Axis Bank Limited
Case brief
What is this about?
The Competition Commission of India approved the proposed combination wherein Axis Bank affiliates acquired equity shares of Max Life Insurance. The Commission found the combined market share low and concluded the merger would not have an appreciable adverse effect on competition.
What did the court decide?
The Proposed Combination is approved under Section 31(1) of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2023/12/1096
2nd April 2024
Notice under Section 6(2) of the Competition Act, 2002 given by Axis Bank Limited, Axis Capital Limited and Axis Securities 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 26th December 2023, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ) given by Axis Bank Limited ( Axis Bank ). Initially, only Axis Bank was the notifying party. However, vide submissions dated 25th January 2024, Axis Securities Limited ( ASL ) and Axis Capital Limited ( ACL ) also became notifying parties to the Notice. The Notice has been given pursuant to the execution of: (i) Share subscription agreement between Axis Bank and Max Life Insurance Company Limited ( Max Life Insurance / Target ) on 9th August 2023 ( SSA ); and (ii) Restated shareholders agreement between Axis Bank and Max Life Insurance, Max Financial Services Limited ( MFSL ), ASL, ACL, Mitsui Sumitomo Insurance Company Limited, Mr.
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of Max Life Insurance by Axis Bank affiliates is likely to have an appreciable adverse effect on competition in India.
Whether the combination warrants approval, revocation, or modification under Section 31 of the Competition Act, 2002.
Parties & counsel
- applicant
Axis Bank Limited, Axis Capital Limited, Axis Securities Limited
- respondent
Max Life Insurance Company Limited
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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