TagMergers and Acquisitions

SEBI’s Takeover Amendment: Hit-and-Miss on Delisting

[Aryan Puri is a 4th-year BBA., LL.B. (Hons.) student at MIT-World Peace University, Faculty of Law, Pune, and Priya Maharishi is a 5th-year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat] On December 6, 2021, the Securities and Exchange Board of India (“SEBI”) amended the SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011 (“Takeover Regulations”) to simplify...

Rise of Low Cost Carriers: Reexploring the Traditional Market Definition

[Akshat Kothari is a 3rd year law student at Institute of Law, Nirma University] The Indian aviation industry is attracting customers by offering affordable services.  However, the industry arguably suffers from its oligopolistic nature, since 90.5% of the market share vests with only few players. The interdependence in oligopoly allows the firms to operate in combinations and it gives rise to...

NCLAT’s Power of Modifying Schemes under Companies Act and NCLAT Rules

[Shauree Gaikwad is a 5th year student and Rishi Raj a 3rd year student at Maharashtra National Law University, Aurangabad] In the recent judgement of Rama Investment Company Private Limited v. Ankit Mittal, the National Company Law Appellate Tribunal (“NCLAT”) clarified the position of rule 11 of the NCLAT Rules, 2016 (“NCLAT Rules”) and stated that the appellate tribunal cannot exercise its...

Fortitude Learning: 3 day Online Certificate Course on Mergers and Acquisitions

[Announcement on behalf of Fortitude Learning] This course, being conducted from October 29 to October 31, 2021, seeks to provide the participants with an in-depth knowledge of the growing relevance of Mergers and Acquisitions in India as well as globally. This course is spread over 15-20 hours to provide the participants with a comprehensive understanding of various aspects of Mergers and...

Competition Assessment in R&D Markets: A Double Edged Sword

[Bhawna Lakhina is a third-year student of National Law Institute University, Bhopal] Research and development (“R&D”) constitutes a significant factor driving competition in the current market scenario. Companies constantly strive to innovate newer and better products as well as technologies to enhance their position in the market. This is particularly evident in markets like...

CCI’s Approach to Conglomerate Mergers: Arguing for a Reconsideration

[Nishant Pande is a law graduate (B.A. LL.B. (Hons.)) from the NALSAR University of Law, Hyderabad (Class of 2021)] In late 2020, the Competition Commission of India (‘CCI’) expressed its intention to study the ownership patterns of private equity (‘PE’) investors. The CCI’s concern was based on the possibility that minority shareholdings of PE investors were not mere passive investments and they...

Judicial Misinterpretation of Scope of Sanctions in Scheme of Arrangement

[Vasu Aggarwal is a student at National Law School of India University. He is grateful to Prof. Rahul Singh for inspiring him to write on this topic, and thankful to Prof. Rahul Singh and Prof. Umakanth Varottil for their comments on the earlier drafts of this post] This post argues that courts have misinterpreted the scope of ex-ante sanction requirement for compromise and arrangement due to the...

Digital Markets: Need for a New Approach to Merger Regulation

[Manasvin Andra is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law School, Hyderabad] The emergence of digital markets has heralded a remarkable shift in antitrust law, with the impact of mergers on potential competitors attracting particular attention in recent years. While authorities in the United States (‘US’) and the European Union (‘EU’) have begun deliberating on...

CCI’s “Control” Quandary: Practice, Precedent, And Proposals

[Prateek Bhattacharya is Associate Professor, Jindal Global Law School, Associate Dean & Associate Director, Centre for Postgraduate Legal Studies at Jindal Global Law School, O.P. Jindal Global University] As the Competition Commission of India (CCI) completes 10 years of its merger control regime, it has begun to settle down as an ex ante regulator of mergers so as to become the effective...

The Reliance Open Offer Penalty: ‘Unexplained’ Delays in Regulatory Action

Shikhar Aggarwal is a 3rd year B.A.LL.B. (Hons.) student at National Law University, Delhi] On 7 April 2021, the Adjudicating Officer (“AO”) of the Securities and Exchange Board of India (“SEBI”) imposed a monetary penalty of ₹25 crore jointly on 34 entities, including brothers Mukesh and Anil Ambani and other promoters of Reliance Industries Limited (“RIL”), for their failure to comply with the...

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