The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert.
The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company.
On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family.
“CCI’s approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45),” Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.
The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company.
On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family.
“CCI’s approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45),” Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.
