27 May, 2015

On March 26, 2015, CCI approved the reorganization of Max India Limited (‘Max’) to be facilitated through its wholly owned subsidiaries Taurus Ventures Limited (‘Taurus’) and Capricorn Ventures Limited (‘Capricorn’). The notice was filed pursuant to a scheme of reorganization by way of demerger approved by the boards of directors of Max, Taurus and Capricorn on January 27, 2015.

CCI observed that the transaction involved the transfer of Max’s shareholding in certain entities to Taurus and Capricorn by way of demerger, pursuant to which Taurus and Capricorn would hold all the investments of Max other than those from Max Life insurance Company Limited.

In course of its assessment, CCI observed that there would be no change to the competitive landscape of the market in which the demerged entities operated. Accordingly, CCI approved the transaction under Section 31(1) of the Competition Act.