Finding no likely appreciable adverse effect on competition in relevant markets, the Commission approved the transaction under Section 31(1) of the Competition Act, 2002.
What did the court decide?
Approval of the 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-2022/08/962)
29.09.2022
Notice given by Bank of Baroda under Section 6(2) of the Competition Act, 2002
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 18.08.2022, the Competition Commission of India ( Commission ) received a notice under Section 6(2) of the Competition Act, 2002 ( Act ), given by the Bank of Baroda ( Bank/Acquirer ). The notice has been filed in relation to the acquisition of 21% shares of IndiaFirst Life Insurance Company Limited ( IFLIC/Target ) from the Union Bank of India ( Combination ). It is also submitted in the notice that the Combination was consummated on 31.03.2022, resulting in the current shareholding pattern of IFLIC wherein 65% is held by the Bank, 9% is held by the Union Bank of India and 26% is held by Carmel Point Investments India Private Limited (Hereinafter, the Acquirer and the Target are together referred to as Parties ).
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of shares in IndiaFirst Life Insurance Company Limited by Bank of Baroda would cause an appreciable adverse effect on competition in India.
Whether the combination in the upstream life insurance market and downstream insurance distribution market is likely to harm competition.
Whether the Commission should approve the combination under Section 31(1) given the minuscule market shares of the parties.
Parties & counsel
- other
Competition Commission of India
- other
Bank of Baroda
- other
Carmel Point Investments India Private Limited
- other
IndiaFirst Life Insurance Company Limited
Coram
Case details
As recorded by the court registry
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