M/s Daiwa International Holdings Inc., Japan
Case brief
What is this about?
The Competition Commission approved a composite transaction involving the primary subscription and secondary share purchase of equity in Ambit Private Limited by Daiwa International Holdings Inc. The Commission held that the proposed combination is unlikely to cause any appreciable adverse effect on competition in India based on market share estimates in investment banking and institutional equiti
What did the court decide?
The Proposed Combination was approved under Section 31(1) of the Act, subject to the condition that the order may be revoked if the information provided is found to be incorrect.
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2023/05/1027)
13 June 2023
Notice under Section 6(2) of the Competition Act, 2002 given by Daiwa International Holdings Inc. and Ambit Private Limited
CORAM:
Ms. Ravneet Kaur Chairperson Ms. Sangeeta Verma Member Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 12 May 2023, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ), given by Daiwa International Holdings Inc. ( Daiwa ). The Notice was filed pursuant to the execution of: (i) a Securities Subscription and Purchase Agreement dated 26 April 2023 ( SSPA ) entered between Daiwa and Ambit Private Limited ( APL ), the promoters of APL and two selling shareholders; and (ii) a Shareholders’ Agreement dated 26 April 2023 ( SHA ) entered between, inter alia , Daiwa, APL and the promoters of APL (hereinafter, Daiwa and APL are together referred to as the Parties and SSPA and SHA are together referred to as the Transaction Documents ).
Proposed Combination
Issues for consideration
3 issues framed by the court
Whether the proposed merger of Daiwa and Ambit Private Limited would cause an appreciable adverse effect on competition in the markets for investment banking and institutional equities services.
Whether the combined market share of the parties in the relevant functional and geographic markets warrants an AAEC analysis.
Whether the Proposed Combination needs clearance under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- other
Daiwa International Holdings Inc.
- other
Ambit Private Limited
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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