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India – CCI Clears Intra Group Restructuring Of Glenmark Pharmaceuticals.

10 April, 2014

 

On March 5, 2014, CCI cleared the proposed amalgamation of Glenmark Access Limited (‘GAL’) and Glenmark Generics Limited (‘GGL’) with Glenmark Pharmaceuticals Ltd. (‘GPL’). The notice was filed pursuant to the scheme of amalgamation dated January 31, 2014 approved by GAL, GGL and GGL.

 
CCI took note of the fact that 99.93% of the share capital of GGL was held by GPL (including 1.19% being held by GAL) and observed that the transaction was in the nature of a merger or amalgamation of enterprises within the same group.

 
Intra-group transactions, which do not result in change control, are normally exempt from the notification requirement to CCI in terms of Regulation 4 read with Schedule I, item 9 of CCI Combination Regulation. Accordingly, CCI approved the transaction.

 

AZB

 

For further information, please contact:

 

Zia Mody, AZB & Partners
[email protected]

 

Abhijit Joshi, AZB & Partners 
[email protected]


Shuva Mandal, AZB & Partners 

[email protected]

 

Samir Gandhi, AZB & Partners
[email protected]


Percy Billimoria, AZB & Partners 

[email protected]

 

Aditya Bhat, AZB & Partners 
[email protected]

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