PMLA - Once accused has got bail in money laundering case despite stringent conditions under PMLA, his further detention in predicate offence by CBI under Prevention of Corruption Act, is untenable: SC (See 'Legal Desk') Coal Ministry reviews progress of 71 Commercial Coal Mines (See 'Corp Brief') Trademarks Act -Rights bestowed upon assignee does not originate directly from execution of Assignment Deed, rather than its later registration: HC (See 'Legal Desk') Maritime State Development Council to drive Strategic Maritime Development and Sustainability (See 'Corp Brief') PMLA- amount of proceeds of crime lying in fixed deposit in name of SP,CBI was not likely to be concealed, transferred or dealt with in manner which may frustrate proceeding for confiscation: TRIBUNAL (See 'Legal Desk') Cabinet approves PM-eBus Sewa-Payment Security Mechanism scheme (See 'Corp Brief') Cabinet okays Budgetary Support for enabling Infrastructure for Hydro Electric Projects (See 'Corp Brief') Indian Stamp Act -Arbitration award not duly stamped cannot be admitted as piece of evidence in trial court proceedings: HC (See 'Legal Desk') MNRE announces 4th Global Investment Meet & Expo (See 'Corp Brief') Steps taken to kayak towards paperless legislative environment: Rijiju (See 'Corp Brief') Arbitration Act,1996-Existence of arbitration clause in security deed cannot be disputed as per section 11(6): HC (See 'Legal Desk') NITI Aayog Hosts National Seminar on 'Sustainable Rural Livelihoods' (See 'Corp Brief') QCI approves National Test House, Ghaziabad, as Certification Body for drones (See 'Corp Brief') Companies Act- Section 446(1) of CompaniesAct,1956 can permit applicants to proceed with execution proceedings: HC (See 'Legal Desk') BRICS Labour & Employment Ministerial Declaration adopted (See 'Corp Brief') Second regional program to focus on Digital Public Infrastructure (See 'Corp Brief') Companies Act,2013- Failure to exercise due diligence and being grossly negligent in conduct of professional duties is illegal: NFRA (See 'Legal Desk') Coal Ministry conducts Mid-Year Review Meeting of Coal PSUs' CSR Activities (See 'Corp Brief') PM to inaugurate Global RE-INVEST at Gandhi Nagar (See 'Corp Brief') IBC-Existing criminal liability of Company and its erstwhile Directors will not get extinguished in view of resolution plan approved by NCLT: HC (See 'Legal Desk') Army & IAF ink MoU with Gati Shakti Vishwavidyalaya to enhance skills in logistics (See 'Corp Brief') IEPFA organised 'Niveshak Mashal' annual half marathon to promote financial literacy (See 'Corp Brief') Constitution of India-Constituional court exercising its powers of judicial review under Article 226 should not interfere when there is alternate and efficacious remedy available within agreement itself: HC (See 'Legal Desk') Health Ministry releases 'Health Dynamics of India Infrastructure & HRs report (See 'Corp Brief') FERA-Law prescribing special procedure for investigation of breaches of foreign exchange regulations will not be hit by Article 14 as it was based on classification which had just and reasonable relation to object of legislation: HC (See 'Legal Desk') BRICS Employment Working Group Meeting 2024 Convened in Sochi, Russia (See 'Corp Brief') DG RPF leads Tribute to Police Martyrs at Hot Springs memorial, Ladakh (See 'Corp Brief') Negotiable Instruments Act- Independent directors cannot be made vicarioulsy liable for incriminating act committed by company: HC (See 'Legal Desk')

CCI nod for acquisition of 100% equity in 12 SPVs of PNC Infratech by Highway Infrastructure Trust

Published: Aug 08, 2024

By TIOLCorplaws News Service

NEW DELHI, AUG 08, 2024: THE Competition Commission of India (CCI) has approved the acquisition of 100% equity stake, management and control in twelve (12) special purpose vehicles of PNC Infratech Limited and PNC Infra Holdings (PNC SPVs / Targets) by Highway Infrastructure Trust (Acquirer Trust).

The Acquirer Trust is an irrevocable trust settled under the Indian Trusts Act, 1882, and is registered as an infrastructure investment trust with the Securities Exchange Board of India, to carry out the activities prescribed under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. The Acquirer Trust owns special purpose vehicles incorporated in India, which are engaged in the business of operating roads and highways in India for which the special purpose vehicles have been granted government concessions. Galaxy Investments II Pte. Limited is the sponsor and Highway Concessions One Private Limited (HC One) is the investment manager, of the Acquirer Trust, in terms of the SEBI (Infrastructure Investment Trusts) Regulations, 2014.

The PNC SPVs have been incorporated as special purpose vehicles. The PNC SPVs have entered into concession agreements with the National Highway Authority of India / Uttar Pradesh State Highways Authority for holding, developing, operating, and maintaining infrastructure projects under Hybrid annuity model / Build-Operate-Transfer, respectively.

TIOL CORP SEARCH

TIOL GROUP WEBSITES