TIOLCorplaws- Tiol Corplaws

Empowering Nari Shakti: 1 crore houses allotted to women (See 'Corp Brief')

MoS dedicates to nation first-of-its-kind 'Eco-Educational Hub' (See 'Corp Brief')

XI BRICS Culture Ministers' meeting concludes in Bhopal (See 'Corp Brief')

Railways approves introduction of Daily Itarsi-Madan Mahal Passenger Service (See 'Corp Brief')

NI Act - Moratorium protects corporate debtor in respect of insolvency proceedings, but does not grant immunity to natural persons from criminal liability already incurred on account of cheque dishonour: HC (See 'Legal Desk')

A&C - If prima facie arbitration agreement exists and non-signatories have shown conduct aligning with contract, referral court should allow arbitrator to finalize list of parties based on detailed evidence: HC (See 'Legal Desk')

A&C - Arbitral award is patently illegal if it is rendered in summary manner without allowing parties to lead evidence or be heard on critical pleadings: HC (See 'Legal Desk')

13th BRICS Education Ministers' meeting concludes with Declaration (See 'Corp Brief')

IEPFA organises Stakeholder Engagement with Nodal Officers of Companies on Portal 2.0 (See 'Corp Brief')

SARFAESI - Any tenancy created after issuance of notice u/s 13(2) without prior written consent of secured creditor, is void ab initio: HC

National Handloom Day celebrates Tribal Weaves of India (See 'Corp Brief')

SECL leads India in Scientific Mine Closure, Transforming abandoned Mines (See 'Corp Brief')

IBC - RBI prudential norms stopping banks from recognising interest income on NPA accounts do not wipe out borrower's obligation to accrue & recognise interest expense in its own financial statements: NCLAT (See 'Legal Desk')

Sowa-Rigpa must emerge as Globally Recognised Evidence-Based Healthcare System: Jadhav (See 'Corp Brief')

Insurance Division, DFS secures 3rd Rank in Group A Category of Grievance Redressal (See 'Corp Brief')

IPR - Registration of defendant's trademark does not bar passing off action where plaintiff establishes prior goodwill, misrepresentation and likely damage: HC (See 'Legal Desk')

IndiaAI Mission organised AIKosh Univ Engagement Programme at Chitkara Univ (See 'Corp Brief')

A&C - In international commercial arbitration seated in India, ground of ‘patent illegality' u/s 34(2A) is expressly excluded: HC (See 'Legal Desk')

Comprehensive measures taken to boost digital infrastructure & cyber security: Jitin Prasada (See 'Corp Brief')

Misc - A minor admitted to benefits of partnership firm is not personally liable for debts or liabilities incurred by firm during age of minority - ergo, bank communication declaring minor as wilful defaulter is invalid: HC (See 'Legal Desk')

IPC showcases India's Regulatory Excellence at WHO Meeting in Nepal (See 'Corp Brief')

Companies Act - Solely because a private bank carries on banking operations as scheduled bank or is bound to follow regulatory guidelines issued by the RBI, it does not acquires character of a statutory body: HC (See 'Legal Desk')

GI & Beyond 2.0 Summit showcases India's GI-tagged Handloom and Handicraft Products (See 'Corp Brief')

IPR - Test for 'efficacy' u/s 3(d) of Patents Act is not limited to 'therapeutic efficacy' for all substances: HC (See 'Legal Desk')

CCI approves combination of many entities into InterGlobe Hotels (See 'Corp Brief')

IPR - U/s 9(1)(a) of Trade Marks Act, correct legal test is whether applied mark possesses 'distinctive character', means if it is capable of distinguishing applicant's goods from those of others - YES: HC (See 'Legal Desk')

House Panel deliberates on strengthening Human-Wildlife Conflict Mitigation through Technology (See 'Corp Brief')

IBC - Private bank's commercial decision on debt assignment or settlement, even if regulated by RBI norms, remains private banking transaction and does not satisfy function test for writ maintainability: HC (See 'Legal Desk')

PM-PRANAM Promotes Balanced Use of Fertilizer, Organic Farming (See 'Corp Brief')

IPR - In absence of evidence showing acquired distinctiveness or secondary meaning, descriptive mark could not validly remain on Register: HC (See 'Legal Desk')

On International Clouded Leopard Day, India strengthens Conservation through Dedicated Action Plan (See 'Corp Brief')

Limitation - Single Judge rightly declined to exercise writ jurisdiction in a matter which essentially involves contractual obligations & involves disputed issues of fact: HC (See 'Legal Desk')

Tete-a-tete around AI in banking sector often begins with algorithms (See CORP EINSICHT)

Print

CCI olays 20% equity buy of Piramal Pharma by Clover Investments

Published: Sep 12, 2020

By TIOLCORPLAWS News Service

NEW DELHI, SEPT 12, 2020: The Competition Commission of India (CCI) approves proposed combination involving acquisition of 20% of the issued and paid-up equity share capital of Piramal Pharma Limited (Pharma Co.) by CA Clover Intermediate II Investments (Curie).

The proposed combination relates to (i) the transfer of global pharmaceutical business ( Transferred Business ) by Piramal Enterprises Limited ( PEL ) to a wholly owned subsidiary of PEL, i.e. Pharma Co., followed by, (ii) the acquisition of 20% of the issued and paid-up equity share capital of Pharma Co. by Curie ( Proposed Combination ).

Curie is a special purpose acquisition vehicle, owned and controlled by investment funds advised by the affiliates of the Carlyle Group Inc. (“ Carlyle Group ”).

The Carlyle Group is a global alternative asset manager, which manages funds that invest globally across four investment disciplines: (i) Corporate Private Equity (buyout and growth capital), (ii) Real Assets (real estate, infrastructure and energy and renewable resources), (iii) Global Credit (leveraged loans and structured credit, opportunistic credit, energy credit, private credit and distressed credit), and (iv) Solutions (private equity fund of funds program and related co-investment and secondary activities).

Pharma Co. is a wholly owned entity of PEL that will hold PEL's Transferred Business as part of the Proposed Combination, and acquire the pharmaceutical business of PEL comprising the Contract Development and Manufacturing Organisation ( CDMO ), Complex Hospital Generics ( CHG ), and Consumer Healthcare Division ( CHD )segments, as well as equity interest in certain PEL entities.

TIOL CORP SEARCH

TIOL GROUP WEBSITES