Mufg Bank, Ltd.
Case brief
What is this about?
The Competition Commission of India approved the combination where MUFG Bank subscribed to additional securities in DMI Finance, an NBFC. After reviewing overlaps and market shares under Section 20(4), the Commission concluded the merger would not cause appreciable adverse effects on competition.
What did the court decide?
The Proposed Combination is approved under Section 31(1) of the Act; information is treated as confidential under Section 57.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2024/10/1193
26th November 2024
Notice under Section 6(2) of the Competition Act, 2002 given by MUFG Bank, Ltd.
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 7th October 2024, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ) given by MUFG Bank, Ltd. ( MUFG Bank / Acquirer ). The Notice was filed pursuant to the execution of (i) Exercise Notice for subscription to Additional Securities dated 20th July 2024 (which was made effective as on 9th July 2024), issued by MUFG Bank to DMI Finance Private Limited ( DMI Finance / Target ), DMI Limited, Shivashish Chatterjee, and Yuvraja C. Singh; and (ii) Tranche II Share Subscription Agreement dated 21st August 2024, executed amongst DMI Finance, MUFG Bank, DMI Limited, Shivashish Chatterjee, and Yuvraja C. Singh ( SSA ).
Issues for consideration
3 issues framed by the court
Whether the proposed combination between MUFG Bank and DMI Finance is likely to cause significant adverse effects on competition in the loan and lending services market.
Whether the assessment of market shares and links under Section 20(4) of the Act warrants approval of the combination under Section 31(1).
Whether the Proposed Combination falls within the definition of combination requiring approval under Section 5 of the Competition Act, 2002.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
MUFG Bank, Ltd.
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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