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India – CCI Approves Aarti Industries Group Amalgamation.

12 September, 2014

 


On July 23, 2014, CCI approved the amalgamation of Aarti Industries Ltd. (‘Aarti’), with Gogri & Son Investments Pvt. Ltd. (‘Gogri’), Alchemie Leasing and Financing Pvt. Ltd. (‘Alchemie’), Anushakti Holdings Ltd. (‘Anushakti Holdings’), and Anushakti Chemicals and Drugs Ltd. (‘ACDL’) pursuant to a scheme of amalgamation approved by the respective boards of directors of Gogri, Alchemie, Anushakti Holdings and ACDL (‘Transferor Companies’) and Aarti. The Transferor Companies are promoter group companies of Aarti. The proposed scheme involved the cancellation of all the equity shares of the Transferor Companies in Aarti, in lieu of which equity shares in Aarti would be issued to the promoter shareholders, Gogri and Alchemie.

 
CCI noted that Aarti was involved in the business of chemicals, agro chemicals, bulk pharmaceuticals and specialty chemicals, however, CCI also stated that the Transferor Companies were not engaged in any manufacturing activities. CCI observed that the Transferor Companies were promoter group companies of Aarti and as a result of the amalgamation the promoter shareholders of the Transferor Companies would directly hold shares in Aarti. CCI approved the scheme of amalgamation as it observed that it was not likely to cause an AAEC in India.

 

AZB

 

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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