Scm Soilfert Ltd. V. Competition Commission of India

Abstract

SCM Soilfert Ltd. (appellant) purchased 24.46% shares (first acquisition) in Mangalore Chemicals and Fertilisers Ltd. (MCFL) on Bombay Stock Exchange (BSE) on 03.07.2013 which was followed by a public announcement in compliance with the Listing Agreement requirements on the same date. On 23.04.2014, appellant further purchased 1.7% shares (second acquisition) of MCFL in open market. The appellant notified Competition Commission of India (CCI) on 22.04.2014 about both the acquisitions under section 6(2) of the Act. This notification was within 30 days of the public announcement of the second acquisition. CCI approved the proposed combination but issued a show cause notice under section 43A for failure to notify about the first and second acquisition under section 6(2).