Question: CCI approved the acquisition of YES Asset Management (India) Limited (YES AMC) and YES Trustee Limited(YES Trustee) by GPL Finance and Investments Limited(GPL) on May 18, 2021. What is the full form of CCI?
(a)Competition Commission of India
(b)Corporate Commission of India
(c)Corporate CouncilofIndia
(d)None of the above
Answer- a
Related facts
- CCI approved the acquisition of YES Asset Management (India) Limited (YESAMC) and YES Trustee Limited (YES Trustee) by GPL
- Finance and Investments Limited (GPL) on May 18, 2021.
- The proposed combination envisages acquisition of 100% equity shares of YES AMC and YES Trustee by GPL.
- By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
- GPL
- GPL is registered with the Reserve Bank of India as a non-deposit taking and non- systemically important Non-Banking Financial Company.
- GPL is part of the White Oak Group.The White Oak group is an investment management and investment advisory group founded by Mr Prashant Khemka.
- YES AMC & YES Trustee belongs to the YES Bank Limited group. It acts as an asset management company / investment manager to YES Mutual Fund.
- CCI
- CCI stands for Competition Commission of India.
- The Competition Act
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws. The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.
Link:
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1719649