Mufg Bank, Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination involving MUFG Bank Ltd. and Shiprocket Private Limited. The Commission found no horizontal or vertical overlap likely to cause significant change in market dynamics or appreciable adverse effect on competition due to minuscule market shares and fragmented competition. The order approved the combination under Section 31(1) of the
What did the court decide?
The Proposed Combination is approved under Section 31(1) of the Act. The order may be revoked if information provided by the Acquirer is found incorrect.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2024/10/1198
3rd December 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
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 24th 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 / Acquirer ). The Notice was filed pursuant to the execution of (i) Share Purchase Agreement dated 12th August 2024 executed amongst Shiprocket Private Limited ( Shiprocket / Target ), the Acquirer and Beenos Asia Pte. Ltd. ( Beenos SPA ); (ii) Share Purchase Agreement dated 12th August 2024 executed amongst the Target, the Acquirer and 9 Resident Individuals ( Resident SPA ); (iii) Share Subscription Agreement dated 12th August 2024 executed amongst the Target, the Acquirer and the Senior Management Personnel/SMPs1 ( SSA ); and (iv) Shareholders Agreement dated 12th August 2024 executed inter alia amongst the Target, the Acquirer and certain shareholders ( SHA ).
Issues for consideration
2 issues framed by the court
Whether the proposed combination between MUFG Bank Ltd. and Shiprocket Private Limited is likely to cause an appreciable adverse effect on competition in India.
Whether the Parties possess the ability or incentive to cause foreclosure in the horizontally and vertically overlapping markets.
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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