TagMergers and Acquisitions

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...

India’s Attempt to Regulate SPACs: Sponsors in the Spotlight

[Anushri Uttarwar is a 4th year law student at O.P. Jindal Global University] On March 11, 2021, the Securities and Exchange Board of India (“SEBI”) formed a group of experts to study the viability of introducing structures like special purpose acquisition companies (“SPACs”) in India. Contrary to SEBI’s guarded position, the International Financial Services Centre Authority (“IFSCA”) has already...

The SPAC-tacular rise of Blank Check Companies in India?

[Poojita Saxena is a 4th year law student at the National Law Institute University, Bhopal] One of India’s leading renewable energy companies, ReNew Power, recently announced the execution of a definitive business combination agreement with RMG Acquisition Corporation II. The USD 8-billion transaction enables the combined power generation company to get listed on NASDAQ by the second quarter of...

Promoter-Friendly Amendments to the SEBI Takeover Regulations

Cash-starved companies are presently considering raising funds through various means during the economic downturn. When it comes to equity funding, the natural option would be to rely on their promoters to infuse more capital. Towards this end, the Securities and Exchange Board of India (SEBI) on 16 June 2020 issued amendments to the SEBI (Substantial Acquisition of Shares and Takeovers)...

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