“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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