PMLA - Applicant is not entitled for grant of anticipatory bail u/s 45 of PMLA as Court does not find any reasonable ground to believe that applicant is not guilty of crime : HC (See 'Legal Desk') SARFAESI Act - Petition has been filed to overreach recovery proceedings, wherein Petitioners have been found to be liable to pay certain amount so as to circumvent provisions of statutory appeal : HC (See 'Legal Desk') SARFAESI Act - District Magistrate is under statutory obligation to decide application u/s 14 of the SARFAESI Act within thirty days : HC (See 'Legal Desk') CSIR implements new in-house 'Accounts Manager Software' for financial management (See 'Corp Brief') IREDA reports All-Time High Annual Net Profit, NPAs below 1% (See 'Corp Brief') IBC - Wilful defaulter proceeding cannot be relatable to recovery of debt but is merely an off-shoot of debt : HC (See 'Legal Desk') Govt announces election of 11 members Veterinary Council of India (See 'Corp Brief') Competition Act - Since it is agreement between enterprise and end consumer, same is not covered within ambit of Section 3(4) of Act: CCI (See 'Legal Desk') DRDO hands over first batch of Airbrake Control Module for LCA Tejas Mk1A (See 'Corp Brief') Companies Act - Charges of professional misconduct in SCN are proved for which monetary penalty can be imposed : NFRA (See 'Legal Desk') PMLA - Application for anticipatory bail can be rejected as there is failure on part of applicant to appear before trial Court despite service of bailable warrant : HC (See 'Legal Desk') IBC - There is no scope of interference in writ petition since there is no arbitrariness, mala fides or palpably illegality in impugned order : HC (See 'Legal Desk') Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC (See 'Legal Desk') LODR Regulations - Stay can be granted on effect and operation of order pending disposal of appeal on condition that Appellant deposits 50% of interest amount determined to be payable to CUHL : SAT (See 'Legal Desk') SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC (See 'Legal Desk') CCI approves acquisition of stake in PAMP Technologies by PAMP Ventures SA (See 'Corp Brief') SARFAESI Act - Due to failure to repay outstanding amount despite interim order, present petition is dismissed : HC (See 'Legal Desk') Limitation Act - Sec 14 of Limitation Act is wide in its application, inasmuch as it is not confined in its applicability only to cases of defect of jurisdiction but applicable also to cases where prior proceedings have failed on account of other cause : HC (See 'Legal Desk') IBC - Application is deemed to be withdrawn as it is filed at time when amendments came into force and it is incumbent upon FC to comply with newly enforced statutory requirements : NCLT (See 'Legal Desk') Indian Economic Service calls on President Murmu (See 'Corp Brief') Companies Act - ROC's decision of rejecting application for conversion is not contrary to legislative intent of Section 18 : HC (See 'Legal Desk') PMLA - If criminal case against person is quashed then there can be no offence of money laundering against him : HC (See 'Legal Desk') SEBI Act - Violation of various SEBI circulars by noticee stands established for which penalty can be imposed : SEBI (See 'Legal Desk') Ambuja Cements signs agreement to acquire 1.5 MTPA Grinding Unit at Tuticorin (See 'Corp Brief') PMLA - Any person aggrieved by order, even if person is not party to order, can file appeal u/s 26 of PMLA, 2002 before Appellate Tribunal : HC (See 'Legal Desk') Copyright Act - Trustee only owe fiduciary duty to beneficiary with regards to trust property and Registrar of Copyright to rectify Register in that registration shall be in name of Trust : HC (See 'Legal Desk') SEBI Act - Though broker has failed to be vigilant in securities market by allowing and facilitating non-genuine transactions but has not personally gained from transactions : SAT (See 'Legal Desk') IREDA celebrates legacy: Past leaders share Vision for Future (See 'Corp Brief') SARFAESI Act - Confirmed auction sale can be interfered by High Court by entertaining writ petition only when there is fraud/collusion and present case is not case of fraud or collusion : SC (See 'Legal Desk')

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CCI grants nod to API Holdings to buy stake in Medlife

Published: Sep 23, 2020

By TIOLCORPLAWS News Service

NEW DELHI, SEPT 23, 2020: The Competition Commission of India (CCI) approves acquisition of 100% equity shares of Medlife International Private Limited (“Medlife”) by API Holdings Private Limited (“API Holdings”) and of up to 19.59% equity share capital of API Holdings by Medlife's shareholders under Section 31(1) of the Competition Act, 2002, today.

The proposed combination relates to the acquisition of 100% of equity shares of Medlife by API and as consideration, the acquisition of up to 19.59% of the equity share capital of API Holdings (on a fully diluted basis), by the Medlife Promoter Shareholders and other shareholders of Medlife. [Mr. Prashant Singh, Mr. Tushar Kumar and the Prasid Uno Family Trust (“Trust”) are collectively referred to as “Medlife Promoter Shareholders”.]

API is a private company, incorporated in 2019. API directly or through its subsidiaries carries out various business activities including wholesale sale and distribution of drugs; transportation and delivery services primarily focused on pharmaceutical sector; owning technology and intellectual property for developing e- commerce platforms; provision of manpower supply, support, business function support for group companies of API Holdings; provision of master data management services support; developing ERP and software solutions primarily for healthcare businesses and other customized application services for retail pharmacies, operating and providing online application which provides a B2B order management system for retailers and distributors of pharmaceutical products, medical devices and OTC drugs; and developing a platform which connects registered medical practitioners and patients whereby the patients could consult with them through the platform by way of tele-consultation as well as physical consultation.

The Trust is a private trust incorporated under the Indian Trusts Act, 1882. The Trust has various investments in the healthcare sector, including the majority shareholding in Medlife. Mr. Prashant Singh and Mr. Tushar Kumar are the co-founders of Medlife.

Medlife, incorporated in 2014 is primarily a healthcare company engaged in the wholesale sale and distribution of drugs. It also engages in the retail sale of such pharmaceutical products, medical devices and OTC drugs, though pharmacies and an online marketplace. Medlife also healthcare services such as medicines and wellness products, digital doctor consultation and online diagnostic tests services.

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