Titan Company Limited (Titan)
Case brief
What is this about?
The Competition Commission approved a proposed combination where Titan Company Limited acquires additional shares in CaratLane. The Commission found the incremental market share insignificant and observed no likely appreciable adverse effect on competition in the gems and jewellery market.
What did the court decide?
The Proposed Combination involving Titan Company Limited acquiring additional shares in CaratLane Trading Private Limited is approved under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No.C-2023/10/1058
21st November 2023
Notice under Section 6(2) of the Competition Act, 2002 given by Titan Company Limited
CORAM:
Ms. Ravneet Kaur Chairperson Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 3rd October 2023, the Competition Commission of India ( Commission ) received a notice under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ) given by Titan Company Limited ( Titan/Acquirer ). The notice was given pursuant to the Share Purchase Agreement dated 19th August 2023 executed between Titan, CaratLane Trading Private Limited ( CaratLane/Target ), and the sellers, which comprise of Mr. Mithun Padam Sacheti, Mr. Siddhartha Padam Sacheti, and Mr. Padamchand Sacheti (Hereinafter, the Acquirer and Target are collectively referred to as ‘ Parties ’).
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of CaratLane by Titan Company Limited would cause an appreciable adverse effect on competition.
Whether the incremental market share of the parties requires an in-depth investigation under Section 20(4) of the Act.
Whether the Commission can approve a combination pending full delineation of the relevant market.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
Titan Company Limited
- respondent
CaratLane Trading Private Limited
- respondent
Mithun Padam Sacheti
- respondent
Siddhartha Padam Sacheti
- respondent
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