Negotiable Instruments Act - High Courts should issue practice directions to Magistrates to record reasons before converting trial of complaints u/s 138 of the Negotiable Instruments Act from summary trial to summons trial: SC (See 'Legal Desk') IBC - There is no collusion between Liquidator and Respondent to defeat rightful claims of ex-workers: NCLAT (See 'Legal Desk') Airlines may cut losses to Rs 10,000 cr this fiscal: CRISIL (See 'Corp Brief') Ease My Trip, Cleartrip partner with MoT to strengthen tourism (See 'Corp Brief') Limitation Act - Reflection of debt in books of accounts amounts to acknowledgment of debt u/s 18 of the Limitation Act, 1963 - SC Lager Bench (See 'Legal Desk') PMLA - Bail application can be rejected considering nature of accusations against the applicant, his conduct and non-co-operation in investigation: HC (See 'Legal Desk') IBC - CIRP is time bound process and Appellant being outsider is neither aggrieved party in process of CIRP nor has locus standi to file the appeal: NCLAT (See 'Legal Desk') Arbitration – HC can interfere with impugned award u/s 34 to the extent it is patently illegal and erroneous on face: HC (See 'Legal Desk') IBC - Right to extend date of limitation can't be availed even without Debtor's acknowledgement of one's debt: NCLAT (See 'Legal Desk') L & T appoints Anil Rander as CFO Construction arm of L&T receives multiple orders worth Rs 2,500 crore Apple makes USD 200 mn Restore Fund to reduce carbon NIXI announces 3 initiatives to boost adoption of IPv6 (See 'Corp Brief') Microsoft to promote digital agriculture in 100 Indian villages (See 'Corp Brief') Mall revenues to be lower than pre-pandemic level in FY22: CRISIL (See 'Corp Brief') Dassault Systemes Foundation to support Indian entrepreneurs (See 'Corp Brief') Companies Act, 2013 - Conditions u/s 212(6)(b) ought to be fulfilled even when fraud committed u/s 447 causes no loss to public exchequer and interest: HC (See 'Legal Desk') IBC - Appeal should be dismissed as Appellant is not serious in pursuing his remedy before NCLT: NCLAT (See 'Legal Desk') SEBI Regulations - Mere 'forwarded as received' WhatsApp message circulated on group regarding quarterly financial results of Company closely matching with vital statistics some time before the publication of same does not amount to UPSI: SAT (See 'Legal Desk') Trade Mark Act - Plaintiff is prior user and adoption of impugned mark by defendant is prima facie dishonest: HC (See 'Legal Desk') Pandemic turns into 'Kalashnikov' - A Pogrom against the Poor!

CCI approves Sundaram ASM's 100% stake acquisition in Principal Asset Management

Published: Apr 06, 2021


NEW DELHI, APR 6, 2021: THE Competition Commission of India (CCI) on Tuesday said it has approved Sundaram Asset Management Company's (SAMC) acquisition of 100 per cent issued and paid-up equity share capital in Principal Asset Management (PAM) and its related companies.

SAMC had notified the fairtrade regulator of the transaction, which included PAM, Principal Trustee Company and Principal Retirement Advisors, valued at Rs. 338.5 crore, in February.

As part of the proposed combination, the schemes of the Principal Mutual Fund (PMF) shall be transferred to Sundaram Mutual Fund (SMF), while the trusteeship and management of the PMF schemes shall be transferred to Sundaram Trustee Company (STCL) and SAMC, respectively.

SAMC is a public limited company incorporated in India in 1996, and a wholly-owned subsidiary of Sundaram Finance.

PAMP is engaged in the business of providing asset management services to PMF and operating and managing the PMF schemes. PTCPL is engaged in the business of providing trusteeship services to the PMF. PRAPL provides long-term investment and retirement planning , along with insurance products and policies, and distributes mutual funds.