The Competition Commission of India notices parties to furnish material information or face penalty (Sumitomo)

Introduction A notice was filed by Sumitomo Mitsui Trust Bank Limited (“Sumitomo”) in relation to its acquisition of 2.77% in Reliance Capital Limited (“RCL”), through share subscription. Although the acquisition was for less than 25% and did not entail control, it required a filing with the Competition Commission of India (“CCI”), since it was a strategic alliance entered between the parties for establishing a universal bank and as such could not avail of the Item 1 Exemption [1]. Competition

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Authors

  • Shardul Amarchand Mangaldas (Mumbai)
  • Economic Laws Practice (Mumbai)

Quotation

Gauri Chhabra, Suhail Nathani, The Competition Commission of India notices parties to furnish material information or face penalty (Sumitomo), 16 July 2015, e-Competitions Bulletin July 2015, Art. N° 77386

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