Jointly by Mr. Puneet Kothapa; Ms. Ponguru Sindhura and Ms. Ponguru Sharani
Case brief
What is this about?
The Competition Commission of India considered a notice under Section 6(2) for the proposed acquisition of shares in NSPIRA. The Commission analyzed the combination, including a related merger, and found it unlikely to cause any appreciable adverse effect on 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-2023/03/1008)
27 March 2023
Notice under Section 6(2) of the Competition Act, 2002 given by Mr. Puneet Kothapa, Ms. Ponguru Sindhura and Ms. Ponguru Sharani
CORAM:
Ms. Sangeeta Verma Acting Chairperson
Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 14 March 2023, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), given by Mr. Puneet Kothapa, Ms. Ponguru Sindhura and Ms. Ponguru Sharani (collectively referred to as the Acquirers ) for the proposed acquisition of, inter alia, (i) 18.23 percent of the total issued and paid up share capital (fully diluted basis) of NSPIRA Management Services Private Limited ( NSPIRA / Target ) from NHPEA Minerva Holding BV ( Seller 1 ); and (ii) 2.24 percent of the total issued and paid-up share capital from Banyantree Growth Capital II, LLC ( Seller 2 ) ( Proposed Combination ). The Notice was given pursuant to the execution of Binding Term Sheet dated 7 March 2023 by and between the Acquirers, Target, Seller 1 and Seller 2.
Issues for consideration
2 issues framed by the court
Whether the proposed combination involving the Narayana Group requires approval under the Competition Act.
Whether the proposed combination is likely to cause any appreciable adverse effect on competition in the relevant market.
Parties & counsel
- other
COMPETITION COMMISSION OF INDIA
- applicant
Mr. Puneet Kothapa, Ms. Ponguru Sindhura and Ms. Ponguru Sharani
Coram
Ms. Sangeeta Verma
Case details
As recorded by the court registry
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