“The acquirers are  systemically  important  non-banking  finance  companies (NBFCs)  whose main  business  is investing  in capital markets and providing secured  loans,” the  commission  said.  and there are no guarantees.”  

 The Competition Commission of India has  approved  the acquisition of  5.27%  stake in Religare Enterprises Ltd and  subsequent open offer  for  up to  26%  of  other  financial services  companies  by  Burmese family-led  entities  control.  

 “The acquirers are  systemically  important  non-banking  finance  companies (NBFCs)  whose main  business  is investing  in capital markets and providing secured  loans,” the  commission  said.  and there are no guarantees.”  

  Burma’s takeover project faced stiff opposition from Religare’s current management.  

 “By making  the  agreement,  the CCI has clearly  specified the exact  sections  for  which the  buyer can be prosecuted.  It is  clear that  the  purchaser may be prosecuted  under the sections  mentioned relating  to

misrepresentation,  false information  etc.,  which  is  punishable in nature.  

A Religare spokesperson said this will  also  have  implications  for  acquirers  as  other regulators  consider  the  issue. “Therefore,  proceedings  may  be  commenced  under  sections  43A, 44 and/or 45 of the Competition  Act 2002, notwithstanding  approval,” he said. 

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