CCI, by its order dated December 22, 2015, has approved the proposed proposed acquisition of shares of Religare Enterprises Limited (REL)in Religare Invesco Asset Management Company Private Limited (RI-AMC) and Religare Invesco Trustee Company Private Limited (RI-TC).
The proposed combination relates to the increase in the existing shareholding of the Invesco HK from 49% to 100% in the equity share capital of RI-AMC and RI-TC. At present, the Religare Enterprises Limited indirectly holds 51% shareholding in RI-AMC and RI-TC through Religare Securities Limited(RSL) and RGAM Investment Advisers Private Limited (RGAM).
The order states that Invesco HK is a company incorporated under the laws of Hong Kong and is present in the market for mutual fund and portfolio management services in India only through its shareholding in RI-AMC and RI-TC.RI-AMC is a company registered under the laws of India. It acts as the investment manager to RI-MF. RI-AMC also provides portfolio management services, including discretionary services, non-discretionary & non-binding/non-exclusive advisory services. RI-TC is a company registered under the laws of India. It acts as the trustee of Religare Invesco Mutual Fund (“RI-MF”).
It was noted that there are no horizontal overlaps between the Invesco HK and the RI-AMC and RI-TC and the proposed combination is not likely to cause any appreciable adverse effect on competition (AAEC).
(Source:CCI Order dated December 22, 2015.For full text see CCI website)
M M SHARMA
Comdt. (Retd.) M. M. Sharma heads the Competition Law & Policy team in VA since 2009 and has over 30 years’ experience as an Advocate of Delhi High Court and holds a Post Graduate Diploma in Economics of Competition Law from Kings College, London. He has worked in the Competition Commission of India (CCI) as Additional Registrar during 2006-2008 and was responsible for drafting the Implementing Regulations under the Competition Act, 2002. He has experience of working as Head-Legal /In-house Counsel for a large Corporate Group in the Steel and Power sector before joining VA in 2009. He has represented clients as an independent arguing Counsel in landmark cases decided by CCI, the Competition Appellate Tribunal (COMPAT) , High Courts and the Supreme Court. As a prolific writer, he contributes articles and is regularly quoted on competition issues in National Newspapers and interviewed by TV Channels. He also teaches as a visiting faculty in various Universities and Institutions and is widely regarded as a subject expert in various Committees of Apex Business Chambers, such as FICCI, CII, ASSOCHAM and PHD CCI.
Mr. Sharma has been mentioned as a “Notable Practitioner” in the “Competition/Antitrust” category of Chambers & Partners (Asia Pacific) Ranking of Leading Lawyers for Business in India for the year 2012 and 2013. VA’s competition law and policy team has also been awarded the Law Firm of the Year Award for “Competition/Antitrust Law” for 2013 by the Indian Business Law Journal. Included as a ‘Recognised Practitioner’ in Individual Lawyers’ranking by Chamber’s Asia Pacific Guide 2020 for Antitrust/Competition Law.
