Competition Commission of India(CCI) vide its order dated July 01,2016 has given its approval to JSW Energy to acquire 1,000 MW power plant in Chhattisgarh from Jindal Steel and Power Ltd (JSPL).The JSPL board had approved divesting the unit of its subsidiary Jindal Power Ltd (JPL) into a special purpose vehicle for transferring it to JSW Energy pursuant to execution of a Securities Purchase Agreement (“SPA”) between JSWEL, Jindal Power Limited “(JPL”), Everbest Steel and Mining Holdings Limited (“SPV”) and Jindal Steel and Power Limited (“JSPL”). The proposed combination relates to transfer of a 1000 MW operational coal fired thermal power plant at Tamnar, Chhattisgarh (“Target Asset”), currently owned by JPL, to SPV on a going concern basis pursuant to a scheme of arrangement amongst JPL, JSPL and the SPV; and subsequent acquisition of 100 per cent stake in the SPV by JSWEL. (Source: CCI order dated July 01, 2016)
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M M SHARMA
Comdt. (Retd.) M. M. Sharma heads the Competition Law & Policy team in VA since 2009 and has over 30 years’ experience as an Advocate of Delhi High Court and holds a Post Graduate Diploma in Economics of Competition Law from Kings College, London. He has worked in the Competition Commission of India (CCI) as Additional Registrar during 2006-2008 and was responsible for drafting the Implementing Regulations under the Competition Act, 2002. He has experience of working as Head-Legal /In-house Counsel for a large Corporate Group in the Steel and Power sector before joining VA in 2009. He has represented clients as an independent arguing Counsel in landmark cases decided by CCI, the Competition Appellate Tribunal (COMPAT) , High Courts and the Supreme Court. As a prolific writer, he contributes articles and is regularly quoted on competition issues in National Newspapers and interviewed by TV Channels. He also teaches as a visiting faculty in various Universities and Institutions and is widely regarded as a subject expert in various Committees of Apex Business Chambers, such as FICCI, CII, ASSOCHAM and PHD CCI.
Mr. Sharma has been mentioned as a “Notable Practitioner” in the “Competition/Antitrust” category of Chambers & Partners (Asia Pacific) Ranking of Leading Lawyers for Business in India for the year 2012 and 2013. VA’s competition law and policy team has also been awarded the Law Firm of the Year Award for “Competition/Antitrust Law” for 2013 by the Indian Business Law Journal. Included as a ‘Recognised Practitioner’ in Individual Lawyers’ranking by Chamber’s Asia Pacific Guide 2020 for Antitrust/Competition Law.
Competition Commission of India(CCI) vide its order dated July 01,2016 has given its approval to JSW Energy to acquire 1,000 MW power plant in Chhattisgarh from Jindal Steel and Power Ltd (JSPL).The JSPL board had approved divesting the unit of its subsidiary Jindal Power Ltd (JPL) into a special purpose vehicle for transferring it to JSW Energy pursuant to execution of a Securities Purchase Agreement (“SPA”) between JSWEL, Jindal Power Limited “(JPL”), Everbest Steel and Mining Holdings Limited (“SPV”) and Jindal Steel and Power Limited (“JSPL”). The proposed combination relates to transfer of a 1000 MW operational coal fired thermal power plant at Tamnar, Chhattisgarh (“Target Asset”), currently owned by JPL, to SPV on a going concern basis pursuant to a scheme of arrangement amongst JPL, JSPL and the SPV; and subsequent acquisition of 100 per cent stake in the SPV by JSWEL. (Source: CCI order dated July 01, 2016)