Adani Energy completes acquisition of Essar's Mahan-Sipat Transmission assets (See 'Corp Brief') Arbitration - Since settlement has not worked out Court decided to refer matter to arbitration : HC (See 'Legal Desk') Power Finance Corporation announces Highest Annual Profit (See 'Corp Brief') SEBI Act - Considering receipt of settlement amount by SEBI and fulfilment of non-monetary term of settlement, adjudication proceedings initiated against Applicant can be disposed of : SEBI (See 'Legal Desk') PMLA Act -Without discussion as to how property is involved in money laundering conclusions recorded by Adjudicating Authority cannot sustain : Tribunal (See 'Legal Desk') Mines Ministry organizes Workshop on Offshore Mining (See 'Corp Brief') SAFEMA - Appellant have furnished evidence which show satisfactorily that they took all reasonable steps to realise export proceeds : Tribunal (See 'Legal Desk') Companies Act - Winding up petition can be dismissed when contentions raised by parties constitute triable issues as Company Court cannot enter into adjudication of disputed facts of amount due and payable : HC (See 'Legal Desk') NHAI organises Workshop on implementation of Insurance Surety Bonds (See 'Corp Brief') Competition Act - In absence of any apparent anti-competitive conduct, decision of purchase or sale of product and quantity thereof is driven by commercial considerations of market players : CCI (See 'Legal Desk') Slum Rehabilitation Act - Preferential right to owner is available only when someone other than owner is being preferred and owner has never before been given or availed of right to develop : HC (See 'Legal Desk') CPC - Application can be dismissed as Intervener has already initiated its own remedy by way of independent Execution Petition : HC (See 'Legal Desk') Principal Scientific Adviser chairs meeting to discuss Biomass Cultivation (See 'Corp Brief') SEBI Act - Appellant has not shown sufficient cause for condonation of delay in filing appeal : SAT (See 'Legal Desk') PMLA - When questions relating to legality of arrest is under consideration, more holistic and libertarian view is to release Chief Minister of Delhi on interim bail for Lok Sabha General Elections : SC (See 'Legal Desk') Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 - Order for forfeiture of properties is rightly made as property is occupied through lllegal earning : Tribunal (See 'Legal Desk') India Pavilion at World Hydrogen Summit showcases Green Hydrogen Mission (See 'Corp Brief') Arbitration Act - As petitioner is not notified as 'financial institution' or 'bank' under RDB Act, there is no bar on parallel proceedings to co-exist under A&C Act as well as SARFAESI Act : HC (See 'Legal Desk') Cr.P.C. - Once order issuing process has been set aside, then applicant has no right to file application u/s 482 of Cr.P.C. for quashment of complaint case : HC (See 'Legal Desk') Competition Act - WordPress.org is justified in taking appropriate action against any developer found non-compliant with prescribed standards and regulations : CCI (See 'Legal Desk')

Print

CCI approves combination for setting up Mindspace REIT

Published: Mar 12, 2020

By TIOLCORPLAWS News Service

NEW DELHI, MARCH 12, 2020: THE Competition Commission of India (CCI) approves proposed combination involving setting up of Mindspace REIT (REIT) by K. Raheja Corp Group and acquisition of certain equity shareholding held by selling shareholders in the Target Entities by REIT, under Section 31(1) of the Competition Act, 2002

The parties to the combination are:

1. Acquirer : Mindspace Business Parks REIT ("Mindspace REIT")

2. Target Entities: K. Raheja IT Park (Hyderabad) Limited, Intime Properties Limited, Sundew Properties Limited, Avacado Properties and Trading (India) Private Limited, Gigaplex Estate Private Limited, KRC Infrastructure and Projects Private Limited, Horizonview Properties Private Limited; and Mindspace Business Parks Private Limited ("Target Entitites")

Mindspace REIT is set up as a contributory, irrevocable and determinate trust under the provisions of the Indian Trusts Act, 1882, with object and purpose to carry on a real estate investment trust, as permissible under the REIT Regulations, to raise funds through the REIT, to make investments in accordance with the REIT Regulations and the investment strategy and to carry on the activities as may be required for operating the REIT, including incidental and ancillary matters thereto.

The Target Entities are special purpose vehicles and are active in the commercial real estate industry. The business of the Target Entities consists of 10 commercial real estate projects. These commercial real estate projects are a mix of information technology parks, commercial buildings and special economic zone projects located in Mumbai Region, Hyderabad, Pune and Chennai.

The proposed transaction pertains to setting up and listing of a real estate investment trust (REIT) in India. It essentially entails acquisition of certain equity shareholding held by the selling shareholders in the Target Entities by Mindspace REIT, in accordance with the Securities Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (REIT Regulations) (Proposed Combination).

The CCI approved the Proposed Combination under Section 31(1) of the Act.

Detailed order of the CCI will follow.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.